JP Morgan Chase bank CEO Jamie Dimon recently took aim at socialism, warning it would be a disaster for the country because it produces stagnation and corruption—but he was at the helm when JP Morgan bank received a $25 billion socialist-like bailout in 2008 after many banks on Wall Street almost tanked because of fraudulent loans. He agreed to pay the government $13 billion to settle charges.
Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis because of the aforementioned fraudulent loans. But instead of letting the free market punish them, the government bailed them out. No major banker went to jail, yet millions of homeowners and workers who lost their savings or homes didn’t not get bailed out.
Recently Dimon was also instrumental in getting the big Trump tax cuts through Congress. They saved the JP Morgan bank, and other big banks, $21 billion last year alone, and Dimon incidentally, was paid $31 million last year.
Ironically, a few weeks ago Dimon warned that income inequality is dividing America. Wall Street bonuses totaled $27.5 billion last year, which is more than three times the combined annual earnings of all American workers employed full-time at the federal minimum wage.