Another Dose of Daily Awesome

Friday, April 15, 2011

Dick Durbin, in response to the mendacious comments of JP Morgan Chase CEO Jamie Dimon, essentially tells the credit industry to go roundly fuck itself. I would put quotes of some of my favorite "pour yourself a hot cup of Shut The Fuck Up" lines, but really it's the whole letter that gives me a half-chub.

Go read the whole letter. It's only 4 1/2 short, massively-margined pages, but Durbin goes point-counterpoint and it is as sexy as SI's Swimsuit Edition.

5 comments:

steves 11:30 AM  

I always thought Dick Durbin was a dick, but that letter changes my opinion of him. It was very well thought out and makes some great points.

Bob 11:38 AM  

That was a big bowl of "fuck off".

I would have loved to have been the staffer that wrote that. Those projects make the job worth it.

Smitty 12:47 PM  

I am personally gratified that someone is finally standing up to our overlords and telling them that their little threats are petty bullshit.

"If you do 'X', we are going to be forced to raise rates" is a threat. They say it as if it's a natural consequence, like "if you tip that full glass of water, it'll spill." But it's anything but. It is the equivalent of "if you say that thing, I'm hitting you." Too long, these assholes have gotten away with it and cowed Congress. At least Durbin isn't standing for it. I hope his letter emboldens others.

Monk-in-Training 6:19 AM  

What was striking to me, was the 17.4 billion in profits that Chase made last year. That is a large amount of money above operating expenses, and seemingly reducing that a bit, while enhancing (presumably) the business climate by reducing fees seems reasonable.

I wonder if these are the same guys that argue reducing taxes increase revenue? If so, won't reducing fees increase profits?

Smitty 9:08 AM  

Monk: LOL! I'm totally using that.

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