By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Originally published at New Economic Perspectives
Jamie Dimon talked about his personal pain recently using the exact phrase that many of us have used to explain his personal anguish that “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.” The Wall Street Journal’s “Market Watch” described Dimon’s fervor.
“J.P. Morgan Chase & Co.’s outspoken CEO on Friday broke into an impassioned, expletive-tinged rant.”
The WSJ, in the introduction of an online video interview of Paul Gigot, its editorial page editor, termed it a “remarkable diatribe.”
Most United States readers share Dimon’s embarrassment at President Trump’s actions and words and can empathize with Dimon’s rant. Except, Dimon was not ranting about Trump’s actions and words that have dishonored America and everything that once made America great. Dimon launched his diatribe because Trump has been too slow in completing the destruction of those things that once made America great. The WSJ was praising, not criticizing, Dimon when they described his statements as an “expletive-tinged rant” and a “remarkable diatribe.”
Dimon said U.S. growth was held in check by a lack of policy momentum in D.C. that has failed to deliver a spate of pro-growth legislation that could help to boost an otherwise sluggish economy. “We have to focus on policy that is good for all Americans,” Dimon said, speaking Friday morning on a call with reporters to discuss earnings.
When Dimon calls for “policy that is good for all Americans,” one can be sure that he is calling for policies that will be great for Dimon and terrible for nearly all Americans. The context is that Dimon was complaining that U.S. growth was too slow.
The best economic estimate of the lost U.S. GDP over the course of the Great Recession is $24.3 trillion. Elite U.S. Bank CEOs led the three most destructive fraud epidemics in world history that hyper-inflated the housing bubble and drove the financial crisis that drove the Great Recession and caused this massive loss of economic growth. It is as if the arsonist that caused the firestorm that led to the largest forest fire in U.S. history that destroyed most of the forests of twelve states then held an expletive-laden rant denouncing the slow growth of the U.S. timber industry.
The arsonist metaphor is inadequate to describe Dimon’s “expletive-tinged rant” and “remarkable diatribe” because even social media would have treated the arsonist as a hypocrite and villain. The WSJ, however, thought Dimon was a prophet. Gigot hoped that Dimon would run as a Democrat for the presidential nomination in 2020.
Why was Dimon embarrassed “to be an American?” Dimon’s sentence immediately before that complaint shows the primary source of his embarrassment.
We have become one of the most bureaucratic confusing litigious societies on the planet.
Dimon is enraged that plaintiffs sued JPMorgan so often and so successfully for so many of the elite frauds that caused the financial crisis that drove the Great Recession and caused the massive loss of U.S. growth. It is not enough for Dimon that the federal prosecutors that Jesse Eisinger has portrayed as members of “The Chickenshit Club” in his newly published book refused to prosecute the millions of crimes for which JPM is criminally liable. It is not enough for Dimon that no prosecutor ever charged the JPM senior officers who led and covered up the frauds that drove the crisis. It is not enough for Dimon that the federal non-prosecutors did not require the resignation of any senior JPM officer for leading those frauds. It is not enough for Dimon that the federal non-prosecutors (and JPM’s board of directors) failed to “claw back” the bonuses that thousands of JPM officers received as those frauds’ proceeds. It is not enough that Dimon not only kept his job and his bonuses – he received huge raises for leading America’s largest criminal enterprise and (often) losing money for the shareholders.
Dimon’s hypocritical and dishonest expletive laden rant produced positive newspaper coverage for Dimon. Gigot spoke the most fawning words in favor of Dimon – urging the Democrats to nominate him for the presidency in 2020. Gigot’s reasoning reveals the alternative reality that one must embrace to be a WSJ editor. First, Gigot complains that the Obama administration’s response to the elite bank CEOs that led the fraud epidemics that drove the financial crisis was outrageous. Gigot is not upset at the lack of prosecutions, the ability of those CEOs to keep their jobs, or their ability to keep their bonuses (fraud proceeds). Gigot is not upset about the death of accountability and the rule of law for Wall Street elites. Gigot is enraged that Obama dared to sue the banks (but not the bankers) to get billions of dollars in fines even though those fines were a tiny percentage of the damage done by the CEOs’ frauds.
[T]he Obama administration was looking to extort money from all the big banks.
The WSJ editors believe it is legitimate for elite bankers to defraud their customers, creditors, regulators, and shareholders – and illegitimate to recoup even a tiny percentage of the fraud proceeds through civil lawsuits.
