Last Wednesday, one day before news broke that JP Morgan Chase suffered a $2 billion trading loss, David sat down with the company's CEO Jamie Dimon.
In the interview, Dimon highlighted the now-stalled Simpson-Bowles economic plan as a "fabulous road map" to help get the country's fiscal house in order.
Although he is disenchanted about the partisan gridlock in Washington, Dimon hopes that both parties will "split the difference in half" for what he believes is the good of the country.
Moreover, he argues that passing it would have symbolic value. "If we do something like Simpson-Bowles, I think it'll show that America once again can come back."
Dimon, the man once dubbed "America's least-hated Banker," also said he was worried by the amount of negative attention directed at his colleagues on Wall Street during the past three years.
"Finger pointing, scapegoating, yelling and screaming; I've never seen it fix something," Dimon said, later adding, "Not everyone on Wall Street was bad."
However, he believes that the failure of our nation's institutions are what Americans should direct most of their anger.
"Washington and Wall Street are the epicenter. I blame both of them," Dimon said.
You can watch David's entire interview with JP Morgan Chase CEO Jamie Dimon above to hear more of his thoughts on the economy, and what America can do to speed up recovery.
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I imagine, after "The London Whale" rolled snake eyes last week, Mr. Dimon is eating a little crow pie and feathers with his eggs Benedict for breakfast this morning.
Apparently, the $2 billion loss from Credit Default Swaps is only the tip of the iceberg, and, so far, it's actually $17+ billion and counting as the week progresses and things will undoubtedly get worse.
Dimon never would have copped to the $2 billion loss unless more bad news about JP Morgan is in the pipeline. $2 Billion is petty cash to JP Morgan - Dimon's cigar and cocktail change.
Leahman Bros., MF Global, and JP ______________— ( fill in the blank).
I totallly agree with you. As a stockholder, I can only imagine what is coming our way and how a so called "stupid mistake" is going to continue glorifying this man that we keep on giving 20 Milliion in compensation every year.
When one of the employees at at branch, let say a Teller, make a simple little mistake of $50.00, can you ask this man what happens to that employee? Well, he allows for this "stupid mistake" of so many billions to happen - I am sure that we will never know the real amount - then his name deserves to be buried in disgrace, collect money from him and his senior leadership that is still covering for the mistake and get all of them in jail immediately.
How is it that he goes around with body guards and when he goes on "branch visits" the hourly employees are not even allow to look at him, nevertheless talk to him? Could it be that he is the Golden Child? Why does he request a Baby Grand Piano when he stays in hotels when the bank is conducting employee meetings and he is so untouchable? Let's get real, he needs to be let go and the regulators get more strict about all this non-sense going on with upper management at the financial institutions.
I sincerely hope that we take this serious.
I agree with you and as a JPMorgan stockholder, I would like for him and his so call Senior Management to be fired immediately.
Just ask this guy what will happen to an hourly employee at one of his branches, for example a Teller, what happens when they make a mistake? Do they get a second chance? NO
To uses his own words: His name needs to be buried, in disgraced, along with all the ones around him seating with big titles and earning a salary that they clearly do not deserve; collect the money lost from their accounts and their properties and send them to an isolated island to die miserably.
He is a thief!
He's right about one thing--Govt & Banks share the blame. As for the rest, Dimon curries understanding and forgiveness but fails to extend that empathy toward the mortgageholders whom Chase robo-signed out of their homes after Banks caused an economic distress that cost them their jobs and savings.
He talks about his work with veterans. Chase was the bank who was foreclosing on active soldiers' families and only backed off when the publicity got too bad.
No credibility.
I totally agree with you. Futhermore, as a stockholder, I sincerely believe that his name is buried in disgrace to the American public along with the senior leaders that are now at JPMorgan.
He needs to get fired immediately.
We should aks him: What happens when a simple employee from a branch makes a "stupid mistake" of $100.00? Does that employee gets a second chance? Well, he and his partners DO NOT deserve an opportunity now and the regulators need to get tougher with all these executives.
Their salaries need to be revised and substantially lowered along with the benefits that they receive. The employees doing the work and liable to make mistakes, based on their orders, are the ones that need to be gratified.
Get Jamie Dimon out of our faces now!
Mr Dimon's comments no doubt are self-serving and designed to protect his flanks by making some appeal to both sides of the aisle, but no less refreshing for having the opportunity to place the necessary percentage of blame / responsibility at the footsteps of the Dems -- something nearly unheard of on today's liberal media outlets.
Know who's truly the most OBESE in America? Our Gov't and Wall Street.
There is a man who is willing to tackle both head on - centering his campaign around Campaign Finance Reform because until we get money out of Gov't, we'll continue to face money-motivated roadblocks to reform in all divisions and industries.
