“We are one decision away from restoring our fiscal and moral authority from around the […]
J.P. Morgan named finance executive Marianne Lake to succeed Douglas Braunstein as chief financial officer […]
We want to invite you out for a night of drinking and yelling that we’re hosting alongside our bros at Above the Law. Join us on Feb 18th in NYC for an open bar and a short panel discussion featuring special guests! Think of it as a boozy safe space to defend your role in the destruction of America.
JPMorgan Chase Chief Executive Jamie Dimon said his company has lost up to $10 billion […]
Dimon recalls that when he e-mailed his senior executives, back in 2010, first proposing the […]
As you may have heard, Summer 2012 was not the best of times for JPMorgan CEO Jamie Dimon. On May 10, after having said that a Bloomberg story about one of its London traders making very large, very worrisome bets was but “a tempest in a teapot,” the bank announced that said trader had lost approximately $2 billion. On May 11, it was suggested that Dimon’s title of most loved-banker on Wall Street was up for grabs. On June 19, Dimon was forced to testify on Capitol Hill. In July 13, JPMorgan was forced to revise the $2 billion loss to $6 billion. Associates who surrounded Dimon during these days said that the stress was visibly wearing on him, and that it was arguably one of the worst periods of his career. And while senior executives logged long hours and gave up weekends and holidays to help deal with the fallout, gathering documents and unwinding trades and trying to manage the crisis, only one busted his ass to actually give Jamie Dimon what he needed: Jimmy Lee.
After spending much of July 13 again explaining the trading loss to the media and to research analysts—including making the stunning admission that the traders in London may have intentionally mismarked the trades to make them look less egregious, a potential illegality that the Justice Department is still investigating—the exhausted Dimon got an unexpected call from Tom Brady, the star quarterback of the New England Patriots. (Jimmy Lee, a legendary sports fan, had arranged for it.) Brady reminded Dimon that even Super Bowl champs have bad days and told him “to hang in there.”
And after thinking about it and thinking about it and thinking about it some more, snapped his finger and said, “I’ve got it- we need to get Tom Brady on the line.” And then gathered his five secretaries in his office and told them to clear his and their schedules because they needed to get this deal done by the end of the day. And when he finally got Brady on the line, assured him that the call would be welcome and that it wouldn’t be awkward* or seem out of left field. “Just tell him he’s got this. Tell him that if banking or football were easy everyone would be doing it. Tell him that even on your worst day, you still get to go home and bang that little Brazilian of yours. No, wait, scratch that. Tell him you can’t generate profits and be responsible for the losses at the same time. Tell him, ‘Keep your chin, up, kid.’ Tell him you’re down by 7, you just took a huge sack, Gronkowski’s got a broken leg and you’re not wearing a cup. But there’s still time left on that clock, Jamie D. And as long as there’s time left on that clock, you’re going to score a mother fucking touchdown. Tell him, ‘Go get ’em, Tiger.’ You still there, pal?”
Jamie Dimon, the outspoken chief executive of JPMorgan Chase, sat down on Tuesday for what […]
“Swung by @JPmorganchase and got to see where all the action takes place.“ [Meghan Musnicki]
Corporate venture capital has begun to rival “traditional” venture capital and angel investing in its importance as an investment source for healthcare industry innovation. However, unlike VCs and angels, there is a dearth of information on how the various players in the corporate venture sector operate.
“And I want you to know the London Whale issue is dead,” Jamie Dimon recently […]
In spite of JPMorgan Chase’s well-publicized loss of more than $5 billion, just 14 percent […]
Who wins the call-the-Whale-close? The headline number is a $4.4 billion loss this quarter but […]
“Many companies have transactions that go bad,” Greenberg said today on “In the Loop With […]
JPMorgan disclosed on May 10 that it had a $2 billion trading loss because of […]
J.P. Morgan has added at least five new employees over the past month to the […]
The House’s ping-ponging alternation of smacking and caressing Jamie Dimon today got pretty boring but […]
“Mr. Dimon, I thought you loved New York. Why did all this activity take place […]
So, 1. How dare you, lady? Lloyd’s impish smile and comedic timing don’t do it for you? And 2. We thought these kind of blows were reserved for Vikram.
