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JP Morgan Chase Bank and its CEO : the saving grace?
As the US banks went down amid jeers and hisses, JP Morgan Chase bank remained strong, and its CEO, Jamie Dimon, stepped up to the plate in good form.
USA news examines why Dimon is a survivor, and what the future may hold.
Dimon has been said to be a man of integrity, beyond the ruses and tricks of Wall Street and its machinations.
Are all bankers evil? Maybe not. Over the past year, it's become fashionable to trash Wall Street for unbridled greed and the rapacious use of billions in taxpayer bailout funds. Much of the outrage is justified, since Wall Street firms like Bear Stearns, Lehman Brothers,Merrill Lynch, and Citigroup stoked the flames that nearly torched the entire economy. But there's been rough justice for a few of those firms, now either defunct or de facto wards of the state.Other firms have filled the void, becoming even more prominent. One of them is JPMorgan Chase, whose chief executive, Jamie Dimon, has largely escaped the pitchforks aimed at his fellow Wall Street CEOs. Over the course of the financial crisis, JPMorgan Chase remained profitable, a pillar of relative stability in the midst of an earthquake. The bank absorbed the failed Bear Stearns and Washington Mutual, while accepting $25 billion in bailout money that it paid back with interest once the government allowed it to. Through it all, Dimon consulted frequently with officials in Washington, and news reports have even depicted him as President Barack Obama's favorite banker. A new biography of Dimon, Last Man Standing by Duff McDonald, describes Dimon as a diligent and trustworthy executive who has risen above the swill of Wall Street. I spoke recently with McDonald about the man some think will be the next treasury secretary. Excerpts:
Jamie Dimon is clearly a survivor. Is he that smart or just lucky? Of course there's luck in any career, but wasn't it Seneca who said, "Luck is when preparation meets opportunity"? Jamie is the guy who was ready to take advantage of opportunities when they happened. So I don't really think it's luck at all. Jamie has proved that preparation is all there is on Wall Street.
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smkovalinsky
New York, New York, United States






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Wendy Franks (not verified)at 17:50 on November 7th, 2009
There is a reason that Chase remained profitable. It is not because they are more ethical, they are thieves.I have had several banks in my life, and have been fairly satisfied. I switched to Chase a few years ago because my mortgage was with them. I have come to realize that Chase is the most unethical and corrupt bank out there. They are thieves and are preying on people especially in this difficult economy. Last week I was out of town and used my debit card at a cafe at the hotel where we were staying. The account I was using was low but I was getting paid in a couple days and I have direct deposit. I had more than enough to cover the two small debits at the cafe. I knew this for sure because the cafe had a computer for customers to use so I checked my balance. When I pulled up my account online that morning there were no other pending transactions other than the two small transactions at the cafe I had put through. When I got home that evening, I checked my online bank account again and noticed that there was another transaction pending from later in the day from the toll authority. Apparently the toll authority put through an automatic debit to my account without any advance warning. My account did not have enough in it that day to cover the additional toll authority debit so I knew I would be charged one overdraft fee. The toll authority charge was listed after the two small cafe debits so the toll charge was the last debit of the day and the only one that would have caused an overdraft. I accepted the one fee and had no problem paying it. But after my payroll check was direct deposited, I noticed Chase had charged me 3 overdraft fees for a total of $105.00. I looked again at my online bank account and noticed that Chase had rearranged the order of the debits and put the toll authority debit before the two small cafe debits. This switch in the order of the debits gave Chase the opportunity to hit me with 3 fees instead of the one. I was furious and I called their customer service department. I told them that I knew they had rearranged the sequence of the debits which maximized their fees against me and they ADMITTED that the fees were rearranged to the order that Chase wanted them in. They said they can arrange them however they choose without regard for the order the debits actually came through. I could not believe what I was hearing. I asked to speak to her supervisor and was told the same thing, that basically they can do this, to bad so sad. I am closing my account and moving to another bank next weekend when I get my next paycheck. The new bank I called, which is actually a bank I used a few years ago, asked me what bank I was leaving. I told them Chase and she laughed and said they have tons of exChase customers coming over. I will be telling everyone I know both personally and publicly not use Chase, they are thieves. I am also writing my politicians to find out if what Chase is doing is legal and if so why it is legal! The greed of this bank is unbelievable.
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kim nietschke (not verified)at 20:18 on November 20th, 2009
Chase Bank is the worst corporation I have worked with. You put a lien on my mother in law's house after she died (she took a home equity loan out) and when I tried to pay it off NO ONE WOULD TALK TO ME - I HAVE SPENT OVER 20 HOURS TRYING TO PAY OFF THIS LOAN/LIEN and not ONE damn person could figure out how to take my money, how to pay off the loan - I have sent her death certificate to you, my husband's death certificate, my marriage license, hired a lawyer AND NOT ONE PERSON CAN GIVE ME A PAY OFF LETTER OR FIGURE OUT WHERE THE LIEN CAME FROM. WTF? no one will even return my phone calls - no one knows how to take my money or give me a pay off letter AND THEY WON'T RETURN MY PHONE CALLS!!!!! I'll show you on my phone bill how many times I have called Chase and show you how many times THEY HAVE NOT RETURNED MY PHONE CALLS. Perhaps they are busy paying for you and your family to bounce around our country in your RV which I could have too if I could sell my house which has a lien on it FROM CHASE (oh yeah you can write to me at got3boyz@lycos.com or call me at 417-991-2662 which I have left at Chase over 20 times in the past 5 days)
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kim nietschke (not verified)at 20:19 on November 20th, 2009
see above - bet it doesn't get posted but I will make a webpage - happy rv -ing