You have really, really, got to read this letter from Dick Durbin to Jamie Dimon– it is a brutal, in your face, point by point refutation of the bullshit spewed on a daily basis by our Galtian overlords. I’ve uploaded the entire .pdf here.
More of this, please. God, I think I need a cigarette.
Duncan Dönitz (formerly Otto Graf von Pfmidtnöchtler-Pízsmőgy, Mumphrey, et al.)
Damn. I only hope Durbin didn’t hurt Dimon’s feelings. Our plutocrats are delicate people, and we need to be nice to them. They’re better than we are, after all. We know they are because they have more money than we do.
Moonbatman
Gaia bless Dick Durbin who pointed out that Gitmo is as bad as any Russian gulag.
That and his pushing for a Internet Sales tax to help protect local mom and pop store and get more revenues for the Government to invest.
Peace Out. The Power is Yours. Free Crystal Mangum!
comrade scott's agenda of rage
How many jobs will this letter kill?
burnspbesq
I imagine we’ll see a reconsideration of you position on the merits of prosecutions for perjury and obstruction, now that Sen. Levin has said he thinks some Goldman folks perjured themselves in testimony before his committee.
cleek
letters like this will just make it harder for businesses to offer the new products and services their customers demand, and will ultimately lead to higher costs and less choice for consumers. why does {TARGETNAME} want to harm the American public ? keep politics out of the market, {TARGETTITLE}!
Buffalopundit
I have a Canadian chip ‘n PIN card. It’s totally secure, completely common in Canada, and is the current debit/credit standard throughout Europe.
The only bank in the US that issues a chip and PIN card is a UN-related credit union.
We’re so behind the times, because God forbid the banks have RULES or REGULATIONS to protect consumers! The best protection for consumers is to protect the corporations first! /teabagger
cleek
hey look, parody troll is back!
Perfect Tommy
I think this whole “cost of fraud” claim is specious. When I worked in retail, any fraudulent transactions were charged back to the merchant and deducted from their bank accounts. They didn’t cost the card issuer anything.
mellowjohn
MY senator and my daughter-in-law’s boss!
good on ya, mr. durbin.
John Cole
@burnspbesq:
Is there something that happens in law school (partial lobotomy) that removes all sense of proportion from prospective lawyers? Because I can guarantee that every non-lawyer on this blog can tell the difference between the vital need to spend ten years and 55 million prosecuting a baseball player for lying about using juice and prosecuting the thousands of folks who brought about a global economic collapse that ruined the lives of millions.
I wasn’t defending Bonds, he is a dick and now a convict. I was pointing out that there is much more important shit worth prosecuting.
Rorgg
As an Illinois voter, this is one of the votes I’m consistently happy to make.
Shinobi
It is so nice to see people that you voted for doing things you want them to do. (Between Dick Durbin and Jan Schakowosky I am very well represented these days.)
Culture of Truth
Conservatives now pushing something really radical called the Republican Study Committee (“RSC”) budget, to make the Ryan plan the reasonable middle choice between the radical conservatives on the one hand, and liberals like Obama on the other.
It’s a Trap!!
chopper
dimon’s so gonna go galt after this.
Paul in KY
Thank you John for posting the PDF copy. Wonderful letter. I’d have liked to have been in Dimon’s office when he read it. Man, I bet his minions are scurrying around trying to avoid his wrath.
burnspbesq
There are a couple of obvious flaws in Durbin’s logic. For example, expecting market forces to rein in the behavior of duopolists is a bit naive. That said, it is still nice to see that the Democratic wing of the Democratic party has not entirely abdicated its responsibilities to the American people.
Elia Isquire
I’ve always loved Durbin. Schumer is probably a better no. 2 for the Senate Dems in terms of the game of politics, but Durbin mops the floor with Chuck when it comes to…being a human/progressive.
Silver Owl
It’s nice to see a Senator actually represent the best interests of the American people. Dimon is going to blow a hissy fit for not being properly worshiped.
Disco
Actions speak louder than words. I will wait to see action.
Omnes Omnibus
@John Cole: Paint with a broad brush much?
me
@chopper: We can only hope. Dimon is worse then useless, he’s a ball and chain.
