Gobsmack of the Day
by digby
"Savvy businessman" Jamie Dimon:
JPMorgan this week finalised a $US153.6 million ($145m) settlement with the SEC over claims it misled investors about collateralised debt obligations created before the global crisis.
Dimon admits banks -- including his -- made mistakes.
Ever the salesman, though, he is confident JPMorgan has righted the wrongs and says it is disappointing that Wall Street's reputation is so tarnished.
"It's so unfair to talk about Wall Street and ethics," he says.
"The people that we deal with a lot on Wall Street are some of the most ethical people I know.
"There are some bad apples on Wall Street. I think the military is the most extraordinary organisation but there are some bad apples in the military.
"I think universities are unbelievable but there are some bad apples in universities. I think reporters for most part are smart and hard-working people, but there are some bad apples as reporters."
Huh? Who are these people?
Read the whole interview. You'll find out that the housing market is doing much better and that the biggest economic problem we face is over-regulation of the banking system.
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