Salon politics writer Alex Pareene got trashed by CNBC anchors Maria Bartiromo and Scott Wapner last Friday while making the argument that Jamie Dimon should step down from JPMorgan. [via Felix Salmon]
During the segment, Pareene suggested that JPMorgan deserved the massive fine related to mortgages. He also accused the bank of being “corrupt” and “shady.”
“Any time you’re looking at the greatest fine in the history of Wall Street regulation it’s worth asking, ‘Should this guy stay in his job?’ I can’t think of any other industry — If you managed a restaurant and it got the biggest Health Department fine in history and people would say, ‘It’s making a lot of money, only a little poison in the food,'” Pareene said during the segment.
When asked who he thought should take over the helm then, he said the bank was “too corrupt” and that “anyone should get a shot.”
Wapner jumped in an said, “Too corrupt is a bit hyperbolic.”
Things got even more heated when Bartiromo made the argument that JPMorgan continues to generate billions in earnings and revenue. That’s when Pareene accused the bank of making profits of shady dealings.
Here’s an excerpt from their exchange on “Closing Bell”:
Maria Bartiromo: Should we talk about the financial strength of JPMorgan at this point? Even with all of these losses the company continues to churn out tens of billions of dollars in earnings and hundreds of billions in revenue. How do you criticise that?
Alex Pareene: Well, I think a lot of their earnings and revenue we’ve seen have come from shady deals, that they…
Bartiromo: Oh, come on.
Pareene: They have.
Bartiromo: Name three shady dealings.
Pareene: Bribery in China. Hiring…
Bartiromo: You shouldn’t be saying things you can’t prove.
Pareene: Well, the nepotism, hiring children of prominent Chinese officials is not something I just made up…
Bartiromo: They haven’t been charged?
Pareene: It’s a fact. It’s been in the news. Everyone knows about it.
Bartiromo: What’s the fact? What’s the fact?
Pareene: The fact that they hired children of prominent party officials and there’s a spreadsheet connected to deals they were doing in China.
Bartiromo: I don’t like spewing things that are not actual fact on this program. I really have a problem with that.
Pareene: Anyone can Google China and JPMorgan and see this. I mean, it was in the New York Times. It’s not…
Bartiromo: Oh, The New York Times! Oh, OK. [Throws hands in the air]