John PM
Very nice letter. I can’t wait for fellow Illinois Senator Mark Kirk to agree with Durbin’s point. I think I will hold my breath until Kirk does so…[holds breath]………..[turning red]……..THUMP!
Nylund
Now we start the countdown until Durbin gets Spitzered.
A little advice, Senator: Keep your trouser snake in your trousers. Wall St. has no problem getting dirty when a politician goes after them. You better be squeaky clean, Mr. Durbin.
AAA Bonds
Hell yes, a LETTER! I bet it’s on letterhead and everything!
Our Senators are finally getting tough on Wall Street!
Jamie
Maybe the folk who convicted Barry Bonds of lying about using steroids have some time on their hands.
burnspbesq
@John Cole:
What happens in law school is that we learn about a concept called “general deterrence.”
Perjury, obstruction, witness tampering, and similar crimes strike at the heart of the criminal justice system. They have to be aggressively prosecuted, and that’s especially true of high-profile offenders. If your political biases make it difficult for you to comprehend that reality, that’s unfortunate.
Joey Maloney
@Buffalopundit: Chip’n’pin security has been repeatedly demonstated to be flawed.
http://boingboing.net/2010/02/11/chip-and-pin-is-brok.html
R-Jud
@Rorgg: Word. I’ve enjoyed helping that guy keep his seat.
AAA Bonds
@burnspbesq:
Yes, the letter-writing responsibilities of the office of U.S. Senator have been duly fulfilled. I can only hope they do not shirk their finger-wagging and tut-tutting duties in the days to come.
We can rest easy knowing that people who help tank the economy and swindle countless Americans will have all the money they stole from us balanced out by a stern letter of disapproval from another old white dude.
slag
Possibly the most damning condemnation of our government I’ve seen in print. And yet entirely true.
I’m pleased that Senator Durbin went out of his way to make the people’s case in this letter. I’ll be even more pleased when doing so actually brings consequences with it. Hopefully, that will happen at some point.
/emo
Just Some Fuckhead
@AAA Bonds:
Haha.
Omnes Omnibus
@AAA Bonds: Your disappointment has been registered.
eemom
@John Cole:
you rang?
AAA Bonds
@Omnes Omnibus:
Yeah, kind of sad yours hasn’t, but oh well.
eemom
@AAA Bonds:
and in other news, speeches are just words.
Joey Maloney
@AAA Bonds: Golly yes, in addition to busting his ass to pass the law that Dimon was whining about that led to Durbin’s leter, the Senator should have put on his secret identity of Judge Dredd and flown to New York to personally kick the shit out of Dimon in his office, before dragging him down to the Federal Courthouse, finding him guilty of theft, perjury, obstruction, and being a poopyhead in a fifteen-minute trial, sentencing him to death, and then carrying out the sentence by strangling Dimon with his own entrails.
Durbin did his job in this case. It’s not his fault that the other branches of government aren’t doing theirs.
shortstop
@Shinobi: Hey, we have the exact same representation? Aren’t we lucky?
When Durbin’s on, he’s really on. And crap like the Gang of Six notwithstanding, a careful review of his votes shows he’s on far more often than not.
Omnes Omnibus
@eemom: Yippee, time for another fight about lay understanding of legal process. I’ve missed those.
Ahasuerus
@eemom: POPCORN! Get your popcorn here! POPCORN!
martha
@Omnes Omnibus: Ah but we lay people are just idjits, dontchano?
shortstop
@Nylund: You know, I kind of think he might be, at least in the hos department. But what am I saying?! We can never really know.
geg6
Heh. Indeed.
shortstop
@burnspbesq:
Comments like this are why I’m sure your given name is Frank. I can almost see the prissy little shake of the head and the pursed lips.
burnspbesq
@AAA Bonds:
Umm, news flash: there is legislation needed in this area. Durbin is trying to neuter a potential source of opposition to that legislation. This is good, proactive work by a good Senator.
I have no idea what your expectations are, but if you can point to a specific Federal statute that MC and Visa are violating, please don’t hesitate to share.
shortstop
What would happen if we had one thread — just one — in which about half the commenters didn’t instantly try to make every single thing that’s said all about them?
I know, I know. That’s crazy talk.
