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Now That Things Are Good, Banker's Memories Are Fleeting


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I've notice alot of bank CEO's commenting on how they regret taking TARP money...that they didn't need it.  Today's CEO is Jamie Dimon of JPMorgan. 




Always interesting that now, when the banking system has been stabilized and returns are fruitful, CEO's forget exactly how their counterparty risks would have been guaranteed if the system was allowed to collapse without government intervention.  I don't care if you were JPMorgan, Goldman Sachs or Wells Fargo...without government intervention, including providing TARP funds for the industry, they would all be in a very precarious situation. 


Just because you didn't partake in the industry's excesses to the extent others did, does not mean you aren't at all culpable.  It's like those people who were standing on the side watching the Nazi's do what they did...not guilty, but certainly not innocent.  Where were these CEO's when the excesses were out of control?  Were they lobbying Congress to put in controls, or rein in loan portfolios or derivatives?  Nope!  So don't complain now when you've used TARP money and have the headaches to go with it.  Cheers! 

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