Read that quote a few times to let the full force of the absurdity of it sink in. It actually took me a few minutes get over the glaring and pathetic grammatical error. I'm guessing there wasn't a teleprompter set up in front of the El Hefe when he was snuggled up on that couch with the group of cackling moronic ladies of "The View." There's a lot of questions that still persist about exactly who Barack is and where that rock is from under which he crawled into politics, but for now don't let your kids see that statement from the President unless you intend to give them a grammar lesson.JP Morgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got. - Barack Obama on "The View," May 14, 2012
As far as being a "best" managed bank, I guess that could be the case if you overlook the hundreds of billions of taxpayer money that has been used to keep JP Morgan from collapsing. And I guess that could be the case if JP Morgan was not currently embroiled in several Government investigations that will ultimately result in tens of billions of settlement payments.
Currently the Justice Department has six ongoing investigations of JP Morgan. You can read about them here: LINK. And I'm sure there would be several SEC investigations into JP Morgan's accounting fraud if Obama's newly appointed head of the SEC - Mary Jo White - wasn't one of JP Morgan's chief defense litigators before she was plucked from Debevoise Plimpton in order to make sure that JP Morgan has a solid line of defense inside the Government.
And I guess you could say that JP Morgan did a great job avoiding a much bigger settlement payment related to its extremely fraudulent mortgage activities when it appeared as if the bank would skate away with an $11 billion settlement - a mere fraction of the money it made during the housing boom and bust. But now there's complications surrounding that potential settlement and the number could grow even bigger.
Taking all of this in to account - and again, overlooking Obama's inability to use proper English - I'm not really sure how he can possibly conclude that JP Morgan is "best" managed - or even well-managed. And is Jamie Dimon smart? I dunno. You give me a couple hundred billion in taxpayer money and freedom from any fear of criminal prosecution and I'll do things with that money to create profitability would make make me look like a financial Einstein.
I know one thing we can conclude with 100% certainty is that JP Morgan pays Barack Obama very well to speak highly of the firm. If you watch this video - which was sent to me by a reader who produced it - you'll see that JP Morgan has been Obama's 4th largest money donor and the #1 bank donor:
The beast named Jamie Dimon, of whom President Obama speaks so glowingly, is a liar, perjurer, criminal and, worst of all, a taxpayer thief.