I haven't read Dimon's letter to shareholders, but there is a story on Bloomberg.com today regarding a 5-page letter Senator Dick Turdin (D-IL) sent to Mr. Dimon which was laughable, as are most things coming from the Senior Senator from Illinois' mouth.
The following is a couple of excerpts taken from the Bloomberg article:
........ Dimon wrote in his annual letter to shareholders that Durbin’s amendment to the Dodd-Frank Act “is an example of a policy that has little basis in fact or analysis.” JPMorgan has said it will end debit-card rewards programs for almost all its customers in July, when the caps are set to take effect.
“When policy makers undertake such a significant rewrite of the rules, there often is a tendency to adopt ideas with surface appeal,” Dimon wrote. “In this case, some potentially significant, unintended consequences exist, particularly for consumers..............”
......... Durbin’s letter, which included a five-point rebuttal to Dimon’s critique, noted that the CEO’s 2010 compensation totaled $20.8 million and that JPMorgan reported a $17.4 billion profit last year.............
Senator Turbin's reference to Dimon's compensation is straight out of the DNC playbook and has absolutely nothing to do with the matter being debated. Turdin's letter demonstrates the Leftist approach to everything by the Democrat party: Capitalism Bad - Socialism Good. Job providers Bad - Government Welfare Good. High Standard of Living Bad - Third World Standard of Living Good.
Of course the Democrats in power don't want any part of third world lifestyles for themselves.
Dimon nailed it. Everything these idiots from the political left do has little basis in fact or analysis and are fraught with unintended circumstances. On the other hand, Dimon is a hardcore democrat and I am sure he voted for Turdin while he lived in Chicago and more than likely still lends financial support to Turbin's campaigns.