…And to be clear, in the following analogy, Chase is the prostitute.
At a time when two-income families struggle to make ends-meet, 50% of Spanish young adults are unemployed, much of Europe is bucking austerity measures, and a generation closer to home questions the the financial value of higher education, I think it a timely service to provide a solution to very public multi-billion dollar losses: Very long tzitzit for Wall Street bankers (be they Jewish, non-Jewish, male or female).
Sure Chase can take the hit, but we’re talking about earning back the hearts and minds of the the 99% to boost back consumer confidence, so trust in big banks still matters. As a quick reminder, Tzitzit are the knotted dangling threads tied to each of the four corners of a garment (either on a prayer shawl, tallit, or often on the undergarment). The tzitzit are meant to remind a Jew of the 613 commandments enumerated in the Torah. A talmudic analogy is in order; this might take a moment, and to be clear, in the following analogy, Chase is the prostitute:
There was once a man who was meticulous in the observance of the mitzvah (commandment) of tzitzit. He heard that there was a prostitute in a faraway city who charged four hundred gold talents for her services. He sent her the exorbitant fee and set an appointed time to meet her. When he arrived at the appointed time … she prepared for him seven beds, one atop the other — six of silver and the highest one was made of gold. Six silver ladders led to the six silver beds, and a golden ladder led to the uppermost one. The prostitute unclothed herself and sat on the uppermost bed, and he, too, joined her. As he was disrobing, the four fringes of his tzitzit slapped him in his face. He immediately slid off the bed onto the floor, where he was quickly joined by the woman.
“I swear by the Roman Caesar,” the harlot exclaimed, “I will not leave you until you reveal to me what flaw you have found in me!”
“I swear,” the man replied, “that I have never seen a woman as beautiful as you. However, there is one mitzvah which we were commanded by our G‑d, and tzitzit is its name… Now the four tzitzit appeared to me as four witnesses, testifying to this truth.”
“I still will not leave you,” the prostitute said, “until you provide me with your name, the names of your city, rabbi and the school in which you study Torah.” He wrote down all the information and handed it to her.
The woman sold all of her possessions. A third of the money she gave to the government, a third she handed out to the poor, and the remaining third she took with her — along with the silver and gold beds — and she proceeded to the school which the man had named, the study hall of Rabbi Chiya.
“Rabbi,” she said to Rabbi Chiya, “I would like to convert.”
“Perhaps,” Rabbi Chiya responded, “You desire to convert because you have taken a liking to a student here?” The woman pulled out the piece of paper with the information and related to the rabbi the miracle which transpired with the tzitzit. “You may go and claim that which is rightfully yours,” the rabbi proclaimed.
She ended up marrying the man. Those very beds which she originally prepared for him illicitly, she now prepared for him lawfully. – Talmud Menachot 44a
Could We Imagine JP Morgan Chaste?
Some will argue that as long as Chase doesn’t need government money to cover its loss than it shouldn’t matter – investors understand the risks. But if that is so, than Chase shouldn’t have needed the practically free $55 billion loan from the Treasury to buy-out Bear Sterns or the $25 billion TARP money. If only Jamie Dimon, the CEO of JP Morgan Chase, and his Wall Street compatriots took the MBA Oath. Back in his time at Harvard’s Business School there was no need to make statements such as: “I will report the performance and risks of my enterprise accurately and honestly.” Instead it seems that many on Wall Street went to the same university as a past congregant of mine. Behind his desk the old high school dropout, who became a very successful hardware manufacturer proudly posted his diploma from Screw U.
If corporations such as Chase insist on being treated (when it suits them) as individuals (such as during campaign season), than when they break the trust of the public, they should do Teshuva (repent). The initial step in true repentance is refraining from the previous errors (this should be followed by contrition, confession before God, and a responsibility for future action). What already seems clear is that the stench from Chase’s recent $2-5 billion dollar loss is that it smells a lot like the security swaps that finally collapse the teetering world economy just a few years ago. Wall Street has learned nothing.
A Talmudic Solution to Chase’s Embarrassing, Cringeworthy, and Irresponsible $2 to 5 Billion Dollar Loss.
It would be nice to feel trust that Chase, and other banks, were not just waiting us out so that they could go back to their goal of world domination. I for one would feel reassured if all the Wall Street bankers would wear really long tzitzit to remind themselves not to screw us again. If that seems distasteful, perhaps too religious, let them take the route of the righteous prostitute in the story above. Let Chase take their total wealth (approx. $380 billion in total cash or cash equivalence) and distribute it as she did: One third to the government (for creating and then taking advantage of loopholes), one third to the poor (because ultimately, the profits made were on the backs of the 99%), and only then should they be allowed to keep the remaining third.