As you may have heard, recently some JP Morgan shareholders have been making a lot of noise about their desire to strip Jamie Dimon of his gig as JP Morgan Chairman. Their argument centers largely on last summer’s incident in which one of the bank’s employees lost $6+ billion on a trade. So far the board has rallied behind JD, but until today, we hadn’t what veterans of the business community thought of the matter.

What, for instance, is Ken Langone’s reaction to the idea that Jamie can’t hold down two jobs at the same time? It’s horse shit, is what!

“Nuts!” he told Bloomberg TV the afternoon. “It’s nuts!” 1. Jamie Dimon is the best CEO in America, nay, the universe 2. JPMorgan is so good is can afford things like the Whale. 3. Ken loves Jamie, as a human. 4. This “whole nonsense about governance is a lot of horse feathers” to Big Langs and 5. Unrelated but important: Ken Langone would like to remind you that he once vanquished Eliot Spitzer.

Stripping Dimon of Chairman Title Is ‘Nuts,’ Langone Says [Bloomberg]
Langone, Farley On Dimon’s Role At JP Morgan [Bloomberg TV]
The Many Loves Of Ken Langone [The Market Now]

Comments (4)

  1. Posted by guest | April 26, 2013 at 3:32 PM

    With friends like this, who needs friends

  2. Posted by Pay Per View Quant | April 26, 2013 at 3:35 PM

    This guy and Icahn either debating each other or as a doubles team against Ackman and Matt, if he's ever found and/or isn't too busy at his new hedge fund job.

  3. Posted by Guest | April 26, 2013 at 5:05 PM

    If I close my eyes I hear the crotchety old man that argues with his buddies in a booth at McDonalds every morning.

  4. Posted by STeve | April 26, 2013 at 7:45 PM

    Goldman didn't need a tarp bailout when they were getting made whole via forced AIG trades. Network of smaller banks harder to get in the same room, but most likely diversicaton of institutions would have negated the need to get them in the same in the room to begin with!