The air turns warmer, flowers bloom, days grow longer and JPMorgan shareholders indulge in the perverse masochistic fantasy that they would ever dare to strip Jamie Dimon of his chairman title.
JPMorgan Chase & Co shareholders will again vote on a proposal calling for the board to select a chairman who is not the company's chief executive, according to a proxy statement filed on Wednesday for the company's annual meeting on May 16.
The board said in the proxy that it is against the measure, which was proposed by a shareholder who contends that good corporate governance requires an independent chairman. The board and current Chairman and Chief Executive Jamie Dimon have defeated similar proposals in the past.
The Khaleesi of Wall Street is likely more than comfortable letting the little people play-act their toothless insurrection, but what with his busy schedule, Emperor Jamie would just as soon get this over with. You know, like last year...
A year ago, a similar proposal received only 32.6 percent of votes cast at the annual meeting of the company, which is the biggest U.S. bank by assets. The biggest share the measure has won recently was 40 percent in 2012.
Oh sweet, silly owners of JPM stock, if the angry rabble over at BofA can't manage to strip Moynihan of his chairmanship, what chance do you think you have of fighting real power?
May Lord Dimon have mercy on your souls.