If I was a betting man I would wager that upon the combined wisdom and gold of those assembled shareholders in Tampa tomorrow (Tampa!) our Jamie One-Bank will be crowned anew as both chairman and chief exec of JPMorgan Chase. Afterall, why mess up a good thing and that bankster has been a golden goose for a while even during these highly critical times.
The only question left really is why hasn't this bank made even more money. I mean it "suffers" a humiliatingly multi-billion dollar trading loss and still managed to make record profits for the year. Why try to change it now? What are the "rebels" angry about? Poor publicity? A bad rep? An anti-people perception? C'mon. And this coming from the likes of a guy who was chief of Exxon? Misleading investors? Who among the deep pockets down in Tampa is hurting?
Only the little people (all 99% of us) are hurting. And we still need banks. And, quite frankly, they're not that many viable ones left to put whatever pennies we may have left into. No, there won't be a demotion for Jamie. The best the rich boys and girls can do for themselves would be to come up with a better "Risk management", some sorting process or program that would put the brakes on (automatically) some overreaching bet or algorithm. Why complicate a 19% increase in your stock price? Keep blaming Obama
|He always made money for his friends|
for a rotten business atmosphere; plenty of well-paid lawyers to battle obscene regulations; the SEC is really a bunch of wusses anyway; who cares if you're inconsiderate and threatening to credit card pikers; there's plenty of little people to foreclose on still and plenty more to sucker in to buying. C'mon go vote and then party some more.
Chris O’Meara/Associated PressOutside JPMorgan Chase’s annual shareholder meeting in Tampa, Fla., on Tuesday.
11:52 a.m. | Updated
Jamie Dimon and the 10 other directors of JPMorgan Chase were all re-elected at the bank’s annual shareholders meeting in Tampa, Fla., today.
Mr. Dimon, the nation’s most powerful banker, held on to his title of chairman after JPMorgan’s shareholders defeated a proposal to split the two top jobs.
Even if JPMorgan shareholders had accepted the proposal, the bank would not have been required to act. But the board will likely make changes to derail future calls for a shake-up. The possibilities include reshuffling the bank’s risk committee or giving its lead director more power.
11:48 A.M.Shareholders Back Dimon With Even More Votes