Sep 6, 2010

Jamie Dimon Singing the Real Estate Blues

The Los Angeles Times blog recently posted an article titled, "Jamie Dimon's real estate woes" noting that Dimon hasn't been immune to the housing downturn either as he has had to drop the asking price of his Chicago mansion:
"The mansion, where Dimon lived back when he headed up Bank One, originally went on the market for $13.5 million in 2007. The bad real estate market has forced a series of reductions that have brought the listing price down by nearly half, to $6.95 million."
As a result of Dimon's misfortune, the author (Daniel Popper) states:
"As homeowners have struggled to modify their mortgages with JPMorgan Chase & Co., more than a few have probably felt flashes of anger toward the company's chief executive, Jamie Dimon ...... It may be some comfort to these folks, then, to know that Dimon has not been immune from the problems of falling home prices."
I'm the last person to sympathize with the likes and ranks of people like Jamie Dimon, but I don't wish him ill will or find comfort in his circumstances despite not liking to deal with CHASE bank on any level.

Unfortunately, the greed and irrational exuberance at the highest levels (Jamie Dimon's world) of these uber and / or multinational corporations has created turmoil for the vast majority of people in this country. Furthermore, countless hardworking Americans have encountered these incredibly tough times to no fault of their own as a result of this unregulated mess and the slick maneuvering these uber banks use to assess account and various transaction fees.

For Jamie Dimon, the economic mess that he was complicit in developing (or stood by allowing it to happen) has now landed like a big pile of crap squarely in his mansion's backyard. Welcome to the sober party! Unlike many Americans, I'm guessing he'll fare a little better even if he does have to get more aggressive with price drops on his modest abode.

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