Second, Gigot praises Dimon as a modern “blue dog” Democrat and laments that blue (supposedly) have lacked any power within the Democratic Party for so “many years.” The phrase (‘blue dog’) describes Democratic elected officials from the southern and border states who support austerity and the assertive intervention of U.S. military power while opposing government regulations critical to establishing an effective rule of law. Virtually all “blue dogs” were also “New Democrats.” New Democrats were most common in the southern and border states. Bill and Hillary Clinton, Al Gore, and Tim Kaine are all leaders of the New Democrats and once he became President, Obama told the congressional caucus of New Democrats that, philosophically, he was a New Democrat. Other prominent New Democrats include Diane Feinstein, John Edwards, Jon Corzine, and Bob Kerrey. New Democrats have dominated the Democratic Party for three decades and continue to do so.
Wall Street would love to see that pattern of both major parties largely supporting Wall Street’s wish lists continue and the WSJ has its perfect candidate – Dimon. Dimon’s rant favored a four-part ‘platform’ that is Wall Street’s wish list – austerity, tax cuts for corporations and the wealthiest Americans, gutting the rule of law through the deregulation and desupervision, and making it impossible to prosecute or even sue fraudulent Wall Street elites and the corporations they control.
I note that the “blue dogs” are a vanishing species in Congress because conservative southern and border state voters have decided that if they believe in the Wall Street’s four-part wish list they should vote for formal Republicans rather than the ‘blue dogs’ that imitate Republicans on economic and military issues. Gigot never mentioned the inconvenient truths about the fact that we tried Dimon’s policies for most of the last 30 years. Dimon’s policies made key business sectors, particularly finance, powerfully criminogenic. These criminogenic environments produced the massive, but fake, growth of the two largest bubbles in world history, epidemics of elite fraud, the massive loss of GDP of the Great Recession, and sharply reduced growth through austerity and the perverse investment decisions produced by the related maladies of bubbles and epidemics of “control fraud.” If Dimon really wants to know why growth is so slow his research should begin by looking in the mirror. Dimon, his Wall Street peers, and the New Democrats are the problem, not the solution.
50 comments
Comments are closed.
How curious….
When I first laid eyes on that statement by Jamie Dimon, I thought, much same as the header to this post. It was my initial thought and with additional introspection was quite gobsmacked by the audacity of Jamies emotive outburst.
Here is a guy running a T1 flagship investment – banking concern that got fined [chortle] for about 13B in unlawful and criminal activity [no admission of guilt], then has the cheek to bemoan the “American Condition” when abroad.
What does he expect imo or does he think his “exceptionalism” by birth [or Marketing – PR] is enough to beguile the unwashed till the end of time.
Disheveled…. maybe someone should flick him the proverbial gold coin for the death of his ethics, sadly that is complicated by quantum entanglement, running over ones own thingy….
…Brooksley Born, and Rob Johnson (brought before Congress to “splain”) defined 2007 Wall $treet frauds totaling $690 trillion +, (nominal) – “derivatives”…
Ol’ Jamie should probably remember the last time a ‘royal’ told the people to eat some cake…
“Elite U.S. Bank CEOs led the three most destructive fraud epidemics in world history that hyper-inflated the housing bubble and drove the financial crisis that drove the Great Recession and caused this massive loss of economic growth.”
This is a curiously selective reading of recent history. As “Easy Al” Greenspan notoriously stated in a speech on Feb 23, 2004:
Greenspan’s statement came in the third year of an economic recovery, as he held the Fed’s policy rate at one (1) percent while real estate was already bubbling so hard that it was spattering the stove.
Just four months later, Greenspan initiated what would become a series of seventeen (17) rate hikes over the next two years. ARM borrowers who took Greenspan’s sleazy, smarmy advice got vaporized.
Two corrupt gov-sponsored housing lenders were only too happy to oblige with E-Z money teaser rates: Freddie Mac, which had already been fined $125 million in 2003 for misstating earnings; and Fannie Mae, which would be fined $400 million in 2006 for accounting manipulation from 1998 to 2004.
Banksters behaved badly, but they took their cues straight from the top — the Federal Reserve bank cartel and the institutionally corrupt gov-sponsored mortgage guarantors.
Wake me up when Greenspan is indicted for his crimes against the people.
