americanaspiration

JPMorgan says get ready for good times in 2011

In News on February 23, 2011 at 7:32 am

In addition to noting that the foreclosure crisis that his firm helped to create and perpetuate is no where close to being over,

“JPMorgan CEO Jamie Dimon sees good times in 2011… new regulation which he says will make banking more expensive for customers. Dimon explains some of the higher fees coming your way”

Good times for whom, Mr. Dimon? It is always astonishing when corporate CEOs especially those in the financial industry openly speak out of both sides of their mouths. The bottom line is that 2011 will get more expensive for average people processing average transactions in normal checking accounts and credit cards.

Dimon assesses that we are half way though the mortgage meltdown, but not one to let a good crisis go to waste he notes that if the financial industry can’t stick it to homeowers by churning refi’s they’ll find another way to increase their profits at the expense of the average consumer.

I don’t buy the implication that regulation is causing higher fees. If terrible business practices were highly profitable and led to the financial ruin of many Americans, increase regulation is not what is causing the higher fees it is inability to get away with raping the American homeowner anymore, so now they’ll just pick our pockets.

Read More:
http://www.usatoday.com/money/companies/management/bartiromo/2011-02-21-bartiromo21_CV_N.htm

See Also:
USA TODAY: Credit card rates move higher, but it’s unclear exactly why [ed. unclear?]

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