Today after weeks of rumours Mark Carney was officially appointed the new Governor of the Bank of England. Not that long ago Jamie Dimon of JP Morgan (NYSE:JPM) was telling off Mark Carney not appreciating Mark Carney’s comments about the economy. Mark Carney until today was Governor of Bank of Canada. Long ago he worked for Goldman Sachs (NYSE:GS)
Then Jamie Dimon fell out of favour with the Obama administration and kissed his chances of becoming the next treasury secretary good-bye. Oh then he had the trading problem with the London Whale. Throw in the LIBOR price setting scandal for good measure.
Mix it all up.
Well lets put it this way. Chairman and CEO’s of large New York money center banks are supposed to be influential. They need to get stuff done. Jamie Dimon has few cards in his hands. When the JP Morgan board realizes this they will have to do something about it.
Obama will not give him an ambassadors post. I don’t see Jamie Dimon happily teaching.
Its layered and nuanced but it will be very real. Jamie Dimon’s gonna have smaller and smaller pieces if the pie and shareholders will suffer. Who on JP Morgan’s board has the balls to manage this one.
George Gutowski writes from a caveat emptor perspective. Follow him on twitter@financialskepti