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February 28, 2020

JP Morgan CEO only wants socialism for corporations like his

Labor 411 -  “Socialism has failed where it’s been tried and ultimately leads to an ‘eroding society,’ J.P. Morgan Chase CEO Jamie Dimon said Wednesday.

‘I honestly don’t think they understand what socialism is,’ Dimon told CNBC . . .

... Former Labor Secretary, Robert Reich, called out Dimon for his hypocrisy:
Jamie Dimon, CEO of one of the biggest banks in America, thinks socialism will lead to an ‘eroding society’. Interesting.

Remember when JPMorgan Chase was fined $13 billion for mortgage fraud that helped spur the 2008 financial crisis?

Remember when Dimon’s bank then got a $25 billion taxpayer-funded bailout in 2008 after causing the crisis?

Remember when his bank raked in a record $3.7 billion in profits in 2018 thanks to Trump’s tax cut?

Remember when JPMorgan Chase used those savings to buy back $55 billion in stocks instead of boosting workers’ pay?

Someone should remind Dimon that America has socialism for the rich, and harsh capitalism for the rest.

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