Omnes Omnibus
@martha: Not idjits. Nonlawyers can have a good general understanding goes the law, but, when one gets beyond that, the law is like any area of expertise where the professionals do actually know more about it than anyone else. I understand you were snarking, but still…
AAA Bonds
To put my sweet jokes aside and clarify: Jamie Dimon doesn’t give a shit about Dick Durbin writing him a letter.
As he reads it, he’s laughing and rubbing sweet, sweet pensioner money all over his naked chest, and then he is going to pack that money into a briefcase, along with some bailout cash straight from your pocket to his, and cart it over to a U.S. Senator. (Really, more like ten or twenty U.S. Senators.)
Senator Durbin is one of two things:
1) a faithful public servant who will follow this letter with a personal campaign to prosecute Dimon and others like him, which is the only honest response to the letter’s content;
2) a shrewd politician who is getting exactly the response he wants from Democrats here and elsewhere, especially Illinois, by talking loud and leaving his stick at home.
burnspbesq
@shortstop:
Cute. Wrong, but cute.
Would you rather that I had simply called Cole a dumbfuck or a douchebag, rather than trying to explain why he’s wrong?
eemom
@Omnes Omnibus:
dude, I am SO done with that.
Mr. Long Form
Is that what it’s like to have a real senator? You mean they don’t all bend over for the galtstick? I am so jealous.
Steve
@burnspbesq: I don’t understand where he said anything like that. It seems like he said duopoly price-fixing is the problem and regulation is the solution.
David in NY
@Steve: And I think Steve is right.
Omnes Omnibus
@eemom: We’ll see. I’d bet that you can’t help yourself, but then you would exercise restraint just to win the bet. I guess this is just one of those unknowables. Oh, well.
J.A.F. Rusty Shackleford
@Shinobi:
Shinobi, I’m a Durbin-Schakowsky constituent too! Unite!
eemom
@Omnes Omnibus:
nah. It’s all common sense. Conservative hacks rule the Supreme Court. End of story.
burnspbesq
@AAA Bonds:
“As he reads it, he’s laughing and rubbing sweet, sweet pensioner money all over his naked chest, and then he is going to pack that money into a briefcase, along with some bailout cash straight from your pocket to his, and cart it over to a U.S. Senator. (Really, more like ten or twenty U.S. Senators.)”
In your fantasy world, do crusading Assistant U.S.Attorneys bitch-slap defendants in front of the jury?
shortstop
@burnspbesq: And the hilarious thing is that you honestly don’t see a single communication alternative other than a) the shrieking of raw epithets and b) the way you continually express yourself.
David in NY
@shortstop: @burnspbesq:
I was gonna use the word “prissy” too, and I’m a lawyer. And let me say, by the way, that “general deterrence” is bullshit, used mainly by prosecutors who can’t think of something substantive to say. And “general deterrence” of “high profile” cases is usually bullshit produced by a prosecutor who’s bucking for higher office.
AAA Bonds
P.S. If you’ve ever spent some quality drinking time with Wall Streeters, you’ll know: this letter will make him a hero in his industry, and when it comes to Wall Street, the only thing that matters is what other Wall Streeters think. I mean that comprehensively, so let me repeat it: the only thing that matters when you work on Wall Street is what other Wall Streeters think. If they have your back, you will be protected from all legal and other consequences of your actions, and everyone working there knows that. If you disagree, well, why hasn’t Dimon been arrested?
Sharl
Clear your calendar, Durbin! And don’t give me the line that you have a lot of things to do! AAA Bonds @48 has tasked you with the Jamie Dimon case.
As far as “prosecuting” Dimon goes, to do that yerself, yer gonna hafta get the man on the Federal government payroll as an impeachable Administration official, since impeachment is the only version of “prosecution” available to the U.S. Senate. If Bonds,…AAA_Bonds meant get a Fed prosecutor on the case, well, that should just be a phone call or two. And I’m sure there’ll be no blowback, pushback, or hostage-taking of other things on your legislative to-do list. JUST MAKE IT HAPPEN!!
Get cracking, Senator!
TooManyJens
@AAA Bonds:
You do realize he’s writing about legislation he drafted and got passed, right?
Martin
@AAA Bonds: Yes, too bad Durbin hadn’t called in UN approved and NATO commanded air strikes against Chase branches. Anything else is ‘just words’.
danimal
Thank you, Cole, and thank you, Senator Durbin.
