WASHINGTON–Criticism of the Wall Street banks is hardly limited to credit unions—one bank trade group executive also had some harsh words for the largest of institutions.
In comments published on IndependentBanker.org, Camden R. Fine, president and CEO of the Independent Community Bankers of America, was critical of an op-ed published in The Wall Street Journal by Jamie Dimon, the CEO of JPMorgan Chase, in which Dimon said of proposals for various regulations, “America faces enough real challenges without inventing conflicts where none need exist.”
Fine’s response: “Really, Mr. Dimon? Community bankers should merrily clink goblets with the very people and institutions that, by their reckless greed and arrogant abuse of concentrated power, pushed the nation’s economy into financial freefall? A freefall that shattered millions of families’ lives and futures, along with hundreds of steadfast community banks on Main Street. The freefall that brought on the harsh regulatory backlash that, while annoyingly untidy for Wall Street, leaves community banks crushed and reeling to this day.”
Fine went on to write, “Evidently, now community banks should just simmer down, forgive and forget, and be grateful to feast upon the crumbs of Wall Street, as long as they mind their place and dutifully fall in line. Stop picking on the poor put-upon megabanks, folks. Let’s move on.”
Fine accused the Wall Street banks of “taking shelter under the hard-earned sterling reputations of community banks,” and asked, “What cooperative goodwill have megabanks spread on Main Street? Every regulatory burden community banks shoulder today is the direct result of a foolish or misbehaving Wall Street financial institution. Every. Single. Blasted. One.”
Fine suggested the mega-banks are worried about the “white hot” anger of many voters being directed toward them.
“Unicorns and cotton-candy rainbows are fine for Saturday afternoon daydreams,” said Fine. “Wishing, wanting and saying something convenient, as any community banker with a week’s experience knows, is one thing, but some truths are easy to see. Dimon’s glib profession of faith in the underappreciated wonders of megabank and community bank unity, especially coming from a lifelong operative of Wall Street, is too much to stomach, let alone to believe.”