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On the one side we have the Fed and other in the government demanding that the big banks bulk up their capital and get rid of risk. Fortress balance sheets is the their goal. On the other we have Obama and Holder launching a personal vendetta against Jamie Dimon for having the audacity to actually man up and speak out against the bad parts of Dodd- Frank and other regulatory issues, and to defend the industry. JP Morgan has not only been fined the new $13 billion, but many billions more deeply reducing the capital that the Fed says they have to have to defend themselves against the next crisis induced by the next Barney Frank. Not only did Jamie do a terrific job of managing the bank through the crisis, but he stepped up and solved the government’s problem of Bear and WAMU for which they are now suing the bank for things JPM had absolutely no part of. They attack B of A for stepping in and bailing out Countrywide which was about to collapse, which was a really bad situation, for which the shareholders of B of A are now paying a huge price despite B of A not being responsible for any of the bad acts of Countrywide. When the Whale debacle hit, Jamie acted decisively and correctly, fired people responsible and cleaned up the mess fairly quickly and then admitted his own failures. He took a multimillion dollar hit personally in his bonus. Has anyone been held responsible for Benghazi, or the unfolding Obamacare computer fiasco and failure. The IRS continued paying the woman who seems to be at the heart of the scandal. Then Obama fired the IRS commissioner who had already resigned. You can’t quit, I need to say I fired you. It is inconceivable that any major bank will step up and save the day when the next crisis hits. Why would they unless they first get total immunity from the government. That is the real risk to the system. Dodd Frank will not undo that damage.

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