If we’re being totally honest, while it had its moments, last week’s Jamie Dimon Congressional hearing to discuss Whale Boy was a bit of a letdown, theatrically-speaking. This was probably due in large part to the fact that it was conducted by the Senate Banking Committee, and the Senate typically comes off intelligent and reasonable compared to the House,* and proceeded accordingly. As we surely don’t have to tell you, this is not the kind of hearing we are interested in.
We are interested in hearings that involve Congressmen and women screaming “I CAN’T BELIEVE YOU HAVEN’T BEEN PROSECUTED YET!!!” at financial services employees and accusing them of dressing up as Girl Scouts in order to deceive the public. We are interested in hearings that involve the use of the term “smart-alecks.” We are interested in hearings that involve subjects being told to be more like Magic Johnson. We are interested in hearings that involve subjects who’ve never worked for Goldman Sachs being grilled until they break about working at Goldman Sachs. We are interested in hearings that involve bath salts, or the suggestion that the people conducting it have taken a bunch of them and at any moment might leap across the dais to eat the witness’s face off. Fortunately, we might get the chance for all that and more tomorrow, when Dimon makes another trip down to D.C. to appear before the House Financial Services Committee to talk whales.
In House Testimony, Dimon Sticks To Script [Dealbook]
*Make no mistake, most of them fell short of becoming Rhodes Scholar Quarterfinalist
s, but we’re speaking in relative terms here.
“He didn’t win. He’s a loser. How? You lose when you go in front of Congress and you lose when you go out. Anyone that declares him a winner is wrong…He walked in a loser. Testified. Walked out a loser. And by the way, he agrees with me. He knows he’s a loser with no control and doesn’t even know what happened in his own bank…A loser. Crisis PR is psychiatry. You go in there as a guy who is stupid, you don’t come out being smarter. You don’t. You come out just as stupid…He’s a loser…This is not Michael Corleone with Frank Pentangeli in the back of the room. This is not Nevada gaming licenses…He’s a loser. It’s okay, man. He’s a loser. Maybe next year he’ll be a winner but he is a loser. Okay.”
“It is be the best in the world.” We should give thanks and “stop shooting […]
As you may have noticed, Jamie Dimon has had some unwanted attention thrown his way over the last several weeks, on account of one of his employees losing a few billion dollars. Though the JPMorgan CEO has been dealing with public displays of hate previously reserved for Lloyd Blankfein and Goldman Sachs, and will certainly be on the receiving end of a lot more tomorrow when he testifies on Capitol Hill, he has had a few people come to his (and his bank’s) defense. Yesterday Stephen Schwarzman told Bloomberg to lay off JD and JPM, noting that “occasional losses are inevitable” and “publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system,” while former Goldman exec Bill Archer said the whale fail makes him just “kind of shrug.” Lee Bollinger, who is President of Columbia and chairman of the Federal Bank of New York’s board of directors told the Journal that Dimon shouldn’t step down from his post as a director, as some have requested, and that those who cite conflicts of interest have a “false understanding of how [the Fed] works.” Some individuals from the Columbia community read Bollinger’s comment and, spoiler alert, are not happy. Enter, a strongly worded letter.
Mr. Lee Bollinger
President of Columbia University
Office of the President
202 Low Library
535 West 116th Street, Mail Code 4309
New York, NY 10027
Dear President Bollinger,
As faculty, alumni and students of Columbia University, we are writing to express our deep disappointment in your recent decision to support JPMorgan Chairman and CEO Jamie Dimon’s continued membership on the Board of the New York Federal Reserve Bank.
As the Chairman of the Board of the New York Fed, your unambiguous duty – as stated by the Guide to Conduct – is to maintain “the integrity, dignity, and reputation of the Federal Reserve System . . . and to avoid actions that might impair the effectiveness of System operations or in any way tend to discredit the System.”
