Jamie Spins the Blues
JPMorgan Chase CEO Jamie Dimon is pissed off at TARP, calling the “painful” program that the Feds jammed down his throat a “complete and utter disgrace”—not because his firm and others have come under closer scrutiny for their compensation practices as a result of having to partake in the “traumatic TARP experience,” or because they’ve had to cut tens of thousands of employees due to inflated egos and deflated securities, but because regulations under the program prevented JPMorgan from hiring about 45 foreign-born employees (TARP banks are prevented from displacing a U.S. worker with an immigrant). That’s 45 of only about 220,000 JPMorgan employees. Or about 0.02 percent of its entire staff. A disgrace, indeed.