My burning-hot passionate hatred of Chase was starting to dim a little, and I need an occasional reminder.
Now I’m off to sharpen my pitchfork.
AAA Bonds
@burnspbesq:
I have no idea what this means and I’m really curious as to the inner workings of a mind that would produce this as a response.
What’s truly sad, though, is that you see the necessary prosecutions as “fantasy”. If that’s the case, we’re in serious trouble when this happens again.
I suppose it is the state of many attorneys’ mind in this country, terrified, cringing, and groveling in front of BigLaw and a better-paid financial sector, that is partly to blame for all of this.
slag
@David in NY:
Glad to see someone inside the legal profession reinforcing my opinions. Apparently, JDs are not a monolithic group of lobotomized assholes after all. Unlike MBAs, of course.
burnspbesq
@Steve:
If duopoly price fixing is the problem, then why isn’t enforcing the existing antitrust laws the solution?
Wait. Did I just say “enforce the antitrust laws?”
Feel free to point and laugh. How naive of me.
Shinobi
@shortstop: Yay for living in the tiny blue part of Illinois that actually contains a large portion of its population!!
Irving
Wait, you expect Dimon to be arrested for writing a nasty letter about a Congressman?
Um, if that’s how you think a liberal America works, I think I’ll stick with the Galtian overlords. Lesser of two evils.
a.j.
it would be so great if there were a way to /ignore someone so that you didn’t have to read any of their future comments.
ok, sorry, any of HIS or HER future comments.
Cassidy
I can get behind this.
John Cole
So how many more rigorous prosecutions of baseball players is it going to take before the banksters get the hint and stop lying and looting? Because quite frankly, we’re running out of time.
Personally, I would think using the 55 million and resources wasted on Bonds, and putting them to use prosecuting the banksters would deter them and those like them a bit more.
camchuck
To all the haters, yes, it is just a letter. Enjoy it like you would a good Matt Taibbi piece and move on.
Also too, Chicago Thug Politics!!
AAA Bonds
@TooManyJens:
Yes? How would that change my point?
Durbin himself states in the letter that the legislation will not change how rich Dimon is or how successful his company is. Both of those need to change, which is why laws like these, while certainly useful, simply aren’t enough.
Otherwise our justice system is worth nothing and the laws the Senate passes will be flouted by Dimon and others through technical wrangling on paper and computer screens, as they were in the decades before all this – that is, if Dimon doesn’t pay to have them outright repealed.
As to the slapfight between two astronomically wealthy dudes that makes up this exchange, well, I understand Entertainment Weekly is online now.
shortstop
@Shinobi: I know. Wasn’t it fun when Brady lost and all the downstaters screamed and whined about how Chicago was ruining everything by having so many people in it?
Steve
@burnspbesq: Maybe passing the Durbin Amendment was easier than begging the Justice Department to spend the next 15 years trying to take down Visa and Mastercard. I dunno. Do you not agree that he’s saying Visa and Mastercard are a duopoly engaged in price-fixing?
@AAA Bonds: The purpose of this letter is not to change Jamie Dimon’s mind. The purpose is to persuade shareholders and the public, through the application of facts and stuff like that, that the government is the good guy here and not the bad guy.
The banks have two ways to fight against regulations like this. They can hire lobbyists and try to influence the political process, which they’ve been doing and you can’t really stop them from doing. Or they can try to wage a public campaign by convincing people that banks love consumers and that mean ol’ government is forcing banks to take away your free checking and so on. Durbin’s letter is a very effective pushback against the latter campaign.
les
@burnspbesq:
Jesus, you give the rest of us lawyers a bad rap. You got Durbin’s argument exactly backwards. It’s like you practice in the jurisdiction of oppositeville.
Greg
I worked for Chase for a year, and my ex was in upper mgmt at Chase, and I find Jamie Dimon to be one of the most perplexing CEOs ever. On the one hand, Chase is out to screw the consumer at every turn. They will lie , steal and cheat their way out of every situation. On the other hand, their employee benefits are some of the most progressive in America. Really, really good health care at a reasonable cost. Benefits for unmarried and gay and lesbian partners, generous maternity leave. AND he stood in front of the Lexington KY employees, listened to a social conservative complain about Chase’s support for the gay and lesbian community and told him, on record, publicly, that he had best seek employment elsewhere. So you can see how my boyfriend and I were a bit confused. My ex has gone on to work at a community bank and I will never work at a bank again. And maybe Chase has changed their policies.
