A few thoughts now on one of the least grateful corporatists in this country... A corporate chieftain who thinks the country owes him a better payday than the billion or so he's already made... For screwing up almost as much as he's succeeded...
Continue Reading Below
Once a boy wonder, now playing a spiteful, petty ingrate, the JPMorgan CEO Jamie Dimon today launching into a tirade against a vaguely gridlock in the foggy swamp of Washington...complaining as we're about to wrap up the sixth month of the Trump presidency that not nearly enough has been done to boost economic growth...and instead of calling out the Dems and the left wing national media by name, Dimon chose to blame featureless, generic gridlock for the glacial pace of legislation and confirmation of the President's nominees to the courts and his administration. We've been growing at 1.5 to 2 percent in spite of stupidity and political gridlock.
If this administration can make breakthroughs in taxes and infrastructure, regulatory reform - we have become one of the most bureaucratic, confusing, litigious societies on the planet. It's almost an embarrassment being an American citizen traveling around the world and listening to the stupid s--- we have to deal with in this country. And at one point we all have to get our act together or we won't do what we're supposed to [do] for the average Americans. Almost an embarrassment Mr. Dimon?
What then is a top executive's tirade that doesn't name names, doesn't acknowledge what the president who's been in office less than six months has already accomplished.
All of this coming from a man whose bank received a $25 billion bailout during the financial crisis and has paid at least $40 billion in fines and settlements for everything from violating sanctions to manipulating currencies. That includes a $13 million settlement over mortgage backed securities in 2013... Which at the time was the largest settlement ever between the government and a U.S. corporation. And it was a highly asymmetric settlement in my view.
Dimon's JPMorgan Chase settled a DOJ case against the bank for participating in the manipulation of interest rates just two years later... A half billion dollar settlement with the DOJ.
Dimon has a short memory... And no shortage of hubris. Dimon doesn't credit President Trump for the $4 trillion runup in our equities markets since election day....but Dimon didn't hesitate to hit Mr. Trump earlier this year for leaving the Paris Climate Accord.
Dimon brims with ideological passion, if not grace...... Citing nonsensical phrases such as "anti-immigration positions" and "anti-globalization sentiment" as top risks to his bank. Frankly, he himself seems to be the great risk, unless he can imagine another short term risk that is greater than the $40 billion that JPMorgan has paid out for its bad behavior and bad stewardship under Dimon.
Of course, Dimon may be reticent to admit that he and other bankers owe a great deal more to President Trump...Dimon didn't have the grace to thank him for the bank's latest record-breaking quarter and by the way the shares of JPMorgan have risen by more than 30 percent since President Trump's election. Perhaps to keep his ego in check, Mr. Dimon might recall that JPMorgan's stock price went up only five and a half percent in his first six months as CEO. JPMorgan’s stock is up double that in the first six months of Mr. Trump's presidency. Up 30 percent since he was elected.
A simply thank you would be appropriate, Mr. Dimon...I'm sure the President would be very appreciative. And you'll feel much better about things.