This weekend Jamie Dimon (head of JP Morgan Chase) told the German newspaper Welt am Sonntag that he needs "better access for bankers to politicians" and that the banking industry could do with more influence on politicians. He also mentioned the need for a forum where banks can "demonstrate their arguments to politicians and supply them with the right facts" (that wording is from Reuters' summary).
We would welcome a debate with Mr. Dimon in any forum, preferably in public and with TV cameras present. We have previously extended a similar invitation to any bank executives -- including but not limited to the 13 Bankers in the title of our book.
One of the 13 appeared in an off-the-record panel last summer with me; it's not clear that he would agree to do the same again today. One other leading person from the financial sector -- although not a current top executive -- has expressed interest in a public debate; we agreed and now the ball is in his court.
Mr. Dimon regards himself as just trying to make a reasonable case regarding what is sensible public policy regarding banking. We feel the same way about 13 Bankers and the content of BaselineScenario.
If you would like to offer a venue for such a debate or to propose the format, please add that as a comment below or send me email (sjohnson@mit.edu or through this website).
And if you work with or are otherwise in contact with Mr. Dimon, please do share this post with him.
Crossposted with The Baseline Scenario.
Prosecute and fine with extreme prejudice. Watch bank stocks (investment banks and commercial) plummet once again.........Attorney Generals will be charging ahead with fines. Let the bleeding cleanse the fraudulent. Let's jail mainstream the guilty with prison population. This last collapse could have been prevented. No balls (previously) at SEC. No experienced "I give a shot" attorneys working there. Staff standing in awe of the bright shining lie.
CDO’s were underlying assets in at least One TRILLION of bond fund investments, sold to the public by brokers and bankers as less risk and conservative investments.
Join the party; contact your state's attorney general for more justice. States residents who lost money are entitled to recover their loss.
But I'm happy to see you have concluded financial fraud was central to the 2008 debacle. It still is, and financial reform which does not stop it is unworthy of the name. http://bit.ly/aiWZ6s Thanks for your efforts.
He can't make make any reasonable case but he would love to be able to buy politicians so that they see his case fully -100%, instead of the current measly 95%.
Again, these Wall Street parasites do not deserve our respect; let alone wasting our time to debate.
We have to get over this syndrome where the victim (U.S. taxpayer) feels obligated to remain in an abusive relationship.
RE-ORGANIZE GOLDMAN SACHS AND JP MORGAN IN RECEIVERSHIP UNDER GLASS-STEAGALL
Somebody might want to mention K Street in DC to Mr. Dimon; I'm sure almost all US congresspeople would be happy to have Mr . Dimon stage an interpretive water ballet, if he so chooses, on the Senate floor. Also, interesting that Dimon said "the right facts," as opposed to "all the facts."
If they choose to stay in the shadows, I submit that their behavior is no different than a crime syndicate.
He will never debate Simon Johnson or Kwak because he knows they are knowledgeable - perhaps even more so than he.
It's going to take a large, sustained grassroots rebellion to change this equation. I would be happy to see the Huffington Post revisit its "Move Your Money Campaign" with new vigor and inspiration and co-ordinate it with other civil actions against these institutions who are literally stealing from us.
can we also include Chris Dodd & Barney Frank in this debate?
maybe we can even touch on the concept of Affordable Housing
1. MBA Harvard Business School
2. 1982-1985 American Express assistant to Sandy Weill former Citigroup VEO and Chairman.
3. 1985 Dimon and Weill took over Commercial Credit from Control Data to form largest financial services conglomerate in the world
4. 2000 CEO of Bank One, then the nation's fifth largest bank.
5. 2004 President of J.P. Morgan Chase when it acquired Bank One.
6. 2008 Board member of the New York Federal Reserve Bank and CEO of J.P. Morgan Chase
7. 2008–2009 touted as possible United States Secretary of the Treasury.
Following acquisition of Washington Mutual by J.P. MorganChase, President Barack Obama had this to say about Dimon's handling of the real-estate crash, credit crisis, and the banking collapse affecting corporations nationwide, including major financial institutions like Bank Of America, Citibank, and Wachovia:
"You know, keep in mind, though there are a lot of banks that are actually pretty well managed, JPMorgan being a good example, Jamie Dimon, the CEO there, I don't think should be punished for doing a pretty good job managing an enormous portfolio." Barack Obama
“JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it.” Jamie Dimon
Have a nice debate.
So he is a good manager and his bank is well run. So what? Are you telling me that the president can't compliment anyone without that being an indemnity for future action?
Please, grow up! Dimon may be a great manager in a corrupt system, it just means the system has to change.
However, as Mr. Dimon knows, most of the politicians that matter are in his pocket. He who has the gold makes the laws, or at least can buy the cops.