AAA Bonds
@camchuck:
Going out on a limb here, I think Matt Taibbi could very sharply and cogently explain the difference between a journalist for Rolling Stone and a U.S. Senator, regarding their respective influence over how Jamie Dimon is treated by the government.
Sharl
Like Durbin once said, the Banks “own the place (Congress)”. He cannot fix that by his lonesome, even with his seniority in the Senate. This situation won’t change until enough people have finally had it with their collective descent into serfdom, thanks largely to these fiscal cannibals. Of course, people will have to recognize that reality first, and of course, the major media outlets are on the other team, so the process of education will have to happen despite the existing structure of “information” flow.
By the time the torches and pitchforks come out, I’m afraid there will have already been a whole lot of irreversible damage done.
ETA: Or, IOW, what Steve @76 sez.
gene108
@John Cole:
Maybe the DoJ should send MLB a bill?
Otherwise, I think it had to be done, as part of the government’s effort to clean up MLB. If Congress hadn’t stepped in and put pressure on MLB to clean up steroid use, I don’t think anything would’ve been done.
Commissioner Selig hadn’t done jack to respond to the allegations of wide spread steroid use in MLB 10 years ago.
Bob Loblaw
@Omnes Omnibus:
You know what, everybody makes fun of protecting banker feelings constantly, but this board has proved that lawyers are the thinnest skinned little wankers I’ve ever seen.
beergoggles
I’m a big believer in positive reinforcement. Yeah sure Obama’s speech was just a speech and sure, this was just a letter. But it’s something that they need to hear positive feedback on because they did something right. Save your criticism for the many wrongs that they do and praise them when they do the right thing and let them know it. Otherwise ur just reinforcing a never-happy attitude that provides no rewards for doing the right thing in addition to coming across as a total douchenozzle.
AAA Bonds
@Greg:
LGBT family-friendly policies are one place where the market worked: they’re a good way to draw in applicants, and if your company doesn’t have them, you’ll slide behind your rivals in recruitment, especially in places like New York.
I’m continually surprised by the companies that offer these benefits, but my friend in SHRM tells me I shouldn’t be – the real barrier to overcome is in the public sector at the state and local level, where the issue becomes a hot potato for managers and elected officials.
And I agree with you: it’s strange to see wealthy crooks come out full-throated against discrimination, especially when it’s genuine. Spend some time with wealthy North Carolina Democrats and it’ll spin your head.
Maude
@Omnes Omnibus:
#47
I watched Perry Mason…So there.
Just Some Fuckhead
@Bob Loblaw:
No, there are just a coupla of assholes that hang out here who happen to be lawyers.
Maude
@Just Some Fuckhead:
I can’t help myself.
Change the are in the sentence to have.
Quicksand
@John Cole:
I haven’t heard that argument before. “We TOTALLY would have prosecuted those banksters, but we checked our account and we were $55 million short! Oh well.”
tkogrumpy
@martha: Present!
burnspbesq
@shortstop:
” And the hilarious thing is that you honestly don’t see a single communication alternative other than a) the shrieking of raw epithets and b) the way you continually express yourself.”
Good to know that being polite and respectful toward someone with whom you disagree is considered a bug, rather than a feature. I shall attempt to do better in the future. Starting right now.
Here’s a bottle of Drano and a straw. You know what to do.
Corner Stone
@burnspbesq:
There’s probably a few people here who would happily hold you down while she figured it out.
gene108
@AAA Bonds:
Are you implying wealthy NC Dems are or aren’t racist? Couldn’t tell from the statement above.
tkogrumpy
@Maude: I saw what you did there.
catclub
@Joey Maloney: Agreed, but that still makes it better than zero security signature mode, which is what Durbin was criticizing Dimon for recommending in the US.
TooManyJens
@shortstop: Hey, not *all* the downstaters!
I live in Urbana. I like to tell people that I live in a blue town in the middle of a red area of a blue state.
…well, “like” is a strong word. But anyway. I do wish we could get rid of our entrenched GOP Congressman. It’s kind of frustrating having a Congressional district made up mostly of 3.5 college towns and about 15 rural counties.
