In the following video featuring an interview with structured finance expert, Janet Tavakoli, she said that she could not believe JP Morgan Chase CEO Dimon’s childish reaction to the fraud accusations, that “nobody was foreclosed that didn’t deserve to be.” She chastises him to be an adult and speculates that he must have been misguided by his lawyers to take such a PR blind stance. First, it’s a lie, and second, it skirts the grave central issue that in America, you do not present phony documents to a court of law.
She also has choice words for Robert Rubin. Apparently he participated in a panel at a recent economist conference, along with Glenn Hubbard (sell out economist featured in recent documentary Inside Job), Laura Tyson, former AMBAC (major bond insurer) board member (Ms. Tavakoli has since corrected this inadvertent mistake; Ms. Tyson was not on the AMBAC board but was on the boards of Morgan Stanley, AT&T and Eastman Kodak), and others who were involved in selling the states and municipalities the flawed securities and derivatives that led to their demise. The panel was about how to address the likely upcoming crisis of the states’ defaults, but Tavakoli found it “deeply ironic” that none of the panel members addressed their direct role in (and enrichment by) the financial woes of the municipalities. She said Rubin should be answering questions of the Justice Department, instead of participating in this lame ass panel (well, she didn’t say “lame ass,” that was me). She also has an interesting take on Warren Buffett’s failed test of character (after a lifetime of a reputation for being honest) related to his Wells Fargo and Goldman interests. Listen below: