JP Morgan CEO Jamie Dimon was recently attacked by presidential candidate Bernie Sanders for hypocritically wanting “corporate socialism.” The CEO has also been an outspoken critic of Bitcoin.
Jamie Dimon, the CEO of JP Morgan, is notorious in the cryptocurrency industry for being one of the most outspoken critics of Bitcoin. You may remember his famous comments from 2017 when he called Bitcoin an outright “fraud.” Needless to say, Dimon is no fan of alternatives to fiat despite his mega-bank working hard to implement blockchain technology according to BeInCrypto.
Dimon hasn’t eschewed controversy since the Bitcoin comments and is now taking aim at politics he finds personally unsavory. One individual who has won the ire of the CEO banker is presidential candidate Bernie Sanders. Singling out Sanders specifically, Dimon said that socialism would lead to an “eroding society.”
Sanders decided to clap back on Twitter, calling out Dimon’s support of “corporate socialism” — his bank received a $416B bailout from American taxpayers. It seems that Dimon has no issue socializing the private risks that his bank takes and making us all pay for it.
During the financial crisis, JP Morgan received $391 billion in zero-interest loans from the Federal Reserve and a $25 billion bailout from the Treasury Department while Jamie Dimon served as director of the New York Federal Reserve.
Dimon is known for flipping on the issues when it suits him. In 2019, he told CNBC that a “cryptocurrency could one day be used by the consumer”—and then proceeded to shill his own JP Morgan Coin. It seems as though all ideas, including Bitcoin and blockchain, are no good until his own bank implements them. It’s only then that they’re good for the consumer, as long as JP Morgan can get a piece.
Regardless of your political affiliation, “corporate socialism” is far too common in the banking world. When they run into trouble, the everyday consumer is often forced to front the bill. The cryptocurrency community is already well-aware of Dimon’s tendency to double-speak, so his latest comments shouldn’t be surprising.