Back in May 2012, I wrote a blog advocating the firing of Mr. Dimon as Chairman and CEO of the nation’s largest bank, JPMC.

My reasoning was exactly NOT the big trading losses incurred by what has become known as the London Whale.

It was, I explained there, because of his lack of civil courage to speak out against the Obama administration and the damage it is doing to business confidence, and thus to the economy and growth.

Now comes another chapter in the saga with the same Obama administration continuing its war on business in general, and on JPMC in particular, using its litigation power (see my blog on that subject) to try and extract as much as ELEVEN BILLION dollars from JPMC as payback for the bank’s alleged wrongdoing during the financial crisis.

No matter the fact that JPMC was probably one of only the two banks that did not require a bail out back in late 2008, and the one to whom regulators turned to twice to help them save big institutions that went bust, thus saving a lot of money to taxpayers. Let alone that much of this extortion relates in a large part to supposed wrongdoing that was incurred by these two separate institutions before they were acquired by JPMC to the great relief of regulators.

The WSJ summarizes the story in its editorial from a few days ago.

In it, the paper suggests that actually the Obama administration is chasing Dimon because he was TOO outspoken against them. While I agree with the WSJ that the Obama administration is vindictive and does attack anyone that tries to throw even small doubt about their policies, I disagree that Mr. Dimon did anywhere near enough to stand up against the populist agenda of laying all the blame for the crisis on the banks, and for that, in my book, he is GUILTY. He was the strongest man around among those captains of the banking industry, the one who had untarnished reputation and strong support. He should have stood up and corrected the narrative. He should have put the blame where it really lays— government intervention in free markets; intervention that spanned thirty years or more. That is the route of the crisis not wrong doings by the banks.

The banks are not innocent; they did contribute to it. However, they did what they were asked, even pushed to do by government, by regulations, and regulators. In the end, it reached stupid levels and was clearly a bubble. Objective observers should have recognized that (and Dimon did, which is why JPMC did not need a bail out), but most bankers did not. That is not a crime. Stupidity, yes. A firing offence,  yes, and most were fired.

So why should Dimon resign? He should now recognize that paying extortion is not a solution. The extortionist just comes for more. It is time for him to use his personal stature and wealth to fight the Obama administration, to set the record straight. No one is more qualified and able than he is to do this.

This should be his personal penance for his past mistake of not standing up when he had the chance to do it, when his country needed to do it!