And what Ideology is currently and has been informing the Fed since the 70s jimbo – ?????
disheveled… stop the excuses and hand waving….
…do you intone Mont Pelerin Society Koch Bros. Libertarian “neoliberalism”??:
https://www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiot
So pervasive has neoliberalism become that we seldom even recognise it as an ideology. We appear to accept the proposition that this utopian, millenarian faith describes a neutral force; a kind of biological law, like Darwin’s theory of evolution. But the philosophy arose as a conscious attempt to reshape human life and shift the locus of power.
Neoliberalism sees competition as the defining characteristic of human relations. It redefines citizens as consumers, whose democratic choices are best exercised by buying and selling, a process that rewards merit and punishes inefficiency. It maintains that “the market” delivers benefits that could never be achieved by planning.
Attempts to limit competition are treated as inimical to liberty. Tax and regulation should be minimised, public services should be privatised. The organisation of labour and collective bargaining by trade unions are portrayed as market distortions that impede the formation of a natural hierarchy of winners and losers. Inequality is recast as virtuous: a reward for utility and a generator of wealth, which trickles down to enrich everyone. Efforts to create a more equal society are both counterproductive and morally corrosive. The market ensures that everyone gets what they deserve.
The term neoliberalism was coined at a meeting in Paris in 1938. Among the delegates were two men who came to define the ideology, Ludwig von Mises and Friedrich Hayek. Both exiles from Austria, they saw social democracy, exemplified by Franklin Roosevelt’s New Deal and the gradual development of Britain’s welfare state, as manifestations of a collectivism that occupied the same spectrum as nazism and communism.
In The Road to Serfdom, published in 1944, Hayek argued that government planning, by crushing individualism, would lead inexorably to totalitarian control. Like Mises’s book Bureaucracy, The Road to Serfdom was widely read. It came to the attention of some very wealthy people, who saw in the philosophy an opportunity to free themselves from regulation and tax. When, in 1947, Hayek founded the first organisation that would spread the doctrine of neoliberalism – the Mont Pelerin Society – it was supported financially by millionaires and their foundations.
With their help, he began to create what Daniel Stedman Jones describes in Masters of the Universe as “a kind of neoliberal international”: a transatlantic network of academics, businessmen, journalists and activists. The movement’s rich backers funded a series of thinktanks which would refine and promote the ideology. Among them were the American Enterprise Institute, the Heritage Foundation, the Cato Institute, the Institute of Economic Affairs, the Centre for Policy Studies and the Adam Smith Institute. They also financed academic positions and departments, particularly at the universities of Chicago and Virginia.
As it evolved, neoliberalism became more strident. Hayek’s view that governments should regulate competition to prevent monopolies from forming gave way – among American apostles such as Milton Friedman – to the belief that monopoly power could be seen as a reward for efficiency.
Well, these guys aren’t even that big on competition. They’re fat oligopolists, and they lecture the rest of us about how they’re better human beings because they’re willing to risk, but never actually risk their own wealth or social standing.
Thanks for tying up all those strings, Professor nonclassical. Back to Haygood’s ‘blame Greenspan and the Fed’ and to close the web, let us not fail to mention that the big banks virtually control Fed such that the distance between the wishes of J.P. Morgan’s CEO and those of the Fed’s Chair, is vanishingly small.
It would have been interesting to see what would have happened had Greenspan refused to lower rates for a couple of decades.
Something tells me the US was on a mission and no one could stand in its way…
The “banksters” Haygood wants to excuse because they were “just following the lead from the top” actually filled out the ranks of “the top,” and continue to do so.
Jim is not embarrassed about the looting behavior, apparently. It’s just the way things are, right? And Jim is on or past the edge, apparently, of no longer even being a “temporarily embarrassed millionaire,” perhaps?
Consistency (in message) pays, says Eddie Bernays…
Ayn Rand dedicate Alan Greenspan: “I was wrong”;
https://www.youtube.com/watch?v=PWen53eqmJo
Greenspan will be indicted for crimes against the (US) people at about the time George W. Bush goes before the Hague for crimes against humanity.
Ahem. In the toxic phase of the mortgage origination (Sept 2005 to July 2007) many newly-originated mortgages defaulted in the first year. Some didn’t even make a first payment. Can’t blame that on resets.
