Mr Cooper Group Inc (COOP)

[Wamook]

http://www.forbes.com/2010/01/11/jp-morgan-banking-technology-personal-jamie-dimon.html?partner=msn

Mr Dimon, We do not vilify the rank and file who work for honest wage and carry out company policy at your bank. We vilify the upper echelon that makes policy at your bank. You, those who answer to you directly, and the board you answer to. And all others who answer directly to that board. You all practice pure unbridled greed in your pursuit of profits for your bank. You all sit around comparing pay checks. You look only at bottom lines and you don't care how many people you threw out of work or out of house and home. It is irrelevant to you if you built a factory or destroyed one. It's irrelevant to you if you helped a community or bankrupted every family in it!

Your bank is dominated by a culture of personal gain amongst the top executives. Profit at any cost because the executives get to participate and enrich themselves at an obscene level. Community service in your organization is something relegated to a small PR department where they do things like sponsor little art exhibits. Serving the community should be the only thing you do at your bank. Profit should be an incidental by product of that activity. An organization such as a bank should be suffered to exist and allowed to do business only if it consistently demonstrates the ability to resist the temptation to profit at any cost.

By your standards throwing tens of thousands of people out of work, or ruining tens of thousands of peoples savings is just part of ordinary business. It's profitable. One used to put money in a bank to keep it safe and watch it grow. But these days one gives money to the banker and he promises not to charge you to much, and for a little extra fee, he'll keep it safe too.

You are a piece of work Mr Dimon. A Rock Star Banker. But all you sing about is fear and greed. You've turned one of the largest financial institutions on the planet into a ravenous mindless predatory beast that thinks of nothing else.