October 21, 2013

Quote of the Day

No, not the Atlas Shrugged Quote of the Day. Sadly pulled from the headlines:

The tentative $13 billion settlement that the Justice Department appears to be extracting from J.P. Morgan Chase needs to be understood as a watershed moment in American capitalism. Federal law enforcers are confiscating roughly half of a company's annual earnings for no other reason than because they can and because they want to appease their left-wing populist allies. -- WSJ Ed Page

Quote of the Day Posted by John Kranz at October 21, 2013 12:40 PM

"In a post Dodd-Frank world, banks are public utilities and no CEO can afford to resist the government's demands."

"The lesson is how government has used the crisis to exert political control over even the most powerful private financial companies. The real lords of American finance are Attorney General Eric Holder, Treasury chief Jack Lew and their boss in the White House.

Posted by: johngalt at October 23, 2013 3:15 PM

IBD's Ed page concurs: "Another Mugging on Wall Street"

Chairman and CEO Jamie Dimon figured it was cheaper to settle - a grave miscalculation. Holder hasn't waived criminal prosecution. He can continue to squeeze JPMorgan for more payola. The entire banking industry will regret not fighting this unprecedented federal extortion operation. Settling hasn't protected them. It's just encouraged more muggings.

Compared to Attorney General Holder's, Reverend Jesse Jackson's corporate extortion schemes were mere child's play.

Posted by: johngalt at October 23, 2013 3:18 PM | What do you think? [2]