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JP Morgan Chase CEO Who Took $25B Government Bailout Says Crypto ‘Not Good for Anybody’
JP Morgan Chase Chair and CEO Jamie Dimon continued his crusade against cryptocurrency at the House Financial Services Committee earlier this week. He was speaking with the leaders of several TradFi institutions and banks.
“I’m a major skeptic on crypto tokens … like Bitcoin, ” Dimon said Wednesday, speaking at a House Financial Services Committee meeting with the leaders of other major banks. “They are decentralized Ponzi schemes, and the notion that it’s good for anybody is unbelievable.”
“It’s dangerous,” Dimon added, highlighting billions of dollars lost through hacks, theft, and fraud linked to crypto, in addition to anti-money-laundering issues and associations with sex trafficking.
We doubt he’s aware of the irony of this coming from the CEO whose bank has needed $25 billion in government bailouts over the last decade and a half. In fact the TradFi industry took a total of $200 billion to save them after building their own Ponzi scheme of investing in toxic mortgage-backed securities.
The $200 billion estimate is actually on the low end and only includes direct payments. One study puts the cumulative commitment (this includes asset purchases plus lending) of the Federal Reserve to the 2008 bank bailout at a whopping $29 trillion in total, according to a study by the Levy Economics Institute at Bard College.
We can’t believe that scheme was good for anybody.