According to Bloomberg, a search and rescue team has located $658.8 million of MF Global customer funds that went missing earlier this week. According to JPMorgan, however, while it is indeed “holding MF money,” it’s not “the missing money” you’re looking for. Go talk to Goldman, maybe they’ve seen it.
…despite a cold, relentless November rain Wednesday night, several hundred people marched to the Sheraton Hotel in downtown Seattle, where Dimon was a keynote speaker at an awards ceremony for the University of Washington’s Foster School of Business. Sixth Avenue in front of the hotel was closed to traffic for less than an hour as protesters tried to block hotel entrances by locking arms. Police used pepper spray to clear a side entrance near the corner of Pike Street and Seventh Avenue so hotel patrons could enter or leave. The protest began at 6 p.m. and lasted 3 ½ hours. They stood outside and chanted slogans, while people inside sipped cocktails and looked down from a reception area with curiosity. The number of protesters dwindled after about an hour because of rain, but more than 100 stayed on to stake out the hotel. They left at 9:30 p.m. after learning that Dimon had reportedly left about 9 p.m. [Seattle Times]
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On today’s enjoyable-as-always earnings call, Jamie Dimon was not ashamed to confess that the Volcker Rule has not yet made its way to his pile of bedside reading material. Understandable! Also, he thinks it’s anti-American. Unsurprising!
Dimon may not be sweating the Volcker details because he thinks that everyone will eventually wake up and figure out the whole anti-American thing and the Volcker Rule will never actually be implemented as proposed. And he’ll do what he can to make that happen. In response to a question from Jason Goldberg at BarCap asking him to quantify the effects of the Volcker Rule on JPMorgan, he said that it’s early going on the rule and “let’s let it work through the process.” That process could include some Dimon-directed lobbying, as he told the analysts on the call that they’d better get their shit together to send in anti-Volcker-Rule comments by the January deadline: “I hope you understand how important this is not just for your own business but for the United States.”
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“You know, Jamie Dimon is one of the greatest bankers, he’s brought more business to this city than maybe any other banker,” Bloomberg said yesterday. “To go and pick on him, I don’t know what that achieves. Jamie Dimon is honorable and works very hard and pays his taxes.” [NYO, earlier]
Jamie Dimon of JPMorgan Chase launched a tirade at Mark Carney, Bank of Canada governor, in a closed-door meeting in front of more than two dozen bankers and finance officials, underscoring mounting tensions between bankers and officials over financial regulation. The JPMorgan chief executive’s remarks to Mr Carney, who is touted as a potential next head of the Financial Stability Forum, the international group of regulators, were focused on a capital surcharge for the largest banks, according to several people who attended the meeting of about 30 bank chiefs…Mr Dimon told Mr Carney that many of the rules discriminated against US banks and he was going to continue to use the phrase “anti-American” because it seemed to resonate with people who might be able to modify the reforms. The atmosphere was so bad after the meeting that Lloyd Blankfein, chief executive of Goldman Sachs and head of the Financial Services Forum bankers’ group which arranged the session, emailed the central banker to try to smooth relations, people familiar with the matter said. [FT via BI]
Over the years, Jamie Dimon has had a little bit of mild unpleasantness with banking regulators. But he’s always been bullish on America, which has formulated a secret sauce made out of “the best universities, best military, best rule of law, most innovation, the hardest working ethic of all.” Most important, America has this little thing called “freedom,” specifically Jamie Dimon’s freedom to run his bank for his shareholders, not for regulators.