Wall Street's Next Hero?
I have always liked Jamie Dimon, and think this article is a tad overdramatic about today's events and more than a lttle rough with him; I think he handled himself well and, IMO, as the majority of the government are caught up in bueraucracy and/or idiocy, no major reform are going to come of this JPMorgan CIO loss.
However, I believe it will be days like today that bring the demise of Dimon. Being the lead banker out of the economic crisis will be the end of him, no matter how good or honest a job he does.
As the article contends:
Dimon was until very recently the last and only voice of authority on the Street, a place that used to have the towering likes of Bob Rubin and Alan Greenspan to look up to. With the last of the credibles no longer, the Street desperately needs some (any) new hero.
Do you think Dimon has long left as the 'hero' of banking?
Who in your opinion (other than your-fucking-self) will be the street's next leader?
Shia
This is subjective.
I completely disagree that the CDS curve trade is going to "ruin" Dimon's reputation. It was a big screwup, but it wasn't a HUGE screwup. Shit like this happens in business. Do you honestly think Jack Welch didn't have his share of problems at General Electric or that Steve Jobs didn't have his share of problems at Apple? The bar lately has been raised to an unrealistic standard in finance nowadays, and plus you still have a ton of self-righteous journalists and senators just trying to make headlines.
I think if anything, Dimon handled the curve trade well by getting out in front of it. What would have been much worse is if they tried to bury it in the footnotes and hope that it didn't blow up when some analysts started digging at earnings time (David Einhorn or someone would go to town on this).
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