Not quite out of the mud

In my last post I was letting Bill Daley, Obama's new chief of staff, off the hook somewhat for JP Morgan Chase's ethical lapses in the run up to the financial crisis. It has been pointed out to me that from May 2004 until he took on the corporate responsibility role in June 2007, Bill Daley was the Chairman for the same bank's Midwest Region, which means that part of the buck for irresponsible lending in that parish stopped with him.

Daley's corporate responsibility mantle was, in any event, a bit of a red herring. Part of his portfolio was government relations. While the bank was always a big political spender, the lobbying and political contributions watchdog OpenSecrets.org notes that on Bill Daley's watch JP Morgan Chase was:

a company that spent $5.8 million on federal lobbying -- and hired dozens of well-connected lobbyists -- during the first nine months of 2010. 

For more background on JP Morgan Chase's lobbying and political contributions go here.

Daley's role at JP Morgan Chase could come under further scrutiny when the Financial Crisis Inquiry Commission delivers its final report tomorrow, if the banks in general, JP Morgan Chase in particular and the money-backed friendliness between Wall Street and DC come in for criticism.

The New York Times appears to have received an advance look at the Commission's report.