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October 15, 2013

The Bloodlust of Pundits Swirls Around Jamie Dimon

“Jamie Dimon should be fired.

“That seems to be the conclusion of some in the pundit class about JPMorgan Chase’s chairman and chief executive. Writers, editors and bloggers have made it clear that they want his scalp: “NOW Are We Allowed Talk About Firing Jamie Dimon?” the Huffington Post blared after news that the bank set aside $23 billion to pay legal fees and fines last week. “I have trouble wrapping my head around the positive aspects of paying a multibillion-dollar fine,” an article on TheStreet.com said of the prospect of an $11 billion settlement with the Justice Department.

“When I called Dennis Kelleher, president of BetterMarkets, a nonprofit Wall Street watchdog, he put it this way: “By any objective measure, Jamie Dimon should be fired. The compliance failures are egregious and systemic.”

“Yet there is an almost bizarre disconnect between the headlines and what the people who matter — the investors, analysts, board members and, yes, even regulators — are seeking. None of them want him fired.”

***

Read full New York Times Dealbook column here

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