01.06.11
Just when you think it can’t get worse…
He appoints a liver-spotted JP Morgan exec as chief of staff.
I wait for Matt Taibbi’s reaction.
From Politico:
The appointment of Bill Daley as White House chief of staff speaks to the White House’s desire to improve its relationship with the business community …
On behalf of our hundreds of thousands of colleagues at J.P. Morgan Chase, I want to congratulate Bill Daley on this great honor,” Jamie Dimon said in a statement on Thursday. “Bill is an outstanding leader who has played a critical role in heading our corporate social responsibility efforts. Throughout his time at our company, he has been an exemplar of wisdom, integrity and decency. While we will miss him greatly, Bill’s return to public service is great news for our country.???
The man led JP Morgan’s corporate social responsibility efforts. That’s rich.
Taibbi on JP Morgan, last year, in “Looting Main Street”:
The destruction of Jefferson County reveals the basic battle plan of these modern barbarians, the way that banks like JP Morgan and Goldman Sachs have systematically set out to pillage towns and cities from Pittsburgh to Athens. These guys aren’t number-crunching whizzes making smart investments; what they do is find suckers in some municipal-finance department, corner them in complex lose-lose deals and flay them alive. In a complete subversion of free-market principles, they take no risk, score deals based on political influence rather than competition, keep consumers in the dark — and walk away with big money …
If you want to know what life in the Third World is like, just ask Lisa Pack, an administrative assistant who works in the roads and transportation department in Jefferson County, Alabama. Pack got rudely introduced to life in post-crisis America last August, when word came down that she and 1,000 of her fellow public employees would have to take a little unpaid vacation for a while. The county, it turned out, was more than $5 billion in debt — meaning that courthouses, jails and sheriff’s precincts had to be closed so that Wall Street banks could be paid.
As public services in and around Birmingham were stripped to the bone, Pack struggled to support her family on a weekly unemployment check of $260.
The Wall Street bank which was the star of the feature: JP Morgan.