JP Morgan's Dimon: 'I understand the frustration'

[ellisonz]

1 hr ago
By MSNBC.com Staff

JP Morgan Chase CEO Jamie Dimon, suddenly in the spotlight over billions of dollars in trading losses, said he understands the frustration of protesters who blame Washington and Wall Street for the nation’s economic woes.

"I understand that frustration,” Dimon told NBC’s David Gregory in an interview taped for Sunday’s “Meet the Press. “I understand the frustration at inequity. We’ve become a little more inequitable, and I don’t think that’s a good long-term thing for society.”

The blunt-talking bank CEO has been widely admired for his ability to steer the nation’s largest bank through the worst financial industry meltdown since the Great Depression. But Dimon slipped off his pedestal this week when he disclosed that the bank had lost at least $2 billion over the past six weeks in what he called a “flawed” hedging strategy that could lead to even bigger losses as it unwinds over the coming months.

“These were egregious mistakes,” Dimon said in a hastily called conference call Thursday. “This is not how we want to run a business.”

More: http://marketday.msnbc.msn.com/_news/2012/05/11/11659940-jp-morgans-dimon-i-understand-the-frustration?lite

I don't think giving these fools your money to gamble with is a great idea. Time for another drive to join credit unions...Jamie Dimon can understand my frustration from the poorhouse!

[limpyhobbler]

1. If he understands it then he ought to be backing policies to help address it.

Therefore, he is full of shit.

[Chan790]

2. You mean like the Volcker Rule that would have prevented this flawed hedging strategy?

Why on Earth would he do that? He's an insincere lout.

The only thing he understands is pitchforks and torches and fear of not being allowed to keep his cushy job or mansion. I doubt the idiot's even afraid of zebra-stripes and iron-bars because he doesn't think it can happen to him.

As someone pointed out yesterday, he didn't even know that JP M-C still used fax machines. I wonder how many other things the out-of-touch banktwit doesn't know.

[limpyhobbler]

5. I guess so. And/Or reinstate the Glass-Steagall Act.

And/or break up the banks or partly take them over, or something.

[TBF]

3. That's pretty easy to say when you have $200M in the bank ...

http://www.celebritynetworth.com/richest-businessmen/ceos/jamie-dimon-net-worth/

[pinboy3niner]

4. And as subordinates take the fall, shareholders vote to keep Dimon

Being a one-percenter means never having to say you're accountable...

JPMorgan's Dimon keeps his chairman job in shareholder vote

By Andrew Tangel
May 15, 2012, 9:01 a.m.

TAMPA, Fla. — Jamie Dimon will keep his jobs as chairman and chief executive of JPMorgan Chase & Co.

Shareholders overwhelmingly voted him back onto the board as well as approving executive compensation packages. Shareholders voted only 40% in favor of a nonbinding proposal to split the jobs of chairman and CEO. Final vote tallies will be filed later with the Securities and Exchange Commission.

...


http://www.latimes.com/business/money/la-fi-mo-jpmorgan-dimon-chairman-20120515,0,2674432.story

[ellisonz]

7. "Being a one-percenter means never having to say you're accountable..."

Truth

[ellisonz]

6. I joined a credit union this week.

I had previously only had a Bank of Hawaii account.