Tags: Glass Lewis, ISS, Jamie Dimon, JPMorgan, shareholder activism
Hahaha no he didn’t almost lose his chairmanship at all, come on. Anyway here’s a thing:
Dimon has also been a fierce critic of President Obama’s economic policies, including parts of the Dodd-Frank banking reform bill. Many union pension funds as well as public officials running large pension funds have vocally supported the president’s economic and regulatory policies, and the recent shareholder vote was designed to quash Dimon’s public criticism of these policies, people inside JP Morgan say.
That’s from Charlie Gasparino’s report today that the House Financial Services Subcommittee is going to hold a hearing “into whether proxy advisory firms are pushing political agendas rather than serving shareholder interests,” which I guess is no sillier a hearing than most other hearings. More things:
Executives at many companies have complained to Congress that such battles are fraught with politics, with advisory firms often pushing the political agendas of some of their biggest shareholder clients at union and public pension funds.
There’s much to unpack there1 but the basic questions are: Read more »
Tags: Bank Reform Bitch, Jamie Dimon, JPMorgan, whips
The real JD ended up faring pretty well for himself; the inflatable one, pictured above with noted Bank Reform Bitch,* who gathered outside 270 Park with other other activists today to protest Dimon keeping the his chairman title, can’t say the same thing! Read more »
Tags: "god this is great", happy endings, Jamie Dimon, JPMorgan, shareholders, votes
He said he was going to quit if stripped of the chairman role, and god damn it, he meant it but luckily: 1. It did not come to that and 2. He got distracted watching that Harlem Shake video Lloyd sent him and fell down a rabbit’s hole of different versions on YouTube, waking up this morning with his face on the keyboard and an email that began “I believe it was John Pierpont Morgan who famously said, ‘You can all go fuck yourselves’” saved to drafts. Read more »
Tags: Jamie Dimon, Jimmy Cayne, JPMorgan, just jealous
“’They’re jealous,’” former Bear Stearns CEO Jimmy Cayne says about Dimon’s critics, in a rare interview since JPMorgan bought the foundering investment bank in March 2008. “’They’re looking at themselves as being unfortunate and being underpaid and being underappreciated, and if there’s a piñata out there to take a swipe at, who better than somebody who’s got everything that they don’t?’” [BusinessWeek]
Tags: CommonWealth REIT, governance, Jamie Dimon, JPMorgan, proxy access, shareholder proposals
CommonWealth REIT, a REIT that has more or less decided to enthusiastically own the title of “worst governed company in America,” did a pretty great thing yesterday:
Following the appeals of activist investors, shareholders of office landlord CommonWealth REIT on Tuesday forced the resignation of a trustee on the company’s board, Joseph Morea, by failing to give him a majority of votes.
The rest of the board didn’t need to look far for a replacement. On Wednesday, the board announced it had voted Morea right back into his old seat.
Morea lost a binding shareholder vote on whether he could keep his job – “CommonWealth’s bylaws require directors to resign if they don’t get a majority” – and the board told the shareholders to go fuck themselves.1
The sense I’m getting is that Jamie Dimon is going to win his can-he-still-be-chairman vote, which I find a little disappointing – not because I want him to stop being chairman, but because the truly Dimonesque move here would be to lose the vote and stay chairman anyway. “Think I’m too unconstrained? I’ll show you unconstrained!” etc. It would fit well with this: Read more »
Tags: check yourselves, Jamie Dimon, JPMorgan, threats, votes
You wanna play hardball? James Dimon is game. Read more »