Sense on Cents

Not that there was ever any real doubt as to the cozy relationship between OUR elected officials in Washington and THEIR partners on Wall Street, but yesterday’s Senate testimony and questioning of JP Morgan CEO Jamie Dimon added another nail in the coffin of those in America who care for real truth and total transparency.

As CEO of JP Morgan Chase, Dimon’s job is to protect the interests of his shareholders. He was successful on that front yesterday.

As United States Senators, our elected representatives’ job is to protect the interests of American citizens. They failed miserably yesterday.

America may be numb to the ineptitude emanating from Washington but that does not mean we need to willingly accept it as simply the best we can get. Who understands that and hits hard on this front? Former Special Inspector General of the TARP, Neil Barofsky. In a “must see” interview this morning on Bloomberg, Barofsky drills Dimon and the sycophants masquerading as United States Senators.

Why should we care about the issues highlighted by Barofsky? Because the banks and our elected officials both have their hands in our pockets and we pay in spades for the incestuous relationship ongoing between Wall Street and Washington.

Barofksy pulls no punches.  With prompts such as, “all those years of campaign contributions…”, “this shows the level of the capture…”, and ” still a cover up…”, take the 9 minutes to absorb Barofsky’s crushing critique of yesterday’s Washington charade.

Despite the greatest economic crisis since The Great Depression, yesterday’s hearing provides clear cut evidence that little has really changed in the Wall Street-Washington relationship that brought our country to its knees.

I commend Mr. Barofsky for having the character to stand up and expose the stench on display yesterday in the U.S. Senate. America needs more men like him.

Warning: barf bag recommended prior to viewing this clip!!

Navigate accordingly.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

This entry was posted on Thursday, June 14th, 2012 at 9:30 AM and is filed under General, JP Morgan, Wall Street Washington Incest. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.