When Mr. Dimon says, "When I hear the constant vilification of corporate America, I personally don't understand it," he sounds like Greenspan when he said: "there is a flaw in the model -- that defines how the world works."
Both men are going merrily along without a clue about what the American people and their representatives in Congress are up in arms about.
JP Morgan Chase & Co (NYSE: JPM) is holding 87.7 trillion dollars of outstanding CDS contracts in September, somewhere in the back room of the bank and it refuses to come clean and disclose the dollar amount of toxic debt in these CDS's. This is what is at the root of the crisis of confidence in the banking system.
While it is legal to hold $87.7 trillion dollars of CDS contracts "off the books," what the American people want is for Congress to pass a law mandating banks to put all of their trades "on the books." This is not vilification, it is what every corporation in America should do.
Then in addition to full disclosure of CDS positions, we then would see if any of the banks are engaged in the "short selling" of securities against the very CDS's they were holding, thus exacerbating the crisis.
These are pertinent issues that must be dealt with if we are to end the so called "vilification."
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