Dimon the Demon

PUT 'EM UP! - Chase CEO Jaime Demon will go to the mat to block banking regulations that are anti-American. He apparently doesn't feel the patriotism for American regs either. Click photo for more >>

There are few things Tea Partiers and I both believe, but this is one: there should be as little business regulation as possible. Past that, the brewerskies start making tea while wearing tri-cornered hats and carrying signs that read, “Don’t Tread on Me”.

Then, I tune them out when my ears begin to bleed.


The baggers argue there should be little or no regulation so that businesses make a lot of money (this is the true part). They argue that the dearth of regulations (this is the not so true part) will allow them to make enough money to hire more workers and have the economy fixed as quick as they can toss the regulators’ gavels on the dung heap.

The lack of regulations frees business to act as businesses normally do…profit becomes a Holy Grail that overrides everything else, including the safety of their workers and real public damage from companies that continue to do unscrupulous things, even when they know a lot is at stake.

For instance, there was that little oil spill a while back. The one where BP said all that leaking oil was only a smidge of the total volume of the Gulf of Mexico so things were A-OKAY…I’m sure the fishermen and crabbers totally agreement with that.

Regulations? Regulations? We Don’t Need No Regulations
The latest example of a corporation that just doesn’t get it is JPMorgan Chase – a bank that ends up on many, “Worst of the Worst Lists“. Chase CEO Jaime Dimon thinks most international banking regulations are a bunch of piffle that are “anti-American.

“I’m very close to thinking the U.S. shouldn’t be in Basel anymore,” Dimon said. “I would not have agreed to rules that are blatantly anti-American.” In other words, he can’t agree with current regulations unless he writes them and gets to vote on whether he’ll follow those pesky laws he didn’t write.

According to Dimon, “Our regulators should go there and say: ‘If it’s not in the interests of the U.S., we’re not doing it.” Which is pretty much true and totally in line with the lawmaking done by various industry swells and lobbyists. Never mind that their cavalier attitude toward regs was one of the problems that helped drive our economy into a smoking pit.

There are 4 tenets to corporate regulation:

  1. Have no regs at all.
  2. Have rarely inforced regs.
  3. Write those regs for legislators in such a way that a perceived loss by the corporations is actually a windfall.
  4. Use the windfalls to finance their bellyaching that will eventually lead to further regulations that benefit only the regulated. Rinse and repeat, and repeat, and repeat. And just for giggles, repeat some more.


Damn Those ‘Liberal Socialists’

Here’s the thing about regulation. If you could trust business to act as good corporate citizens we’d have no need for regulation at all. We all see how that worked out.

Regulations aren’t born when “liberal socialists” wake up, rub their hands, and say, “How can I screw business today?” They’re born when a company does something incredibly non-sensical and it hurts real citizens.

BING! Another, Hey, You Stupid Asses, You Aren’t the Only Ones That Live in This Country Protection Act.

I’d be perfectly happy to deregulate all businesses. There would be great savings in this day of draconian cuts. We’d actually be able to keep teachers in school. The only thing I ask in return is for business leaders like Dimon to let go of their overwhelming hubris and remember the just plain Joes and Josephines damaged when he makes decisions that ruin lives…repeatedly.

That seems like a fair deal to me.

Cross posted at The Omnipotent Poobah Speaks!

Omnipotent Poobah

Omnipotent Poobah

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