As I explained at length in ECONNED, what turned what would have been a S&Lish level housing crisis into a global financial crisis was the way asset-backed CDOs allowed for 4-6x real economy subprime risk to be created and mispriced (BBB- risk was significantly priced as if it were AA, the AAA tranches of ABS CDOs were priced at AA levels, making them look like a great deal to the rubes) and wind up at systemically important and highly leveraged financial institutions.
JP Morgan invented the CDO. The ABS version was a reworking of the original that was invested for corporate CDS.
(I have your book, “Econned”) Another great description of what happened is: “Wall Street and the Financial Crisis” “Anatomy of a Financial Collapse” US Senate Permanent Subcommittee on Investigations” (Cosimo Reports, NY, 2011) (Staff Report). Watched most of the televised hearings and was just as disgusted as when I watched the infamous Iran/Contra Hearings……only you could at those hearings see the desperate fear in the faces of the “inquisitors” that somehow something too revealing would be exposed!
As soon as I read that article on Marketwatch I commented that….”I am ashamed that JD is an American citizen”.
It’s interesting to read Alan Greenspan’s own autobio to learn how he really “thinks”…and read other biographies on him…..America would have been better off if he had stuck to the clarinet!
” It is not enough for Dimon that no prosecutor ever charged the JPM senior officers who led and covered up the frauds that drove the crisis. It is not enough for Dimon that the federal non-prosecutors did not require the resignation of any senior JPM officer for leading those frauds. It is not enough for Dimon that the federal non-prosecutors (and JPM’s board of directors) failed to “claw back” the bonuses that thousands of JPM officers received as those frauds’ proceeds. It is not enough that Dimon not only kept his job and his bonuses – he received huge raises for leading America’s largest criminal enterprise and (often) losing money for the shareholders.”
Jamie got a whale of a deal.
““What’s the use you learning to do right, when it’s troublesome to do right and isn’t no trouble to do wrong, and the wages is just the same?” -Mark Twain, Huckleberry Finn
Jamie takes the less troublesome way. The wages are better. (There was a time when things were far more troublesome for the banks who broke laws than it is now. )
Interestingly Jamie is part of the group that made it less troublesome in a not very troublesome way.
Now he’s angry because his subconscious has just registered that the easy pickin is gone and he’s actually going to have to work to see growth. Lol!
There was discussion about Dimon’s outbursts in the first Obama term. He really is a nut who wants the full royalty treatment and can’t understand why he isn’t perceived as a celebrity by the little people.
‘Work’ you say … !?!?
HEY JAMIE, SHOW ME SOME CALLOUSES !! …
… besides the tennis grip !
Dimon has likely never “worked” a day in his life.
And the only thing he’s “earned” is my contempt.
Words matter? Glad to at least see “earned” omitted as the active-voice verb in this post. regarding “bonuses.” Sure beats the “were awarded” framing used in a lot of business reporting and MSM miasmatics. Received” is a little better. But “took” is better still. “Grabbed?” I’m a little at sea here for the best descriptor for what so wrongly is usually rendered as “executive compensation.” “Compensation” for what, exactly?
“Extracted”
Sehr Gut!
I didn’t have a chance to look at this article until now, and one of the first things I wanted to do was to make a joke with the word “whale” in it! I’m too late — you beat me by half a day! Well done.
Where is your sympathy?
I mean, c’mon, the kid is an orphan now . . .
Hey Jimbo, we have seen the enemy, a half starved toothless, jobless, rable, with friends like Wells-****off, and all your other good buddies, and its just like looking in a mirror!
Look in the mirror more often Jimbo!
My, what a fine 5-twist necktie you have there Jamie.
Anyone, and I mean anyone who has the gall to hang a Pollack painting in their residence, deserves all the scorn that can be heaped upon them. Actually, that should have been a clue to the proletariat just where we were headed.
His wall paper not the problem. His fraudulent trades paper floated through the Wall St/banking system and the whole economy is the problem. You can’t arrest a guy for his tastes in art. You can arrest a guy for securities/bank fraud…. or could…. if the govt would do its job…
He can find an easier jurisdiction if he takes his papers to Panama.
..”if govt. would do its job”: rather, bushBAMA and Geithner, (in continuation of bushit) met with bank$ters and instituted “quantitative easing”…
Sell outs to the American people. Everyone has a price. Everyone.
