After $12 Billion JPMorgan Bailout, CEO Jamie Dimon Doesn't Want Biden 'Throwing Money'
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After scarfing up a whopping $12 billion public bailout for JPMorgan Chase, the bank’s CEO, Jamie Dimon, wants an itemized list of expenditures the Biden administration has in mind for a corporate tax increase.
“Just throwing money ... doesn’t work,” Dimon said in a taped interview posted Thursday for the Investment Company Institute’s general membership meeting. “We already waste tremendous sums of money,” he noted, referring to President Joe Biden’s infrastructure plan.
He was apparently not referring to the way banks threw taxpayer money at a mass of bad mortgage loan losses that had triggered a global financial crisis and resulted in gigantic bailouts in 2008.
As for tax hikes on the wealthy and corporations, Dimon wants to know exactly how the money will be spent. He said he’s also concerned Biden’s tax hike plans are a “little crazy.”
Biden plans to raise the corporate tax rate from 21% to a range of 25% to 28%. That’s after Donald Trump led the push to slash the corporate tax rate from 35% to 21%, helping carve a $2 trillion hole into the federal budget.
Dimon said the situation should be: “If you’re going to give me your money, I’m going to be a good steward of it, and here’s what I am going to accomplish and I am going to report back to you.”
He was talking about lawmakers and the government, not banks.
That’s funny, because Jamie Dimon didn’t give working people an itemized list of the school districts, public hospitals, infrastructure, or affordable housing projects he was helping defund when he pushed for the $2T GOP Tax Scam in 2017 w/ goodies for yacht and jet owners.
🤷🏽♀️ https://t.co/ecBOBaRmmA— Alexandria Ocasio-Cortez (@AOC) May 6, 2021
Did I miss when we elected Jamie Dimon to manage our taxpayer dollars? https://t.co/ZjPXFd0YZ2
— Robert Reich (@RBReich) May 6, 2021
JP Morgan CEO Jamie Dimon says if Biden raises taxes, he wants an itemized list of what the money would be spent on
How about an itemized list of all the yachts, mansions, politicians, and other luxury goods that billionaires spent Trump’s $2 TRILLION TAX CUT on?— Lindy Li (@lindyli) May 7, 2021
Haha that’s funny because during the last crisis government gave a large boatload of money to Jamie Dimon’s company and they tried *so hard* to keep it secret. https://t.co/fccF5A0t8G
— Binyamin Appelbaum (@BCAppelbaum) May 8, 2021
I would like an itemized list of some of Jamie Dimon's spending, too! https://t.co/McaOclkTj5
— Adam Davidson (@adamdavidson) May 7, 2021
This article originally appeared on HuffPost and has been updated.