Snip from .. link .. Excerpts: Survival Manual ... Nationalizing Banks
This paper is designed around 15 essential steps to minimize the damage to taxpayers and the country in the event of a nationalization. These are:
Step 2: Determine which large banks meet these criteria
link .. G-20 Labels Eight Top US Banks as SIFIs (Too Big To Fail) ...
Remember (Global Governance, Global Economy), Most likely we will See Global/Regional Banks monitored and run by a Global Entity, Such As .. The IMF, UN, Or a Global Financial Oversight Committee .. kel
Snip ~ From Must Read .. link .. Excerpts: Survival Manual ... Nationalizing Banks and .. link .. Bankers to form a World Government and Global Economy ... w/video ...
Step 8: Line up a few key managers
*Ideally, the government would have one or more potential CEO’s “on call” as a nationalization approached. The ability to announce a strong new CEO at the same time as the nationalization would considerably alleviate fears of chaos at the nationalized bank(s) and of immediate politicization. The strength of the CEO would go a long way towards indicating the government’s intention of being an active investor, but not the direct manager of the bank.
(straight from manual) .. Take the case of Jamie Dimon, the CEO of J.P. Morgan Chase, whose already strong reputation rose considerably over the course of the crisis.
He has been open in admitting that Morgan’s relative performance was so good, not because it performed well, but because it performed less badly than its key competitors
April 5, 2012
JPMorgan chief Jamie Dimon blasts governments for 'making the recovery worse'
Jamie Dimon, the chairman and chief executive of JPMorgan Chase, has blasted governments and regulators for slowing the global economic recovery.
Bad and uncoordinated policies have "made the recovery worse than it otherwise would have been", Mr Dimon wrote in his annual letter to shareholders. "You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled 'It could have been much better'."
New regulations, he said, have slowed bank lending at "precisely the wrong time".
JPMorgan weathered the financial crisis better than most of its rivals and Mr Dimon, known for his combativeness, has become something of a spokesman for Wall Street since. Although the 56 year-old insisted that he agreed with the intention of much of the regulation, the letter added that the "result of the financial reform has not been intelligent design". JPMorgan will spend about $3bn (£1.9bn) over the next few years to ensure that it is compliant with new regulations.
The 38-page letter, the longest missive yet from Mr Dimon to investors, came alongside the disclosure that he earned $23m in 2011, matching his compensation in 2010. The bank made record profits of $19bn last year.
The bank boss also used the letter to take a swipe at attacks on the role that banks play in the broader economy. "If it weren't for the capital investment, innovation and productivity of American business, we all still would be living in tents and hunting buffalo," Mr Dimon claimed. "I am struck that so many of our leaders in the US forget how strong our country can be."
The letter added that without continued problems in its mortgage business, JPMorgan would be generating profits of about $24bn a year.
Mortgage lenders have come under heavy fire for not following correct procedures when repossessing homes, and JPMorgan paid more than $5bn as part of a $25bn industry settlement last year with state and federal government. Mr Dimon admitted that problems in the mortgage market had not been the bank's "finest hour".
JPMorgan, which employs several thousand people in Britain, drew envy from rivals after the Federal Reserve helped broker its cut-price acquisition of Bear Stearns in the spring of 2008. Six months later, when Lehman Brothers was collapsing, US regulators and officials refused to step in.
A handful of US chief executives use annual letters to try to speak to a larger audience than their shareholders, with billionaire Warren Buffett's efforts being the most famous.
JPMorgan shares were down 0.3pc at $44.29 in early afternoon trading in New York. source
Also read .. Link .. The Hegelian Principle Helps Explain How the Powerful Got That Way
