Like we mentioned two seconds ago, Charlie Gasparino is convinced that JPMorgan CEO Jamie Dimon "is set for a fall." While we're sure CG could sniff out and break a story based on gut instinct alone, he also gets his info from top notch sources (as you'll recall it was Gasparino who broke the Merrill defecation story last year), who keep him well-informed. So we want to know, who the hell is this:
When I asked one Wall Street CEO to assess Dimon's performance he pointed to the nearly 40 percent drop in JP Morgan shares since the beginning of the fourth quarter. This executive believes JP Morgan will now join other banks and experience problems beyond the fourth quarter and well into next year as credit card debt, student loans, and other debt on the bank's balance sheet begin to falter. "The market is telling you something is wrong," the executive said. "The stock market is saying one thing, and his image in the press is saying something else."
Taking into account that "Wall Street CEO" is a relative term, and that they've probably caused paths during the course of CG's research for the forthcoming, When Mooks Fail, we're going to go with Big Daddy Cayne. At a distant second we've got Dollar Dominatrix Meredith Whitney, because, a) as previously stated, "WSCEO" is hard to define and b) MW is likely still pissed about the fact that Dimon did not spare her his special brand of "ball busting" on that October conference call. But let's be democratic about this. So:
Posted by mj , Jan 05, 2009 10:11AM
If Dimon is someone who runs an umbrella banks and is respected by his underlings, understands risk management and the balance sheet, holds departments accountable, and manages the business tightly so as to not let things get out of control, then wouldn't the jealous little shit talking to Chaz be someone who runs an umbrella bank but is none of those other things. Or maybe Vikram's motivation was simpler, like: "Jamie gets a feature interview with Erin Burnett in the Waldorf ,and here I get Gasparino telling me we have to go dutch on lunch at San Pietro! Motherfucker!"
Posted by guest , Jan 05, 2009 10:12AM
Jimmy Cayne is a former wall street CEO, not a wall street CEO.
Posted by guest , Jan 05, 2009 10:14AM
@2- do you understand english? "Taking into account that "Wall Street CEO" is a relative term"
Posted by merkin capital partners , Jan 05, 2009 10:21AM
thank you for that insight #2...
"this is charlie gasparino..you better call me back before this hits the tape!"
Posted by Investorcluzo , Jan 05, 2009 10:23AM
gasbag is looking just looking to make himself relevant - and failing miserably. on air, he was being taken to task because he "nuanced" the story to make it a "story". next please.
hey no-sleeves go back to pimping out restaurants.
Posted by guest , Jan 05, 2009 10:28AM
Sandy Weill? Doea he really want to see his ninja succeed?
Posted by guest , Jan 05, 2009 10:30AM
Ken Lewis...he's pissed because Jamie looks like a hero and he's stuck with Countrywide.
Posted by guest , Jan 05, 2009 10:40AM
Dimon is smart but he's luckier than smart. The PR spin is that he was too smart to get into securitization and subprime but insiders know JPM was trying hard to start that business.
Is anything lurking on the JPM balance sheet? Maybe...hard to say. But they got BSC and Wamu for such a steal I think they have plenty of hidden earnings on that balance sheet that Dimon can trot out to mask other problems.
Posted by guest , Jan 05, 2009 10:59AM
@3/4
Stupid post. No point.
Posted by guest , Jan 05, 2009 11:01AM
@9 you're a fucking idiot. the point is to figure out who it source was, and why they said it (vested interest in seeing JD fail)?
Posted by guest , Jan 05, 2009 11:14AM
In January of 2004 Jamie said he would take JPM stock to $100 in 5 years. Internally, he said he would eat his hat if the price didn't get there. Blythe Masters went out and purchased a hat, which they had glass enclosed as a reminder.
Jamie will be chomping away shortly...and as to @8's comment above about anything lurking on JPM's balance sheet...there is
...tick...tick...tick..
Posted by guest , Jan 05, 2009 11:18AM
Ace reporting there, Charles! You Go!
Posted by merkin capital partners , Jan 05, 2009 11:42AM
2=9
Posted by guest , Jan 05, 2009 11:42AM
@11, what kind of hat? Yanks lid, little Gaspipe style fedora, Monica's beret, Christian Curry's kangol?
