MOTUs

Fuck You To Jamie Dimon & His Plaintive Wail For The 1%

Pardon me for the Taibbi like insolence, but this is just fucking amazing. While most Americans are struggling to stay alive, employed, and their families fed and in their homes, much less celebrate a decent Christmas, the 1% Masters Of The Universe have gotten together for a group bitchfest of elitist assholes:

Jamie Dimon, the highest-paid chief executive officer among the heads of the six biggest U.S. banks, turned a question at an investors’ conference in New York this month into an occasion to defend wealth.

“Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it,” the JPMorgan Chase & Co. (JPM) CEO told an audience member who asked about hostility toward bankers. “Sometimes there’s a bad apple, yet we denigrate the whole.”

Dimon, 55, whose 2010 compensation was $23 million, joined billionaires including hedge-fund manager John Paulson and Home Depot Inc. (HD) co-founder Bernard Marcus in using speeches, open letters and television appearances to defend themselves and the richest 1 percent of the population targeted by Occupy Wall Street demonstrators.

Uh, fuck you Jamie Dimon and to the plaintive wail of the skimming, raping moneychangers.

Oh, and in case you had any question on what side of the 1%/99% divide Barack Obama and his Administration are on, yet another answer was given today with the announcement of their proposed selection for the critical “independent” seat on the Federal Deposit Insurance Corporation (FDIC):

The Obama administration is considering nominating Jeremiah Norton, an executive director for JPMorgan Chase’s investment bank, to sit on the FDIC’s board of directors.

Who is Jeremiah Norton? Well, as this quote states, he executive director of the investment banking shop and one of Obama’s buddy, Jamie Dimon’s, right hand men. Oh, and before that, Norton was former Goldman Sachs honcho Henry Paulson’s right hand man in the Bush Treasury Department and assisted Paulson in getting Goldman Sachs a backdoor bailout through AIG.

And, remember, if Barack Obama has to replace Turbo Tax Timmeh Geithner, Jamie Dimon is near the top of the list of replacements thought to be on the White House’s list.

So, while OWS is out protesting and the majority of citizens are falling deeper in despair and many losing their homes and hopes, and Barack Obama duplicitously coos about feeling the pain of the 99%, this is what is going on where the rubber meets the actual road.

PS: Digby has pounded Dimon on this as well if you want more searing criticism.

Bob Lutz Hangs Up On Ed Whitacre’s GM

The inevitable has been announced; Bob Lutz is leaving Ed Whitacre’s new General Motors. From the New York Times:

Vice Chairman Bob Lutz will retire from the automaker effective May 1, people briefed on the plans said on Wednesday.

Lutz, 78, had been serving as a senior adviser to GM Chairman and Chief Executive Ed Whitacre after shelving retirement plans to take charge of the automaker’s marketing after it emerged from bankruptcy in July 2009.
….
The announcement comes a day after GM shook up its sales and marketing operations in its home market for the third time in five months.

Lutz was charged with overhauling GM’s marketing efforts under former CEO Fritz Henderson, but he appeared to have been sidelined by Whitacre, a former AT&T executive brought in by the Obama administration.

In late February, Whitacre named Stephen Girsky, a former investment banker, as special adviser and vice chairman in charge of corporate strategy, a move that raised questions about the tenure and role of Lutz.

And it really was inevitable. Last December when Fritz Henderson was unceremoniously dumped in a midnight putsch by Ed Whitacre, the former corporate phone boy from AT&T, we had some things to say here. Marcy, noting Whitacre’s professed desire to ram products to market quicker – to do everything quicker – observed:

Now maybe it would be possible to bring out new products more quickly. Maybe there is merit to disrupting the very complex model year and product cycle schedules that every car company relies on to manage new product introductions.

But I worry that this push to introduce products more quickly will come at a price–the price of doing it right, both from an engineering perspective (you don’t want the Cruze to come out with all sorts of recalls, after all) and from a marketing perspective (if you introduce a product but don’t have the marketing budget to support it, it’s not going to do much good).

And I commented that the Whitacre putsch had other consequences too:

There is one other consideration. With Fritz gone, the only marketable face GM has left to the actual auto people is Bob Lutz, and he will bolt in a heartbeat if he thinks the wrong car decisions are being made. Lutz is very comfortable with the big money wheeler dealers, but he is, first and foremost, a car guy all the way. And he does not need the money or grief. If they were to lose Lutz in any short order in addition to Henderson, they will have a potential real mess.

Well it turns out the thoughts may have been prescient. And make no mistake, Lutz is in fine health and as active and ornery as ever; he is leaving because Continue reading

Emptywheel Twitterverse
emptywheel @davidcnswanson LOL Was going to do a headline about shells and turkeys. But I already stretch my metaphors enough. @Thomas_Drake1
16mreplyretweetfavorite
emptywheel @DanaHoule Was pretty nice that was against Pitino.
37mreplyretweetfavorite
emptywheel @Thomas_Drake1 Right. If they're going to move under a new shell, have to tell us they're going "cold turkey" so we don't look for new shell
38mreplyretweetfavorite
JimWhiteGNV RT @SeanMcElwee: kinda interesting that the people complaining about "sharia law" are the ones trying to make us live under levitical law
59mreplyretweetfavorite
emptywheel @p2wy Shush. Don't make it easy for them to revoke your license. Don't admit it publicly!
1hreplyretweetfavorite
emptywheel @EricBoehlert FLYOVER RAWKS.
2hreplyretweetfavorite
JimWhiteGNV So if Louisville has lost the game on the scoreboard, are they really out of the tournament since they are coached by an undead?
2hreplyretweetfavorite
JimWhiteGNV RT @pourmecoffee: Tom Izzo will take the Golden Girls and two boy band members of your choice and still get them to the Final Four.
2hreplyretweetfavorite
JimWhiteGNV @HayesBrown It was never in doubt.
2hreplyretweetfavorite
emptywheel @michaelbd But would they sell petro in dollars?
2hreplyretweetfavorite
emptywheel @BaFana3 Isn't Libya self-clusterfucking to a greater degree? Yemen may have already shot past it.
2hreplyretweetfavorite
JimWhiteGNV @Pedinska Not sure. We will watch him carefully for a few weeks. Neighbor's horse had two recently.
2hreplyretweetfavorite
March 2015
S M T W T F S
« Feb    
1234567
891011121314
15161718192021
22232425262728
293031