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Jamie Dimon recently blew his top when Mark Carney Governor of Bank of Canada chastised him for not supporting important changes to banking regulations. Specifically Jamie Dimon does not like Basel III. Jamie is like a rogue trader. He does not see the necessity of sobering bank regulations that protect the public. But he has no problem in accepting TARP money. Hey buddy that means you got into trouble and had to be bailed out.
Why did he feel justified in crossing swords with a highly respected central banker. Now we learn that Jamie Dimon is not the White House darling that he wants to be. A long time democrat Jamie has not contributed to the Democratic way. He also is meeting with Republican presidential contenders and obviously looking for a new job. He wants to be Secretary of Treasury.
Because Jamie Dimon sits on the board of the Federal Reserve Bank of New York he cannot publicly endorse any presidential candidates. But he can have discrete meetings and exchange a few words here and there. With his democratic roots he has a hard time speaking out against White House approved financial reform policy. So he picks on the Canadian neighbour to the north Governor Mark Carney and calls him anti-American because he wants street cred with Republicans. The GOP is smarter than that.
Jamie Dimon is addicted to risk. The Canadians up north do not have a banking crisis. Maybe we should listen to them for a little bit.
Disclosure: George Gutowski writes from a caveat emptor perspective. I hold no positions in stocks mentioned in this post. I have no plans to initiate new positions within the next 72 hours.
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