Jim Cramer, founder of TheStreet.Com, has perfected the concept of treating stocks like sports teams. It remains a brilliant innovation. But if we're going to do that, shouldn't our focus be on the integrity of the game?
To torture an analogy, we reporters feel like we're “in the locker room” with business stars. We identify with the owners, and the CEOs playing the game we're covering, when we should be identifying with the fans.
In the Morgan case, CEO Jamie Dimon said in 2008, when he bought Bear Stearns and Washington Mutual, that he was taking the liabilities as well as the assets.
Since 2010 the company has set aside $23 billion to deal with those problems, and while the settlements coming through now look big at $13 billion and counting, they're less than what was set aside.
Dimon made some great deals with these purchases, and in his dealings with the government he's coming out ahead. Whining on his behalf is silly.
And the threat from all this special pleading seems plain. Let me explain it with another sports analogy.