Since the whole synthetic credit portfolio loss JPM has taken a lot of heat from the press and the government.
In my opinion the loss was inconsequential, it will most likely effect one or two quarters earnings at most, but that's not what I am here to talk about. I want to show a senate hearing where Dimon spent an hour under some stress.
The way he handled this situation, the way he runs JPM, and his personality are some of the reasons I think JD is the man.
This link is a testimony he gave to the senate voluntarily. He stuck to his guns and took responsibility for the trading loss. (from Jun 13)
Dimon's senate testimony
Highlights for me:
First off the accountability piece, I give so much respect to him for coming out and taking responsibility instead of pointing the finger at a rogue trader.
Senator Menendez getting angry at JD for no reason (86 mins)
Senator Demint following it up by saying "we can hardly sit in judgement of your losing 2 billion because we lose twice that every day." (90 mins)
Lastly, JD giving non-biased advice to the Senators throughout the hearing. He points out that these conversations would be tremendously beneficial in the long run so someone can teach the regulators what will fix the banking system.
I hope you guys enjoy the video, any other thought on Dimon? Or thoughts on the video?
Jamie is definitely the man. You should watch the graduation speech he gave at HBS a few years ago. It's great.
Oh, hi.
Dimon's a great financier. The biggest thing that I take away from watching the senate and congress hearings with Dimon is reassurance that I hate the government.
Watching the hearings is painful, the senators are complete morons (am holding back here on how I really feel btw; this is the if you can't say anything nice version) and the press love to suck up to them. No wonder our country is going into the shitter. Our legislature is in way over their heads.
Very smart people tend to avoid pursuing careers in areas such as politics. I personally think it's ridiculous that career politicians even exist. That's part of the flaw in our system that contributes to your, and many others', outlook that "the senators are complete morons". As far as I'm concerned, political positions such as senator, congressman, supreme court justice, etc. should be held for a certain amount of time as a sort of service to our country if one chooses to try and contribute their expertise and knowledge to such a position.
You, my friend, get it. +1 Why would anyone with any legitimate talent want to pursue politics?
Doesn't China do something like that? Their country is run by engineers and scientists, and other analytical types
Politicians falling over each other to fluff the financial industry. It's a crying joke.
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