JPMorgan Should Lose Primary Dealer Status and Be Kicked Out of Federal Reserve System

It is a foreign bank.

ZH: CEO Of World's Most Important Bank Bends The Knee To Beijing

Also yesterday, JPMorgan Chief Executive Officer Jamie Dimon quipped that his bank is likely to outlast China’s Communist Party:

“We hope to be there for a long time,” Dimon said of China on Tuesday.

He relayed a “joke” he made during a recent visit to Hong Kong:

“The Communist Party is celebrating its 100th year. So is JPMorgan. And I’ll make you a bet we last longer.”

Dimon made the remarks while speaking Tuesday at a panel discussion at the Boston College Chief Executives Club (and admittedly he did reiterate his company’s commitment to the country in wide-ranging comments).

When asked for comment at a regular press briefing on Wednesday, Chinese Foreign Ministry Spokesman Zhao Lijian said:

“Is it really necessary to cite such remarks that are merely to attract people’s attention?”

Apparently that did not go down well in Beijing as this morning Dimon has issued a quick statement, apologizing for his comments:

“I regret and should not have made that comment,” Dimon said in a statement from the bank Wednesday.

“I was trying to emphasize the strength and longevity of our company.”

When push comes to shove, the Chinese are going to force banks like JPM to serve China rather than the USA. The behavior of the CEOs indicates whose side they are on.

Globalism is dying. Companies can be apolitical multinationals, in which case they should stay out of all politics, or they pick sides, in which case they choose nations and interefere in domestic politics, and should be treated accordingly as political rather than commercial entities.

Corporations exist at the sole discretion of the state. U.S. corporations are fictional creations of the government. They aren't actual persons.