Who wants Jamie Dimon’s job?
It’s Jamie Dimon day for me today, I’ve offered to write a first draft of a Alternative Banking piece on the JP Morgan $2,000,000,000 “hedging loss” that he announced last week and which resulted in a 12% stock price loss in the past 5 trading days. There are many sordid details to wade through to prepare, but here’s the question I’d like you to think about for a minute.
Who would want to take that job once he resigns or gets booted?
I’m thinking the world is divided into people who are realistic about how ridiculously large and unmanageable any too-big-to-fail bank actually is, and the psychopaths that think they are the guy who can tame the beast. Jamie Dimon was definitely one of the most psychopathic of the original crowd of CEO’s left over from before the credit crisis, and honestly he played his part so well it was amazing. It didn’t hurt that JP Morgan was never the worst example of any kind of underhanded and outrageous risk-taking, until now.
For example: Dimon consistently and vehemently complained about any regulation as “strangulation” for his industry, and as anti-american. He was so adamant that people (read: regulators, politicians, and the Fed) took him very very seriously and he was on the verge of fatally weakening the Volcker Rule. We’ll see how that pans out now, but I’m hopeful for something a bit less pathetic.
Is there anyone left who can take that over? Who has the required psychopathic balls?