Jamie Dimon Chair and CEO of JP Morgan (NYSE:JPM) is beginning to resemble James Cagney in some of his film roles as an unyielding, unrepentent, tough guy who was not going to take anything from any body. You see? BTW I think Cagney robbed some banks as well.
Just to summarize some of the points which have not influenced Jamie Dimon
- London Whale debacle destroying shareholder wealth
- Publicly arguing with Governors of Central Banks
- Falling out of the running to be Secretary of Treasury under President Obama
- Trying to get cozy with the GOP to get the same possible job back
- Two major proxy solicitation services recommending Chair and CEO position be split.
- Public recommendations that certain independent board members not be re-elected.
- Independent board members meeting with third parties about some or all of the above.
- Federal Regulators saying they do not trust JP Morgan.
- Major institutional shareholders feeling very uneasy about it all. Thats not a vote of confidence.
- Warren Buffett making public statements of support indicate Jamie Dimon does not have the support you would think he should have as the Chairman/CEO
Regardless of where you stand on this issue; because it has become an issue of the tar baby variety it will not go away in a satisfactory fashion. It is a huge distraction.
If there is a final shoot out of the James Cagney fashion shareholder wealth will be destroyed. Who then will be the “Dirty Rat”
George Gutowski writes from a caveat emptor persepctive.
- Jamie Dimon Black Swan Waiting. JP Morgan’s Coming Political Demise $JPM (financialskeptic.wordpress.com)
- JP Morgan Executives Emergency Life Boat Drills $JPM (financialskeptic.wordpress.com)