Intellectually Corrupt Warren Buffett Says Jamie Dimon Best Person to Run US Treasury

I have been discussing extensively the lack of integrity of Warren Buffett of the years; who actually never misses an opportunity to talk up his book, or advocate for crony capitalism or even socialist measures. The latest from him is that he is now advocating for Jamie Dimon to run the US treasury. 
(Bloomberg) Nov 27, 2012 — JPMorgan Chase Chief Executive Officer Jamie Dimon would be the best person to lead the U.S. Treasury Department in a financial crisis, billionaire investor Warren Buffett said.
“If we did run into problems in markets, I think he would actually be the best person you could have in the job,” Buffett said in response to a question about Dimon from Charlie Rose, according to the transcript of an interview that was scheduled to air yesterday on PBS. “World leaders would have confidence in him.”
President Barack Obama is seeking to replace Treasury Secretary Timothy F. Geithner, who had said he planned to step down. Dimon, 56, testified before Congress and shuffled top managers this year after the bank disclosed a loss, now of more than $6.2 billion, stemming from a wrong-way bet on credit derivatives. Buffett has described Dimon’s annual letter to shareholders as a must-read.
First of all, advocating for the government to intervene in the markets "if we run into problems". So he is advocating for more bailouts and for a "Government Put" to be put in place in addition to the "Bernanke Put".

Second point is: Isn't Dimon the man under which JPMorgan just announced $6.2 billion losses on speculative positions build in the CDS markets? Does he deserve to be promoted Secretary of the Treasury? Or be fired from the company? I guess, like many things in corrupt institutions, any thing that goes well is his deed, but anything that goes wrong is others deeds...

1 comment:

Dennis The Menace said...

As far as those wall street banksters go I say let exchange those three piece suits and briefcases for a good pick a shovel a bucket and some pinstripes.