That's why I'm richer than you!
Not sure if this has been discussed here but I think this is great demonstration of the attitude you need to have to be a BSD.
Dimon vs Mayo, take a look:
http://www.bloomberg.com/video/dimon-throws-down-at-investor-conference…
What do you think?
I'm a huge fan of Dimon, and while it's all fun and games in private to make this kind of comment, I think it was a pretty shitty PR move. Especially given how much people already hate bankers. This is just adding fuel to the fire.
Agreed. Definitely not his smartest move. Ballsy ≠ smart.
I wouldn't worry about the general public hearing about this.
A video link was on Bloomberg within an hour. I'm pretty sure this could find it's way into the MSM easily. CNN/MSNBC would love an opportunity to shit on the industry, especially when it is handed to them on a silver platter.
Haha, yeah good point because it's so tough to flip on a liberal national news station while you're at home on the dole.
Foolish. The last thing he should bring attention to is comp. Given performance lately/Cutting 17k jobs/2bn they lost
Pretty baller when you can tell a person who makes 1MM+/year that they suck. But yeah, probably unneeded publicity. I wouldn't be surprised if people liked the swagger and they got some business from it though.
This is all over the leftist blogs, so yeah, I think this was a mistake.
More to the point, he avoids the question.
One other thing: saying that banks have more capital than they know what to do with is another PR blunder, it should have been worded "Banks are being disallowed to put their capital to work".
I like Dimon, but I think he's definitely off his game lately.
Lloyd has been running circles around Jamie lately.
Jamie: "That's why I am richer than you" (Originally Posted: 02/26/2013)
BA
Doesn't everyone decide which bank to hold their money at based on capital ratios? /s
http://www.businessinsider.com/mike-mayo-says-shareholders-must-lead-wa…
This has been ongoing, and pretty much every bank hates him. Also, why the fuck does it say hes an MD?
Heard this today. Gotta love Dimon here, and I'm in ER.
Poor UBS, everyone is hating on them now.
dude asked a simple and fair question regarding capital ratios. dimon answered like a true elitist prick...
Mike Mayo is on every banker's shit list, and has been for a while. Sandy Weil barred him from calls. JD was being a pretty big douche though; I mean the Fed does subsidize their business model.
yea, i don't really follow ER or the banking industry as much as i should; never heard of Mike Mayo either. all i know is that there had been rampant mismanagement in the financial sector this past decade, so if i were an investor in that sector i'd probably pay attention to the analyst on every banker's shitlist. and when a CEOs brushes off questions on the bank's fundamentals, i'd start getting worried.
Mike Mayo may be annoying, but this is the same analyst who grilled banks for their high leverage ratios in 2006-2007. At that time they were making so much money, they laughed in his face. I liked JD alot before this, but his response shows poor judgement.
Bad response from Dimon
Mike Mayo is the man. I recommend his book, "Exile on Wall Street," to anyone interested in a highly rated bank analyst's viewpoint on the crisis and some unique ideas on how to fix the problems we face. Really good stuff. His chapter on Citigroup is great.
In that moment, he seems like those people who are uber sensitive; right when someone hints at a negative comment on him/the company he is all defensive ("well i'm rich"). Meh. Class (or lack thereof) goes a long way.
JD's the man. I don't know much about ER analysts but if this Mayo guy was so good, he'd put his money where his mouth is.
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