Jamie Dimon “I take full blame for all the American banks and all the things they did...”

We have a story here but I really don't think it will change things at the Treasury Department. Apparently there's a move on to replace Tim Geithner with yet another Obama cohort, Jamie Dimon. Dimon who made the statement, “I take full blame for all the American banks and all the things they did...” (during a panel on leadership at the World Economic Forum in Davos, Switzerland.)
So the economy is suffering under Geithner and Obama thinks things will get better by using the guy who claims to have screwed up the entire American banking system and then brags about it to the Swiss. Are the patients running the asylum or what?
Then we have another outlandish statement by Mr. Dimon when he writes in an op-ed at the Washington Post, "...that banks like his should be allowed to fail." ...this after he accepts a few billion dollars of bailout money from the CIC (that's not Commander In Chief, that's Crook-In-Charge.) The actual amount was 25 billion dollars given to JP Morgan...non-other than Dimon's bank where he was the top dog.
Somewhere in an earlier post I made the statement, "Things will get worse before they get better." Well if Dimon is appointed Treasury Csar look for some accuracy in my forecasting.
[Note: What prompted this commentary was the story below. Generally I would reserve comments for the end of a story but it seems we have a new beginning to the same old story.] ~ Norman E. Hooben

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The following from Maggie's Notebook

Tim Geithner Out? Jamie Dimon In? Jamie Dimon Tim Geithner Replacement?

Last week, in a meeting of the Joint Economic Committee, Republican Kevin Brady (Texas) asked Treasury Secretary, Timothy Geithner, if he would resign "for the sake of our jobs." Michael Burgess (R-Texas) told Geithner, face-to-face, "I don't think you should fired, I think you should have never been hired." And in a television interview, Democrat Peter DeFazio (Oregon) said America needs a new economic team.

Jamie Dimon

We have reports out from Bloomberg and the New York Post speculating that J.P. Morgan Chase CEO Jamie Dimon might be a replacement for Geithner, although most believe such a move will be "a stretch."

People familiar with Dimon's thinking said he "would love to serve his country," and in recent weeks Dimon has had a noticeably higher profile in Washington, making frequent visits to government officials and earlier this month publishing an op-ed in the Washington Post that makes the case for letting large institutions that take big risks collapse rather than receive government aid.

It appears that Jamie Dimon has a close personal relationship with Barack Obama, has known him for a very long time, and is a "frequent" visitor to the White House, although the official White House visitor logs released recently, only shows Dimon on the premises twice.

From Bloomberg: Dimon’s Missteps

Not that he hasn’t stumbled. When the housing collapse started, for example, Dimon viewed it as an opportunity to expand in the California market for jumbo mortgages. He was also slow to exit the business of purchasing mortgages originated by outside brokers.

Nevertheless, Dimon has maintained a stronger stronger balance sheet than rivals. JPMorgan’s tangible common shareholders equity was 3.4 percent of assets at the end of last year. This has become a key measure of balance-sheet health for investors. While not necessarily stellar, JPMorgan’s level compares with about 2.7 percent at Wells Fargo Co., Isecond biggest after JPMorgan in market value among U.S. banks.