Jamie Dimon, Business Council To Meet With Obama About Economy, Financial Reform

Jamie Dimon, the CEO of JP Morgan Chase, is scheduled to dine at the White House Monday evening with President Obama, according to Bloomberg.

Bloombeg reports that Dimon will attend as an executive committee member of the Business Council, a group of business leaders who seek to "foster understanding through discussion."

Other executive committee members, like Angela Braly, the embattled CEO of health insurer WellPoint, will also attend.

Obama will be "soliciting the views" of the Business Council's executive committee about the economy and financial regulation.

Dimon weighed in on financial reform during a meeting of Chicago business leaders last month. Dimon told the audience that he supports only "80 percent" of the legislation. The Chicago Tribune reports:

"It's obvious we need to reform our financial system. JPMorgan has supported most of the things that came out," Jamie Dimon said as he accepted an award Thursday from the Executives' Club of Chicago. "We agree with 80 percent. We might be right on the other 20 percent."

Dimon said he supports consumer protection, but not a separate agency to write the rules, as leading Democrats have proposed. And while he's comfortable moving some over-the-counter derivatives into clearinghouses, he wants exemptions that critics have described as gaping loopholes.

Financial reform could hurt JP Morgan Chase's bottom line. Reform could require JP Morgan to raise an extra $250 in capital and cost the bank anywhere from "several hundred million to a couple billion dollars per year" in derivatives trading.

Dimon is no stranger to the White House. During Obama's first six months in office, the president met with Dimon six separate times (three more times than Goldman Sachs CEO Lloyd Blankfein and 5 more times than former Bank of America CEO Ken Lewis).

Comments

[stargazer13]

11:20 AM on 05/06/2010

bring Ms. Warren to that table as leverage !!

[Carolab]

04:22 AM on 05/05/2010

I H*TE this Sh*thead

[PhilipTaylor]

05:17 PM on 05/04/2010

Is 0bama afraid of the BANKSTERS?

He should be:

Kennedy - Democrat
Lincoln - Republican
Jackson - Attempted - was a member of the Democratic-Republican Party
Garfield - Republican

“Whoever controls the volume of money in our country is absolute master of all industry and commerce... and when you realize that the entire system is easily controlled by a VERY FEW MEN at the TOP, you will not have to be told how periods of inflation and depression originate.”

– President James A Garfield - SH0T four months after he became President - D1ED two months later!

[PhilipTaylor]

05:05 PM on 05/04/2010

LET OUR CHEATING LIVE!

[phuyay]

09:33 AM on 05/04/2010

Obama isn't going to like what he hears from Jamie Dimon and the other business leaders because their formula for economic reform is opposite to Obama's socialist agenda. Barry needs to try something different soon before the economy collapses under his left wing agenda. I've read Dimon's views in the Wall Street Journal and Obama will have none of it. So be it! Six months to a Republican route in November and 3 1/2 years before we send Obama back to Illinois.

[Puller58]

06:41 AM on 05/04/2010

Why people hold onto the idea that Obama is some sort of savior is beyond me.

[atlanta ed]

06:05 AM on 05/04/2010

Hope they get a photo of Barack kissing Jamie's ring.

[worker beenumbed]

05:24 AM on 05/04/2010

Every mortgage backed security should provide a computer list the addresses of every mortgage in the composition.AS Gretchion Mortgenson has suggested.The next Fabrice would have a harder time pushing garbage.

[Abby in CA]

05:18 AM on 05/04/2010

Hmmm one of the securities trusts (ABS) JPMAC2006 series all originated by New Century -- the investors in the trust are suing, hundreds if not thousands of the home loans in that ABS (mortgage pool) were not really in the trust - JP Morgan violating the very PSAs that they wrote - assignments not done (violations of REMIC - IRS) - thus prospectus is not truthful - much more really bad stuff (like forgeries on deed assignments by entities) AND this guy gets invited to the White House for dinner. At least the Salahis were not involved with such elaborate fraud.

[mmille732003]

05:00 AM on 05/04/2010

Hopefully Obama will stay on the side if the people.

[VoteThemAllOut]

04:04 AM on 05/04/2010

Let's see, he will dine at the White House - who is he connected with - J P Morgan?

Draw you own conclusion, I have mine.

[layla1]

03:41 AM on 05/04/2010

Dear Jamie,

We have been in loan modification for 18 months, we have been trying to get a bank statement from JPMorgan Chase for that amount of time, through phone calls and letters to your employees, so far your bank has not found the time to send us one. Perhaps it is because your bank has placed so many fees in the process or perhaps it is because the money has been misallocated or some other reason. Perhaps you could tell President Obama, over dinner when you are taking away the homes of so many people why your bank is unable to send out bank statements to people in loan modification or to make loan modifications.

[Thomasina Jefferson]

03:28 AM on 05/04/2010

Sure, he agrees with the 80% that don't regulate anything and opposes the 20% that would actually regulate the financial sector.
In other words, he is supportive of unsubstantial reform.

[spacemonkey086]

02:42 AM on 05/04/2010

we need the volcker rule and consumer protection. and im not sure the banks should have a say in banking regulation. of course they want it to be easy on them so they can find loopholes and take excessive risk

[Markovich]

02:28 AM on 05/04/2010

So...that means he's the chairman of the Clearing house and JPM and on the board at the NY FED. That's three boards, two chairs and one CEO. Now, anyone think we DON'T have conflict of interest problems with central banking/banking? Anyone still wondering why this all happened? I think it was Stiglitz who said....we wouldn't lend money to our style of central bank if it were in Africa because we'd be concerned about corruption in the design.

Meanwhile, in America with 27 trillion on the line total, 10 trillion realistically....we're not reforming central banking at all.