JPMorgan CEO Jamie Dimon has spent much of the World Economic Forum going around like a frat president whose members have been caught drinking, telling everyone who will listen how "unfair" it is that everyone should be punished by regulatory reform when it was just a few raucous individuals that caused all the problems. But when he stood up during a panel to ask French president Nicolas Sarkozy to get the G20 to avoid "overregulation" of banks, Sarkozy was having none of it, telling Dimon that the actions of the banks during the crisis "defied common sense."
The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything. It caused a lot of anger. Too much is too much. The world was stupefied to see one of five biggest U.S. banks collapse like a house of cards. We saw that for the last 10 years, major institutions in which we thought we could trust had done things which had nothing to do with simple common sense. ... When one offshore country guaranteed 700 times its GDP, are we in the market economy or in a madhouse?
Earlier this week at Davos, Dimon told the assembled CEOs and politicians that it was wrong for banks to "bend down and take it," and got visibly animated and irate when an audience member asked him a pointed question about Americans' anger at the bank bailout.
Also, in related news, the World Economic Forum seems to be hell-bent on taking their powerful guests down a peg or two by seating them in ridiculous chairs.