Tuesday, July 8, 2008
JP Morgan's Jaime Diamon does a star turn on Charlie Rose---Nuts!
Jaime Diamon looking cool and relaxed fielded vanilla and chocolate pudding questions thrown at him by affable, oily Charlie Rose. Diamon smiled and laughed and encouraged applause from a hand picked audience who was there to hang on to the wisdom spouting from his anointed lips as prince of Wall Street. He fumed against rumour mongerers who brought down Bear Stearns, but was sanguine enough to say he picked it up as a newly found diamond, oh diamon, ain't you so clever? What he didn't say, nor was asked pointedly or otherwise, was why after promising Bear's CEO Alan Schwartz a 28 day loan of us$30bn, he changed his terms, saying, Schwartz had 24 hours to refund the money! Schwartz couldn't raise the us$30bn in less than a day, that is, Sunday to Monday, so he threw in the towel and submitted to the humiliating deal of selling to Diamon Bear for us$2, yes, us$2 a share...Diamon was ably abetted by the gang of 4--Bernanke, Gaithner, Paulson, and a flunkey at the Treasury. Bear's demise triggered a turn in the market which is rushing the US and the world to a depression. But Diamon is cheerful and happy to gather the whole world unto his arms and laugh all the way to his industry's destruction!
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