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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsQuelle Surprise !!!: One out-of-touch rich man sticks up for another out-of-touch rich man
RANCHO PALOS VERDES, Calif. (MarketWatch) -- Jamie Dimon, the embattled CEO of J.P. Morgan Chase & Co., received some moral support from New York's mayor this morning. Michael Bloomberg, speaking to reporters at the All Things D conference near Los Angeles, was commenting on the recently disclosed trading losses at the bank and the criticisms leveled at banking star Dimon. "Jamie Dimon is as good a banker as there is. J.P Morgan is as good a bank as there is. Did they screw up? Yeah, they screwed up." The bank has reportedly lost more than $3 billion to date on soured positions in derivatives markets. The losses have drawn criticism of Dimon and calls for more regulatory oversight, as well as for Dimon's removal from a role at the New York Fed. In supporting Dimon, Bloomberg said, "Dimon is a very smart, honest, great executive. The controls failed. He'll look at that and fix it."
http://www.marketwatch.com/story/dimon-gets-kudos-from-nyc-mayor-bloomberg-2012-05-31?link=MW_home_latest_news
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Quelle Surprise !!!: One out-of-touch rich man sticks up for another out-of-touch rich man (Original Post)
marmar
May 2012
OP
1StrongBlackMan
(31,849 posts)1. Probably true ...
Bloomberg said, "Dimon is a very smart, honest, great executive. The controls failed. He'll look at that and fix it."
But he'll fix it faster, if regulations indicate there is absolutely NO chance the non-shareholding public will bail them out!
librechik
(30,678 posts)2. true, but unwittingly damning.
Really? Seven billion dollar OOPs and every abusive bungle Dimon masterminded previous is the best there is? I guess so.
HubertHeaver
(2,522 posts)3. We need to know who is on the other side of that trade.
You know, the people who gained 3 billion. Who are those people and is Jamie Dimon one of them?
Marr
(20,317 posts)4. Well, if even a sincere banking genius could do this, we obviously
need much more stringent regulations.