A Nightmare on Wall Street - JPMorgan Chase

  • Aired:  10/23/13
  •  | Views: 53,007

Jim Cramer and others at CNBC display newfound outrage over the way the government "forced" JP Morgan Chase into taking over the Bear Sterns s**t sandwich. (4:45)

THE PASSION AND DRIVE FROM SOMANY CNBC AND FINANCIAL ANALYSTS

GOES SOLELY IN ONE DIRECTION ANDNOT IN THE DIRECTION YOU

NORMALLY ASSOCIATE WITHJOURNALISM.

HERE IS MARIA REACTING TO ALEXPAREENE'S INCREDIBLE HUBRIS

>> I THINK ANY TIME YOU ARELOOKING AT THE GREATEST FINE IN

THE HISTORY OF WALLSTREET REGULATION

IT'S WORTH ASKING SHOULDTHIS GUY STAY IN HIS JOB.

>> THE COMPANY CONTINUES TOCHURN OUT TENS OF BILLIONS IN

EARNING AND HUNDREDS OF BILLIONSIN REVENUE, HOW DO YOU CRITICIZE

THAT?

>> Jon: BECAUSE PROFIT IS THEONLY WAY WE JUDGE THINGS.

ONLY AT CNBC IS BREAKING BAD THESTORY HOW ONE MAN THROUGH HARD

STORWORK AND SMART BUSINESSARDPRACTICES

SLOWLY INSULATES HIMSELF FROMCRITICISM WATCH AS THE INTREPID

YOUNG PAREENE SUGGESTSTHERE MAY BE OTHER WAYS OF

LOOKING AT MORGAN CHASE.

>> A LOT OF EARNINGS ANDREVENUE WE'VE SEEN HAVE

COME FROM SHADY DEALINGS.

>> COME ON.

>> IT'S A FACT.

IT'S IN THE NEWS.

>> WHAT IS THE FACT?

>> THEY HIRED OF CHILDREN OFPROMINENT PARTY OFFICIALS AND

THERE'S A SPREAD SHEET WHICHCONNECTED TO DEALS THEY WERE

TRYING TO DO IN CHINA.

>> I DON'T LIKE HEARING THINGSTHAT ARE NOT FACTS ON THIS

PROGRAM.

>> ANYBODY CAN GOOGLE CHINA ANDJP MORGAN.

IT WAS IN THE "NEW YORK TIMES".

>> OH, "THE NEW YORK TIMES", OH,OKAY.

[ LAUGHTER ]>> Jon: OH, "THE NEW YORK

TIMES", THE PAPER OF RECORD FORCRACKHEADS AND LIARS.

JUST OUT OF CURIOSITY FINANCIALJOURNALISTS SEEM TO FEEL THAT

THE "NEW YORK TIMES" REPORTINGIS BENEATH THEIR VERACITY

STANDARDS.

IS THERE A NEW SOURCE THAT ISFACT-FILLED AND TRUSTWORTHY

ENOUGH TO QUOTE ON YOUR HALLOWEDCNBC AIR.

>> MANDATORY READING THEEDITORIAL IN THE WALL STREET

JOURNAL.

>> WANT TO TALK ABOUT THEEDITORIAL IN THE WALL STREET

JOURNAL.

>> SHAKEDOWN SAYS "THE WALLSTREET JOURNAL".

>> IF YOU YOU HAVE TO WORK ATTHE EDITORIAL BOARD YOU MIGHT AS

WELL BE AT THE "NEW YORK TIMES".

>> THE ONLY PLACE THE FINANCIALGUYS CONSIDER FACTUAL ENOUGH FOR

REBROADCAST IS THE ONE PART OFTHE RUPERT MURDOCH BIAS MACHINE

EXPLICITLY LABELED OPINION.

THERE MAY BE ONE MITIGATINGFACTOR IN THE CIRCUMSTANCES

MORGAN FOUND THEMSELVES IN WHENTAKING ON THE LIABILITIES OF

WASHINGTON MUTUAL AND BEARSTERNS.

>> THE GOVERNMENT ASKED JPMORGAN BUY UP BEAR STERNS AND

BUY WASHINGTON MUTUAL.

>> THEY CAME TO JPM HAT IN HANDIN ORDER TO SAVE THEM FROM

COLLAPSE.

>> THEY BEGGED HIM TO DO IT.

HE COULD HAVE WALKED AWAY.

>> WAMU AND BEAR STERNS.

>> THE GOVERNMENT DID PUT A GUNTO THEIR HEAD.

THEY WERE VIGOROUSLY ENCOURAGEDTO TAKE OVER BEAR STERNS.

>> Jon: OH, I DID NOT REALIZETHAT.

I DID NOT REALIZE THAT THEGOVERNMENT PUT A GUN TO HIS

HEAD, FORCED HIM INTO A BADDEAL.

NOW I GET YOUR OUTRAGE.

I'M SORRY.

IF ONLY THERE WAS A WAY TO GOBACK IN TIME TO WHEN THAT DEAL

WAS CONSUMATED IN 2008 AND SEEHOW OUTRAGED CNBC WAS FOR JP

MORGAN AT THAT TIME AS THEGOVERNMENT FORCED DIMON TO

SWALLOW THIS (bleep) SANDWICH.

[ LAUGHTER ]AND I WONDER IF THE INDIVIDUAL

WHO COULD GIVE US A SENSE OFTHAT DEAL WAS AN OLD FRIEND WHO

DOESN'T SEEM TO REALIZE HISSHOWS ARE TAPED AND BROADCAST.

SO MUCH THE BETTER.

THERE'S NO WORD IN THE ENGLISHLANGUAGE THAT CAPTURES THE

THE RUTHLESS BRILLIANCE OF WHATJAMIE DIMON, THE CEO OF JP

MORGAN ACCOMPLISHED THISWEEKEND.

>> Jon: GO ON.

>> DIMON MASTERMINDED ADEAL THAT IS AMAZING FOR JP

MORGAN AND MAKES ME WANT TO SAYBUY BUY BUY.

HE TOTALLY OUTFOXED THE FED.

THERE'S NO DENYING IT WAS ASTEAL.

MAYBE A SHAKEDOWN IF THE LEGALDEPARTMENT WOULD LET ME. IT'SL

PRACTICALLY CRIMINAL, AND I MEAN IT AS A POSITIVE.

IT'S THE HENRY POTTER PRIZE FORMERCILESS TAKE NO PRISONERS BUT

LOTS OF PROFITS BANKING.

[LAUGHTER][BLEEP] ALL Y'ALL

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