This has been Dimon’s whining rant forever. Since he got away with his criminal activities leading to the 2008 crash – which led to a huge amount of pain and suffering for many in the 99%, but led to a huge amount of cashola and other perks & goodies for Dimon and his thieving pals in the .01% – Dimon hasn’t ceased whining and crying and complaining and vetching about how he needs MOAR.
Yesterday there was a post about the .1%, and how they’re mostly Big Business CEOs, etc, and how they’ve soaked up so much in mega-compensation over the past decades – and more so recently – but yet they continue to throw three year old temper tantrums about the perfidy of regulations, the rule of law being applied to them, and needing more and more tax cuts.
Their greed has truly run amok, but who’s going to stop the Greed Train? I certainly don’t expect anyone in our bought-off Congress – that includes All of Them, no matter what label they affiliate with – to do anything more than to curry favor with these out of control greedy criminals.
Dimon needs to just STFU for a change, but I won’t hold my breath.
…read that FDIC allowed JP Morgan place over $52 trillion under FDIC auspices….Goldman, over $40 trillion:
https://www.thenation.com/article/why-fdic-insuring-jamie-dimons-mistakes/
The problem with a super-smart banker like Jamie Dimon, CEO of JPMorgan Chase, is not just that his bank makes risky bets with its own money. The real scandal is that Dimon’s hot-shot traders are gambling with our money. If their complex derivatives deals should go horribly wrong and lead to the megabank’s failure, the taxpayers are on the hook to clean up the mess.
That is because JPMorgan Chase shrewdly parks virtually all of its vast derivatives holdings in its commercial bank subsidiary. In the event of a collapse, the bank can use its deposit base to pay off the derivatives, while leaving the Federal Deposit Insurance Corporation to reimburse depositors if their money runs out. This is not a trivial technicality. JPM is the world’s largest purveyor of derivatives. Its total contracts have a notional value of $72 trillion—and 99 percent of them are booked at its FDIC-insured bank. In the event of failure, sorting out the claims and counterclaims will be a costly nightmare for the FDIC. The bulk of the contracts are “plain vanilla” derivatives used as standard hedges against price or currency changes. The exotic derivatives, however, are dangerous—the kind that suddenly blew up in Dimon’s face some weeks ago, when his bank swiftly lost at least $3 billion on one complicated market gambit, with maybe more losses to come.
We are “insuring” other big boys of banking in the same way. Citigroup has nearly all of its $53 trillion in derivatives in its FDIC-insured bank; Goldman Sachs has $44 trillion parked at an FDIC-backed institution. After Bank of America purchased Merrill Lynch, BofA began transferring the securities firm’s derivatives to the FDIC-insured bank, which now holds $47 trillion in contracts. When Senators Sherrod Brown and Carl Levin, among others, complained that regulators’ acquiescence in these transfers contradicted Congressional instructions in the 2010 Dodd-Frank reform law, the Federal Reserve, the FDIC and the Treasury Department’s Office of the Comptroller of the Currency refused to answer their objections. This matter involves “confidential supervisory” and “proprietary business information,” the three agencies responded in unison.
But it also involves a political scandal—the corruption of a successful government program created during the New Deal to prevent panicky bank runs. The FDIC was designed to protect the savings of mom-and-pop depositors, not the balance sheets of mammoth financial institutions; and so far it has worked. Sheila Bair, former chair of the FDIC, regrets how the big boys have twisted it to their own purposes. “None of these guys would be around if it weren’t for the insurance fund,” she told me. “So they do have an obligation to use the insurance in a prudent way.”
Even standard hedges depend on the liquidity (even more than solvency) of the counterparty, which of course means the liquidity/solvency of its other counterparties that serve as a meaningful so-called hedge. And the whole idea of posting collateral on a downgrade (cf. AIG) or artificial insolvency (someone claims you’re insolvent and you don’t prove otherwise within 15 days, less time than is typically required to file an objection much less get it resolved; bond indentures used to allow 90 days or more), etc., creates an artificial cliff edge: the party, the counterparty, and the counterparty’s counterparty, and so on ad infinitum all go over together. Along with the banking system. Especially since it’s all circular: A does a swap with B, who does a swap with C, who does a swap with D, who does a swap with E, who does a swap with A – there are only five or so major players.
Let’s not get into the bespoke or exotic stuff, where the basis risk – the risk due to a mismatch of terms – may be extremely significant. In particular, a default/termination event on the derivative may not match what’s happening with the underlying security.