His name is Buddy Roemer and he's running Independently on www.americanselect.org - TODAY is the LAST DAY to LET YOUR VOICE BE HEARD, America. It's the first online primary EVER. Don't miss this great opportunity to elect a 3rd candidate who can bring relevancy to issues that are worth debating.
Background on Buddy: Harvard graduate in Economics & also Harvard MBA. Turned around the economy as Gov. of Louisiana & 4 Term Congressman under Reagan - never accepted any lobbyist financial lures under either position. Founder, President and CEO of a community bank that mostly dealt small business loans, raised $650 million in capital, received no bailout money, and restructured loans instead of foreclosing on any customers - bank's name is Business First and Buddy is ALL about putting business first and getting corruption out of the Gov't and Wall Street.
Stand up for what's right - don't settle for Obamney as they are merely puppets bought by big money. There are humans out there with a conscience and want to do what's right for Americans. And they're campaigning with heart and soul on Americans Elect DOT org.
I would vote for Buddy Roemer in a hearbeat.
Why do you have to call this guy Mr. Dimon? Just call him the deceiver and liar of our times.
I can't speak for Mr. Gregory but I'd guess that he calls his guest Mr. Dimon because it is Sunday Morning & he is polite.
...or Jamie Dimon can open up a direct phone-line to all of the investors who depended competency???Let's see what they would call him!!!
I thought Mr. Dimon's comments were very rational & I hope to hear more from him in the future.
That said, I do agree with Avispa regarding what would happen to a branch bank employee over a $100 (or less!) mistake. There does seem to be a bit of a double standard at work here.
@!$%# happens ! In the ned of the day, Jamie is a class act. Came clean and will clean house. Monday action on WS will prove him write
April 4, 2012(Reuters) - JPMorgan Chase & Co CEO Jamie Dimon received $ 23.1 million in compensation in 2011, an 1 1 percent increase fr om the previous year, the company said in a public filing on Wednesday.
Get real everyone - Maybe they are polite with Dimon because CEO of NBC seats on the board of JP Morgan?
April 4, 2012 (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon received $ 23.1 million in compensation in 2011, an 1 1 percent increase fr om the previous year, the company said in a public filing on Wednesday.
The fundamental issue is that you get a great big atta boy and a big bonus for making spectacular trading profits. If you lose, you will probably have to go to work across the street. So gambling with the bank's money is the rational course to follow.
Heads I win, tails you lose.
If the CEO from NBC is on the Board of JPM, more reason for him to fire Jamie.
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Joseph what is your point? Why dont you mention that this is the best and mot profitable bank and that it made 19B last year
"Washington and Wall Street are the epicenter. I blame both of them," Dimon said.....
Of course, he takes no responsibility, but does know something went badly wrong. JPM stock lost about $10B in value in just one day, the day the bad bet was announced.
It created a nice buying opportunity for the stock; it pays a decent dividend. They won't be going the way of Lehman Bros any time soon.
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The original Dodd-Frank financial regulation, that the GOP wants repealed, prohibited this speculation. The bank lobbyists swarmed on the rule makers complaining that too strict regulation would put them out of business. The rules got watered down.
The big banks should go out of business if they can only make money in the casino.
Bring back Glass-Stegal!
Jamie fall on the sword! 2008 revisited "the whale" is still floating on tax payer funded bail out money through stimulus.
Precisely...because all of the money that is being deposited(including stimulus funds) with Jamie Dimon's ilk cannot earn any interest due from savings
One way to say what he did is to claim that he lost $2Billion...but another way to say it is that he was afforded the "right" or "privilege" to take more of the exact same high risk BETS with their investors' $$$ and simultaneously causing irreconcilable damages to the Total Economy as a result!!!
The question should be: Where did the $$$ go???
i mean the $$$ was spent so someone did profit, right???
And, theoretically all spending in a Down Economy is good, because as money changes hands it should have a multiplier effect into the Economy through taxation, wages and the overall resource spending that discretionary income allows and provides for... But this sounds a lot like trickle-down, i know!!!
Only problem is that these guys are not paying taxes on their holdings and/or income and the worst of all these problems is that they are not paying out wages:(Hence the lack of job creation)...No...instead...they chose to pay-out huge Bonuses to singular individuals who are being paid to apparently "lose $$$" to other singular individuals that are making gains on the losses Jamie Dimon caused to the masses!!!
These guys are the 1%... they are the guys that juggle Our $$$, while enriching fellow 1%ers off of the misplaced Trust We have mistakenly allowed them to exploit!!!
If individuals that only made minimum wage would have realized that they couldn't afford a $200,000.00 house with no down payment and not been so trusting of their lenders, the '08 crisis may not have occured. The lenders didn't care, as long as they made the sale. They weren't on the hook, because the mortgages were sold to investment banks and packaged as MBS's and sold to others as investment grade securities. There was plenty of blame to go around. If something sounds too good to be true, it probably is. There is no free lunch. Bottom line... if you don't have the money, don't buy it.