ederal regulators concluded yesterday that five of the country’s biggest banks are still — literally — Too Big to Fail. Five US banks are officially large enough that any one of them could crash the economy again if they started to fail and weren’t bailed out. One of those banks was JPMorgan Chase. What was the reaction of JPM’s CEO, Jamie Dimon? He sent a note to his staff saying, “I want you all to know that you did an unbelievable job.”
“Unbelievable”? Yes, completely and totally unbelievable that JPM could help crash the economy, suck down a giant bailout, discover a London Whale that hid $6 billion in losses, get tagged by the FDIC and the Fed as Too Big to Fail, AND then pat each other on the back and say “heckuva job.” That is the definition of “unbelievable” in the real world — but it’s business as usual in the cozy world of Wall Street.