Derivatives are dynamite.
….2 true: https://www.youtube.com/watch?v=A25EUhZGBws
I got the impression when I first saw the Dimon quote above that he was testing out the role of The Good Billionaire, auditioning for the role of the next King of America. Not like this vulgar, trashy, tasteless king we have now! This billionaire speaks to petty bourgeoisie concerns like the shame of what strangers might think, in an authentic manner laced with passion and profanity! This is a billionaire the people can get behind!
/s
Somebody call the waaambulance! It’s like when my toddler throws his toys under the couch and then cries at me to get them back, just so he can throw them under again.
Gigot and Dimon are what Nissam Talleeb refers to when he says “INTELECTUAL BUT IDIOTIC”.
I STRONGLY URGE the Democratic party to run Dimon for President so that all those idiots that vote Democratic as the “least evil” can finally realize the Democratic party is lost.
The banks have created another American myth, that the banks are essential and too big to fail. They’re not. We could lose Morgan, GS, and a few others and it would cause only a few small problems. Move the assets to someone else, drown all the employees in NY harbour, and get on with life.
Interesting because IIRC this is in the ballpark of the total amount of $$$ printed and handed over to the criminal bankers during the bailout. A quick search finds this article from a few years ago which cites Bill Black’s department setting the total bailout at $29 trillion –
…how does $29 trillion (bailed out?) calibrate with amounts documented by Wall $treet banks placed under FDIC (taxpayer) auspices?:
” JPM is the world’s largest purveyor of derivatives. Its total contracts have a notional value of $72 trillion—and 99 percent of them are booked at its FDIC-insured bank.”
“Citigroup has nearly all of its $53 trillion in derivatives in its FDIC-insured bank; Goldman Sachs has $44 trillion parked at an FDIC-backed institution. After Bank of America purchased Merrill Lynch, BofA began transferring the securities firm’s derivatives to the FDIC-insured bank, which now holds $47 trillion in contracts.”
(and how much of, represents “credit default swaps?)
https://www.thenation.com/article/why-fdic-insuring-jamie-dimons-mistakes/
Why was Dimon embarrassed “to be an American?” He’s kicking his butt because he passed up THE opportunity of a lifetime as Trump’s RE payday lender way back when no one on Wall St would give Trump a dime to call a cab. Instead, Dimbo placed his bets on the Clintons- now that’s hillar-ious! As for the “EMBARRASSED to be a ‘Merican,” he may be referring to Deutsche Bank owning, I’m mean lending Trumpie viel marks, I mean euros. Poor sad Dimbo, he coulda owned an American President but the German bankers with deep Russian connections are in like Flynt ;)
I wonder if Dimbo is worried about Trump sending him a personalized nut cracker for xmas? Undoubtedly the Donald’s memories of way back when he was told to stick an egg in his shoe and beat it by Dimbo and the Wall Street mob will have Dimbo’s chestnuts slowing roasting over an open fire of payback
Its my view that USA ran into trouble after disposing of JFK. We then saw LBJ and his loyalists develop into the neocons with foreign lobbyists and it is they who guide the country today. Dimon is the financial face of their style of administration.
…”neocons” represent ex-John Birch Society “Project For A New American Century” advocates of “total global military domination”:
“The Project for the New American Century (PNAC) was a neo-conservative think tank (1997 to 2006) that had strong ties to the American Enterprise Institute. PNAC’s web site said it was “established in the spring of 1997” as “a non-profit, educational organization whose goal is to promote American global leadership.”
PNAC’s policy document, “Rebuilding America’s Defences,” openly advocated for total global military domination. Many PNAC members held highest-level positions in the George W. Bush administration. The Project was an initiative of the New Citizenship Project (501c3). [1]
In 2009 two of PNAC’s founders, William Kristol and Robert Kagan, began what some termed “PNAC 2.0,” The Foreign Policy Initiative.”
(includes list of PNAC signatories)
http://www.sourcewatch.org/index.php/Project_for_the_New_American_Century
Historical documentation: “The Devil’s Chessboard: Allen Dulles, the CIA, and the Rise of America’s Secret Government”
https://www.amazon.com/Devils-Chessboard-Dulles-Americas-Government/dp/0062276174
I wonder when will OJamie declare he’s going to start looking for the Real Killer…of the American Economy and the Middle Class????
Dimon is doing what any sociopath does, blame the victim.