Posted by guest , Jan 05, 2009 11:52AM
@14...cowboy hat believe it or not...
Posted by guest , Jan 05, 2009 1:02PM
I read an interesting article on Dimon here a while back.
http://www.noisefreeinvesting.com/blog/?p=425
Posted by guest , Jan 05, 2009 1:04PM
@10
I seriously doubt a survey of the DB readership will "figure out who the source is".
Much more likely that someone with a brain (think Flowers) than all on the list above.
Few of those names have much incentive to bash industry and I think it is a bit of a stretch to argue Meredith Whitney could be a "Wall Street CEO" even under the most generous definition.
Stupid question. Stupid post.
Posted by guest , Jan 05, 2009 1:07PM
@17/9/2- seriously, stop trying to justify the fact that you made a stupid comment at 2 in an attempt to look "insidery" despite the fact that a 3 year old would know jimmy cayne is not currently a ws ceo.
Posted by guest , Jan 05, 2009 1:19PM
Not to start a fight with someone who buys ink in bulk but seriously, stop posting the non-news news twice for additional eye clicks and come up with some real news or your advertisers are going to drop you. Vacation is over.
Posted by guest , Jan 05, 2009 1:30PM
@19 - oooohhh, meooooowww bitch!
Posted by guest , Jan 05, 2009 1:51PM
@20 Always good to get some one on one comment time with Beth.
Posted by guest , Jan 05, 2009 1:53PM
19/17/9/2- this is a weird little thing you've devoted your morning/afternoon to.
Posted by Bess Levin , Jan 05, 2009 2:07PM
hi there, big boy @ 19/17/9/2! (don't bother claiming they aren't all you, you know we have ways of verifying this). i want you to know everything's going to be okay. yes, you're having some sort of personal problem that manifests itself in you letting perfectly standard posts on a GOSSIP site get under your skin to the extent that you must come back and comment over and over and shout "stupid! stupid" all the while knowing deep down how insignificant you are, never making a meaningful impact on the world let alone an anonymous internet message board. i know. and i know hit hurts. but let it go. i think you'll find that when you take a deep breath, step back, and stop trolling the comments section and leaving your bitter musings while simultaneously hate fucking yourself with a belt around your neck, life is a lot more manageable.
Posted by guest , Jan 05, 2009 3:00PM
Bess @ 23: Now that's the bitch-slap we were looking for today, Missy!
Posted by guest , Jan 07, 2009 10:55AM
this whole discussion is retarded. if you look at the amount of consumer-related liabilites that JPM has on its publicly-available statements and watch the increasing trend in credit card charge-offs, you would know they have a problem.
this is not a rumor or some kind of juicy tidbit, it is a fact.
CNBC are not analysts, they are monkeys
Posted by guest , Jan 07, 2009 11:15AM
For those of you curious as to what may be "lurking on JPM's balance sheet" check out the research note attached the article/blog post at Regie Middleton's BoomBustBLog.com. He gives it to you in full detail.
http://boombustblog.com/index.php?option=com_myblog&show=Amid-the-rally-I-look-at-the-Doo-Doo-32-and-their-receipt-of-the-TARP.html&Itemid=92
Posted by guest , Jan 07, 2009 11:18AM
25/26 This is not news and is already in the stock price, same as BAC and C. From the securities analyst's playbook: look not only at earnings power, consider valuation as well.
Posted by guest , Jan 08, 2009 1:46AM
I'm Reggie Middleton, the blogger at http://boombustblog.com referred to by poster 26.
27 - What is not news and is not already in the stock price is the nonsensical representation of the book values of complex securities, the overly aggressive accounting used to value the WaMu acquisition, the rampant credit and counterpary risk and expedited recasting of the option arm portfolio, not to mention what was already mentioned in regards to consumer loans and mortgages. Like poster 26 said, check out the research on the site. The track record is near flawless throughout the entire crisis, and we flagged the monolines, bear stearns, lehman, GGP, MS and GS months before they fell or before the sell side had a clue of what was going on.