Friday, July 16, 2010

New York Times Keeps Kissing Bankers' Asses

I'm always appalled how print journalists manage to combine the most idiotic journalistic actions with endless whining about their profession dying out. In a recent issue of The New York Times, a journalist called Eric Dash attempts to entertain his readers by singing praises to Jamie Dimon, the CEO of JP Morgan. Dash is practically swooning at the mention of Dimon's "successes":
The crisis cemented Mr. Dimon’s reputation as a financial superstar — a bold dealmaker who buys when others are selling, a strict risk manager who resisted the type of exotic businesses that felled others and a charismatic leader who charms lawmakers and credit traders alike. He is now commonly referred to by a single name, like Pelé or Madonna. . . At age 54, Mr. Dimon has only begun trying to build the kind of global banking empire he initially set out to create with Mr. Weill at Citigroup. While JPMorgan’s share price fared better than most of the banking sector through the turbulence of the last few years, at around $40.35, it remains roughly where it was when Mr. Dimon took over as chief executive in December 2005.
Of course, it is of no interest to Dash that the practices this vile crook has adopted are going to lead us into yet another round of this crisis. Dimon is one of those people who have learned nothing as a result of the crisis (and why should they? They always have the government to offer them handouts that will save them.) He is handing even more credit cards now than he used to before: 

Chase Card Services, meanwhile, has introduced three new types of credit cards in the last year. In the second quarter alone, it mailed out an estimated 164 million applications, according to data from Synovate, a research firm. That was more than twice the number sent out by American Express, the next most active issuer, and made up nearly one-third of the industry’s total mailings.When the head of the credit card division offered to scale back as losses spiraled, Mr. Dimon was emphatically opposed. “We don’t want to do stupid things because we are losing a lot of money,” Mr. Dimon said, anticipating a rebound in the card business. “Hell no. We are going to do the right thing as fast as we can.”
 And this is the kind of person that The New York Times journalists are gushing over. Has anybody at this so-called news source ever considered that the role of journalists is not to see who manages to stick their tongue deeper into some crook's anus? Have people like Eric Dash ever heard that being a journalist doesn't mean singing praise to every wealthy criminal that comes along?

When the new round of this economic crisis comes along, I sincerely hope that one good result of it will be that The New York Times will finally go out of business and take people like Dash with it into a well-deserved oblivion. They will always be able to make a living by prostrating themselves in the dirt under the feet of these bankers to prevent them from muddying up their expensive shoes. 

1 comment:

Anonymous said...

This rant sounds like something I could've written.

It always gives me a chuckle when the NYT is called "liberal."

They wallow in the conservative, establishment mud as much as any Republican swine, and seem to enjoy it even more.