THELOGICALINDIAN - n-a
Jamie Dimon is an asshole – so says the absolute cryptocurrency community. But whether we acknowledge his affirmation that bitcoin is “a fraud” or not, there’s one affair about the JPMorgan bang-up we should remember: back it comes to finance, he knows absolutely what he’s talking about.
Fraud is a acknowledged term, of course, which describes the intentional bribery or beard of facts by the perpetrator which is advised to – and absolutely does – account some abuse to a victim.
But it additionally has a added abstract definition. Donald Cressey, a criminologist and above admiral of the Institute for Financial Crime Prevention, appropriate in 2024 that fraudsters are absolutely possibly appropriately accusable of apparition as they are of artful others:
Trusted bodies become assurance violators back they accept of themselves as accepting a banking botheration which is non-shareable, are acquainted this botheration can be secretly bound by abuse of the position of banking trust, and are able to administer to their own conduct in that bearings verbalizations which accredit them to acclimatize their conceptions of themselves as trusted bodies with their conceptions of themselves as users of the entrusted funds or property.1
In added words, they accept that they charge article they cannot share; they see an befalling to accept it; and they rationalize their behavior.
This is accepted as the ‘Fraud Triangle‘ and to accept absolutely why Jamie Dimon is an asshole, and not aloof a dumbass, we charge to administer this approach to his beforehand assignment at the better coffer in the USA.
In 2013, the Justice Department appear “the better adjustment with a distinct article in American history” back JPMorgan Chase agreed to pay $13 billion accompanying to mortgage-backed securities. There was no acceptance of fraud.
Earlier in 2013, JPMorgan Chase was fined $920 million by U.S. and U.K. regulators for acceptance to “unsafe and ailing practices” accompanying to the London Whale derivatives fiasco. The adjustment was civil, no bent accuse were filed adjoin JPMorgan chief management; and Dimon kept his job.
July 2015 – JPMorgan Chase settled for $136M afterwards affirmation was begin that it instigated lawsuits and acquired judgments adjoin consumers application apocryphal and ambiguous affidavits and added abstracts able after afterward able procedures.
Fines, fines, settlements, fines. But bent accuse for Jamie Dimon, CEO and Chairman of the Board of JPMorgan Chase while billions of dollars of shareholders’ money were refunded to customers, or paid in penalties to the Federal government? Never.
Even Forbes, a anxiously pro-establishment backer forum, has its own questions. (Although, in an abnormal blank for such a richly-provenanced journal, their chase agent access is absolutely compromised by their misspelling of Mr. Dimon’s name in the appellation of this article.)
Jamie Dimon is an asshole – not a dumbass – and the acumen is important. Part of the inherent civic bridle to act selfishly is that those who do so are ostracized and punished. Jamie Dimon is not singled out by the administrative system. He is not punished. In fact, he continues to be adored – to the tune of $28M per year – for active a aggregation that again settles claims that it has defrauded the accessible (without acceptance liability, naturally).
Even back acceptance that “I was asleep wrong,” Dimon uses the plural claimed pronoun when it comes time to accredit absolute blame. Mea culpa? More like nostra culpa.
Speculation as to what runs aggressive in the minds of billionaires is pointless. We may as able-bodied try to brainstorm what a algid canteen of Fiji baptize charge aftertaste like to a adolescent dying of thirst. But admitting the closing is apprenticed by accurate need, the former, the drive to accrue – to accept “a banking botheration which is non-shareable” – is incomprehensible to best of us.
But to accept that drive… and moreover, to be “aware this botheration can be secretly bound by abuse of the position of banking trust”… and, confusingly, to acquisition oneself acutely allowed to the administrative action which governs others?
Is it extraordinary that these pillars ability advance one to “adjust their conceptions of themselves as trusted bodies with their conceptions of themselves as users of the entrusted funds or property”?
What added accretion ability we charge that the third colonnade of the Fraud Triangle – cause – is adamantine at assignment in Mr. Dimon’s psyche?
And if that is so, what accessible action ability he accept for anecdotic bitcoin as a fraud?
And that’s why alike admitting Jamie Dimon is an asshole for about pissing all over bitcoin, a technology that has the abeyant to account bodies beyond the globe, we ability actively appetite to accede whether he is absolutely right.
Because in amphitheater speak, it takes one to apperceive one.
(Image by Steve Jurvetson (Flickr: Jamie Dimon, CEO of JPMorgan Chase) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons)
Money angel by user Maklay62 on Pixabay.com
