CNBC analysts are outraged that JPMorgan Chase owes the government $13 million in a settlement for the bank’s role in the 2008 mortgage crisis, but Jon Stewart had trouble swallowing their reasons why on Wednesday’s “Daily Show.”
In video clips from the financial news network’s coverage of the settlement this week, pundits fault the government for encouraging the bank — or more dramatically, putting “a gun to their head” — to purchase Wall Street firm Bear Sterns and Washington Mutual at the height of the financial crisis.
“If only there was a way to go back in time to when that deal was consummated in 2008 and see how outraged CNBC was for JP Morgan at that time as the government forced Dimon to swallow this shit sandwich,” Stewart said.” And I wonder if the individual who could give us a sense of that deal was an old friend who still doesn’t realize his shows are taped and broadcast.”
Flashback to 2008 when Jim Cramer — one of the same CNBC personalities railing against the government penalizing JPMorgan for the sins of the two companies it bought in 2008 — called JPMorgan CEO Jamie Dimon’s acquisition “a steal.”
“Dimon masterminded a deal that’s amazing for JPMorgan,” Cramer said. “Dimon totally outfoxed the feds.”
Stewart stared blankly at the camera before bluntly concluding, “F–k all y’all.”