Seems like there's something for everyone in Jamie Dimon's
While some are focusing on the CEO's apology for helping to ruin the economy or discussion of his succession planning, it is Dimon's defense of the role of big banks in the economy and of the contraction in lending that are attracting the most attention--not all of it favorable.
One of the most critical takes is at the blog Naked Capitalism, where Yves Smith writes, "At best, Jamie Dimon’s defense of too-big-to-fail banks like his own JP Morgan is a vivid illustration of Upton Sinclair’s saying, 'It is difficult to get a man to understand something when his salary depends upon his not understanding it.' But Dimon’s patently
The Wall Street Journal's Deal Journal blog is only slightly less detracting. "Roughly 18 months after U.S. taxpayers bailed out the financial system, James Dimon is still looking at that
Corkery notes that while Dimon has always said his bank didn’t need the $25 billion in Tarp funding, he goes a bit further in his letter the shareholders, saying he regrets the bank tapped the FDIC’s guarantee program to issue $40 billion of debt. The cost of accepting the funding was that politicians and the public got the impression that all banks needed a bailout.
But some other publications think Dimon is just telling it like it is. Forbes said Dimon "deserves
The magazine notes that Dimon "also appears to use the letter to build the foundation for an argument against the Volcker Rule."
Similarly, the blog 24/7 Wall Street says that "politics aside,"
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