We all love Jim Cramer’s rants, because whether you think he’s right or wrong you have to admit two things — he makes a point, and he makes it with trademarked style.
This morning, his rant focused on JP Morgan CEO Jamie Dimon. Dimon’s annual shareholder letter came out yesterday, and around page 20, the CEO goes into a long discussion of the damage new government regulation is doing to JPM. It’s going to cost his bank about $3 billion.
Cramer, you will soon see, was not impressed. “He’s a whiner,” said the Squawk on the Street host.
His co-hosts broke in with the usual, “well he’s saying what everyone on the Street is thinking… etc.”
But that wasn’t enough for Cramer either. Bottom line: To him, the banks are paying for the things that they did. “No one asked them to make those mortgages,” he argued. Period.
“I wanted to see (Dimon say), ‘Look, it’s a mess… but in the interim we’re going to kill everyone because we get it.’ I want offence! I want charging! I want no whining! I didn’t get that.”
Watch the video below: