Surprise, surprise! To observers of the corrupt modern world of finance, this comes as no surprise. They pick and choose when to follow rules because they know that they are the masters of the universe. Because they generated so much money in the past and they provide so much campaign money, they can scare the political class into submission any time they like.
Jamie Dimon is offering his own excuses and meaningless words to the US Senate because he knows that he can say almost anything without ever being held accountable. The man still sits on the board at the NY Fed and has a substantial likelihood of sticking around for as long as he likes.
How easy would it be for any of us to pick and choose when we want to follow regulations or the law?
Banks are failing to comply with global rules requiring them to peg bonuses to long-term company performance, the regulatory task force of the Group of 20 leading economies said on Wednesday.
The G20 approved principles in the aftermath of the 2007-09 financial crisis to stop bonuses from encouraging excessive risk taking.
They force banks to limit how much of a bonus can be paid up front in cash, with the rest deferred and paid in shares that can only be sold over time.