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May 21, 2013

Jamie Dimon Is Now A JPMorgan Cult Leader, And That Is Very Dangerous

JPMorgan Chase shareholders have signed a billion-year contract to join the Cult Of Jamie Dimon. For better or worse.

With their overwhelming vote on Tuesday to let Dimon keep both his chairman and CEO titles at the biggest U.S. bank, shareholders proved themselves vulnerable to incessant warnings from the bank, Dimon’s fellow CEOs and board members, and the financial media that Dimon is indispensable, that no other human being on the planet could possibly lead JPMorgan.

This is a dangerous message to send, to Dimon and the rest of Wall Street.”

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“Virtually ignored in the debate about Dimon’s indispensable leadership was the fact that Dimon and his compliant board have left JPMorgan — again, the biggest bank in the United States, with more than $2 trillion in assets — without a potential successor should Dimon ever get hit by a bus, God forbid, or take his talents to the Federal Reserve.

“‘It highlights the failure of this board to act as a check on Mr. Dimon and to fulfill their most fundamental duty to the bank: ensuring that there is someone capable to run the bank if the current CEO isn’t there for whatever reason,’ Dennis Kelleher, president of Better Markets, a nonprofit group advocating for financial reform, said in an emailed statement.”

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Read full Huffington Post article here

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