Paul in KY
@AAA Bonds: Way to harsh my buzz, dude.
Unfortunately, you’re probably right.
WereBear
I’m just a liberal with a cat blog, but I interrupted a Mr WereBear rant about financial malfeasance to point out that what they did wasn’t illegal.
Which is the basic problem.
But I perked him up with the contention that there’s a fat, juicy, civil action possible. Isn’t it?
I would join a class action suit in a heartbeat, even if after all the diviying I got five bucks out of it.
shortstop
@burnspbesq: Textbook response. DSM-V, that is. Can you guess which chapter?
@TooManyJens: Sorry, my dear. I knew better than that. And I love Urbana.
TooManyJens
@WereBear:
Yeah, it’s a funny quirk of our legal system that you can’t prosecute people for stuff that *should* be illegal but isn’t.
@shortstop: No offense taken. Just reppin’ for Urbana.
Paul in KY
@Greg: As AAABonds noted above, you were a ‘Wall Streeter’ then.
PTirebiter
@Perfect Tommy:
A Hong Kong Cavalier reduced to working retail? The economy/culture is in much worse shape than I’ve been led to believe.
4jkb4ia
I don’t think I can ruin John’s day today.
You need “more of this” because interchange reform is the low-hanging fruit. It is clear to everyone who looks into it that it is not a free market. The foreclosure settlement needs people writing letters of that level of toughness. Fortunately lowly citizens can do it because the state AGs will have the settlement that has any teeth, or not. (I am too disgusted with Chris Koster for joining the healthcare lawsuit to write him any letters but maybe I can manage it)
Duncan Dönitz (formerly Otto Graf von Pfmidtnöchtler-Pízsmőgy, Mumphrey, et al.)
@Joey Maloney:
That was great!
David in NY
@slag:
Uh, I’ve been trying to figure out whether to say, “Thank you,” but I guess so.
Lee
@Joey Maloney:
I came here to post the very same article.
PTirebiter
I considered that as I read John’s post. Deterrence along with the importance of maintaining a general confidence in the system. However, I still think there’s a lot of room to argue proportionality in Bond’s case. I’m not convinced that Bond’s conviction will have much of an effect on those that possess the same level of arrogance, and sense of self entitlement of Bond. In light of all the problems blamed on overcrowded courts, outrageous plea bargains etc., for me,it would be hard not to question spending 55 million on the prosecution.
HyperIon
@shortstop wrote:
comment. But instead sat quietly and reflected.
MY fantasy.
Americanadian
I do not need an understanding of the legal process to hail Durbin as being a worthy Senator and, alongside Obama, the one easy spot on the ballot to fill in, in this State at least.
The gap in honesty and quality between the federal-level Dems and the ones in the state government is something I’ve always marveled at.
Wolfdaughter
Obviously, Durbin’s letter is not enough and he knows that. Also, is he grandstanding? Probably.
Yet. Yet. This letter is a step in the right direction. As is Obama’s speech on Wednesday. As are the protests in WI. I’m hoping these signal the beginning of a trend in the correct direction.
My House rep is Grijalva, and he’s great. I wish there were any point in trying to influence either of AZ’s senators but there isn’t. So I kinda envy you Illinois folk right now.
WaterGirl
@TooManyJens: Yeah, I don’t resemble shortstop’s remark, either. I am with you on Tim Johnson. He is so slimy and smarmy that I cannot understand how he gets elected time after time. He pretty much makes my skin crawl. Oh, and I don’t like his political positions, either. :-)
WaterGirl
@Wolfdaughter: You can only half-envy us. We shared Barack Obama with the rest of the country and got Mark Kirk (sucky-R) as our replacement senator.
rikryah
that letter was righteous
Dr. Squid
@John Cole: Never mind the resources wasted in not getting the job done – this was almost a predestined result as a result of the whole process. Damn investigation leaked grand jury testimony worse than Ken Starr’s. Way to go Bush DOJ.
Dr. Squid
@WereBear: You might get 5 bucks out of it, but the attorneys would stand to get millions. As a local columnist put it, bank robbers don’t tell us that they’re in business for our own good.
opie jeanne
@gene108: Only if it comes out of Selig’s pocket and not the ticket holders.