By supporting Mr. Dimon’s tenure you abdicated this basic responsibility. By echoing Mr. Ben Bernanke’s remarks that it is up to Congress to address this problem, you denied your duty to ensure the integrity of the Fed. By stating that Congress has more pressing issues to address than this one, you, in essence, urged inaction by all parties capable of affecting this important change. Surely you understand that a functioning financial system is a pre-requisite of our country’s economic recovery. By characterizing those who wish to see Mr. Dimon resign as “foolish” and in possession of a “false understanding” of how the Fed works, you have added insult – and inaccuracy – to the injury of encouraging this institution to continue in its current form.
It is worth reminding you that JPMorgan Chase is currently under investigation for its recent $3 billion trading loss – a loss Mr. Dimon initially denied and then characterized as a ‘tempest in a teapot.’ It may also bear repeating that Mr. Dimon has long campaigned aggressively against important regulatory reforms designed to prevent excessive risk taking by Too Big To Fail institutions – institutions the Federal Reserve saved with $3 trillion dollars in special lending facilities and which Congress bailed out with $700 billion of taxpayers’ money. Certainly Mr. Dimon has no place as a leader of this institution.
We urge you to reverse your support for Mr. Dimon and call for his immediate resignation. By way of reminder, there is precedent for this kind of action. In April 2011, Jeffrey R. Immelt, CEO of General Electric, stepped down from the NY Fed after it was clear that GE Capital would be regulated by the Fed as a ‘systematically important’ financial institution. As one of the largest banks in the world, JP Morgan is similarly – if not more ‘systemically important.’
As an educator, you have a special responsibility to demonstrate moral and intellectual credibility, something you have failed to do in this situation. As the president of a university, you have a responsibility to ensure that students have the best possible opportunities upon graduation. Surely you understand the connection between the unemployment crisis facing young people in America and the 2008 financial collapse. That collapse not only threatened the employment potential of millions of American students, but also risked the fiscal health of the parents and grandparents who co-signed their educational loans. That you would choose to uphold the interests of major financial institutions over students and their families is unimaginable. We certainly hope that the contributions made to Columbia by JPMorgan – sums north of $500,000 – had nothing to do with your decision.
Three years after the biggest financial crisis since the Great Depression, the country is struggling to rebuild its economy. A stable and appropriately governed financial system is a critical pre-requisite of our recovery. As the Chairman of the NY Fed, we urge you to take the obvious step of demanding Mr. Dimon’s resignation.
Current Students, Alumni and Faculty of Columbia University
Graduate Student and Alumnus
Professor of Economics
President of the National Housing Institute Charles H. Revson Fellow, 2004
Asst. Clinical Professor of Medical Psychology in Psychiatry
Alumnus and Adjunct Faculty
CC Class of ’09
Associate Professor of Psychiatry
Class of 2012
Alumnae -GS of Arch & HP
William D. Hartung
Center for International Policy
Columbia College Class of 1978
Faculty, Medical School
Columbia College, ‘95
Adjunct Faculty and Alumni
Union Theological Seminary
Professor of Clinical Psychiatry,
Alumnus College ’76, GSAS ’78, P&S ’82
School of the Arts Alumni
Professor of Philosophy
Columbia College Class of 1991
Class of 2016
National Domestic Workers Alliance
Columbia College 1980
Alumnus Class of 2012 & SIPA student Class of 2014
BC Alumnus, Class of 2011
Eric J. Schoenberg
Adjunct Associate Professor
Columbia Business School
The Honorable David Segal
Former RI state representative
Founder and Principal, ASO Communications, Columbia College ’99
Current student of Negotiation and Conflict Resolution, Class of 2013
Denise J. Tartaglia
Co-Founder, Progressive Change Campaign Committee, Columbia University alumni, SOA ’07
Thomas J. Yager
Associate Research Scientist, Mailman School of Public Health
BreakingViews has a couple of posts up about one of my favorite things in the […]