- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Should Jamie Dimon Resign?
Posted on 5/11/12 at 9:47 am
Posted on 5/11/12 at 9:47 am
LINK
It was a big loss, but it seems that this is a bit much. What says the money board?
It was a big loss, but it seems that this is a bit much. What says the money board?
quote:
On Thursday's conference call, JP Morgan CEO Jamie Dimon said the hedging that led to the loss would not have violated the Volcker Rule, but that has only emboldened proponents of tougher restrictions on banks. "The enormous loss JP Morgan announced today is just the latest evidence that what banks call 'hedges' are often risky bets that so-called 'too big to fail' banks have no business making," said Sen. Carl Levin (D-MI).
3
Posted on 5/11/12 at 9:48 am to MStant1
No.
Posted on 5/11/12 at 9:49 am to LSURussian
quote:
No
I agree, but care to elaborate for sake of discussion?
Posted on 5/11/12 at 9:56 am to MStant1
I don't really think there is much to discuss. No seems like a sufficient answer.
Posted on 5/11/12 at 9:57 am to Pierre
k.Posted on 5/11/12 at 9:58 am to MStant1
Posted on 5/11/12 at 9:59 am to MStant1
I'm not here to defend Dimon but based on his past management style, he will correct the problem, remove the miscreants and move on. Just look at how he handled the conference call yesterday. No attempt to sugar coat the situation. Just a clear admission of poor processes and controls which will be handled.
Or, you could take the stance of a talking head on CNBC this morning who speculated this announcement will accelerate JPM's previously announced share repurchase plan in order to buy back shares at a much lower price.
That Jamie Dimon is brilliant!!! !
Or, you could take the stance of a talking head on CNBC this morning who speculated this announcement will accelerate JPM's previously announced share repurchase plan in order to buy back shares at a much lower price.
That Jamie Dimon is brilliant!!! !
This post was edited on 5/11/12 at 10:01 am
Posted on 5/11/12 at 10:09 am to LSURussian
quote:
I'm not here to defend Dimon but based on his past management style, he will correct the problem, remove the miscreants and move on. Just look at how he handled the conference call yesterday. No attempt to sugar coat the situation. Just a clear admission of poor processes and controls which will be handled.
Or, you could take the stance of a talking head on CNBC this morning who speculated this announcement will accelerate JPM's previously announced share repurchase plan in order to buy back shares at a much lower price.
That Jamie Dimon is brilliant!!! !
Hah hah never thought of that spin. That would awesome if true.
But I agree with your statement. He was very up front yesterday. I was more wanting to link this article because I couldn't believe there are some actually out there asking for his head.
Also curious if this will give more fodder to the regulation nazis. Based on this article it seems yes, but I wonder if they will actually be able to run with it.
Posted on 5/11/12 at 10:14 am to MStant1
quote:
if this will give more fodder to the regulation nazis.
Yes, I think it will. Dimon said as much in the conference call yesterday.
I am starting to believe "too big to fail" is not really the important issue. Similar to my experiences working in Russia with that government's attempts to manage a country which spans 11 time zones, I think the big banks may be too big to manage.
Posted on 5/11/12 at 10:15 am to LSURussian
quote:
Just look at how he handled the conference call yesterday. No attempt to sugar coat the situation. Just a clear admission of poor processes and controls which will be handled.
I really loved that, usually Wall Street egos don't allow people to say when they're wrong. I can't tell you how often I've heard this little gem, "We weren't wrong, we were early".
This goes even further, any corporation is extremely gun shy on saying they had a lapse in the control process. Major props to Jamie, very few CEOs would have handled it that well.
Posted on 5/11/12 at 10:30 am to MStant1
Like Carl Levin has any fricking clue what the frick he is talking about.
Posted on 5/11/12 at 10:39 am to kfizzle85
Posted on 5/11/12 at 12:01 pm to kfizzle85
quote:
Like Carl Levin has any fricking clue what the frick he is talking about.
This. Or if he does, he is simply pandering.
Dimon needn't resign but he will probably get the resignations of people who should have had better controls in place.
Posted on 5/11/12 at 12:10 pm to foshizzle
I'm sure its both. Pandering is just the PC word for trolling. They're just shitty trolls, not funny ones. Dey see me trollin.
Posted on 5/11/12 at 12:32 pm to kfizzle85
If this were Vikram Pandit then he probably should, but the answer to Dimon is not no, but heck no. He's been far too good to the brand and JPM shareholders and he positioned the bank better than anyone else before, during, and after the crisis. He deserves the benefit of the doubt. I assume he'll be so incensed by the press of this and the attack on his image that he'll take far more action than is necessary.
This event is significant really only because it gives regulators/populists something else for them in misinterpret and the sector as a whole would be subject to repercussions.
This also highlights the critical need for RM to up its presence within the big dogs and their prop desks. These entities are behemoth and it's a miracle shite like this doesn't happen daily.
This event is significant really only because it gives regulators/populists something else for them in misinterpret and the sector as a whole would be subject to repercussions.
This also highlights the critical need for RM to up its presence within the big dogs and their prop desks. These entities are behemoth and it's a miracle shite like this doesn't happen daily.
Posted on 5/11/12 at 1:13 pm to RemouladeSawce
Excellent post. 
Posted on 5/11/12 at 1:29 pm to MStant1
quote:Didn't even realize you were the OP.
MStant1
shite like this loss is why you have a job.
Get your arse in there and up their controls.
Posted on 5/11/12 at 2:20 pm to RemouladeSawce
quote:
Didn't even realize you were the OP.
shite like this loss is why you have a job.
Get your arse in there and up their controls
Eh, I don't really deal with internal controls....at least not in a general sense. The subsequent regulations that may come as a result will be why I have a job.
Posted on 5/11/12 at 2:24 pm to MStant1
I don't know what subsequent regulations they can put in. It wasn't prop trading (purportedly, obviously they could be lying), so its not a Volcker thing. If it was, then its Volcker thing. What else would they do, tell them they can't take any positions in the CDS market? Not really a regulation, just a market destroying ban.
Posted on 5/11/12 at 2:33 pm to kfizzle85
quote:
Not really a regulation, just a market destroying ban.
Don't put it past them. It never ceases to surprise me when reactionary politicians put themselves on a mission.
ETA: I'm not saying any new regulations are going to come as a result. Like you said short of just killing a market what else could they do? I was more responding specifically to what Rockyn said.
This post was edited on 5/11/12 at 2:36 pm
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News