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Will Jamie Dimon be the Next Treasury Secretary?

Posted by Larry Doyle on March 20, 2009 9:02 PM |

The pressure on Treasury Secretary Tim Geithner is increasing from within the Democratic Party, across the aisle, and the media. Will Tim be fed to the lions? Well, the standard procedures of implementing change seem to be occurring. What are those steps?

JP Morgan Chairman and CEO, Jamie Dimon

JP Morgan Chairman and CEO, Jamie Dimon

1. A vote of confidence by the Administration. Always a kiss of death!

 2. Leak the name of a strong prospective secretary. 

 Who might that be? JP Morgan Chairman and CEO, Jamie Dimon. 

 Dimon is enormously well respected in Washington and Wall Street. He can quickly build a team. He has run very large organizations. He has been a longtime Democratic supporter and publicly promoted President Obama and his plans.

I find it interesting that Dimon’s name was bandied about last October as a prospective leader of Treasury.  Market Watch highlighted this fact in reporting The Next Treasury Secretary Is…

As the firestorm over the prospective legislation to restrict Wall Street bonuses grows, do not be surprised to see Dimon ride in on the white horse to broker peace between Washington, the financial community, and the public at large.

LD

  • Andy

    Interesting LD; I think the cry for Geithner’s resignation is growing louder…
    I agree…but to a certain extent: namely the bucks does stop with POTUS and it was PBO and his POLITICAL arm at the WH the one sthat pushed so hard for the stimulus bill to be approved so quickly: I still do not understand why. Couldn’t Congress spend one more week READING it?
    Could you tell us more about Jamie Dimon? I haven’t heard of him before; how long has he be at JP Morgan? Is he good ? What are his accomplishments?
    (I’m asking honestly).

    O/T: This is a devastating article about the CBO estimates re. PBO’s budget…
    Very troubling!!

    “Budget: Red ink far as the eye can see”
    http://www.politico.com/news/stories/0309/20289.html

  • Larry Doyle

    Perhaps we should have Dimon replace Obama!! (lol)

    Dimon was Sandy Weill’s right hand man at Citi back in the mid 90s until he fired Weill’s daughter. He found it is not good policy to fire the boss’ daughter as he then got pushed out. I think in hindsight Citi wished they had kept him because Dimon is a VERY highly respected banker. He is a Tufts grad and Harvard Business. Very very sharp. Very detail oriented. Grills people on their understanding of their own business units.

    Very smooth and polished. After he was pushed out of Citi, he resurrected Bank One based in Chicago and ended up at JP Morgan when JPM purchased Bank One. A large part of JPM’s purchase was specifically to land Dimon as the new CEO.

    Dimon knows risk and how to manage risk. He has a strong grasp on both the big picture and minutiae. JPM has outperformed almost every other shop on Wall Street. They certainly have outperformed every other bank.

    In regard to the budget, I think we are finding that Obama and team are totally focused on enacting the agenda with little understanding or appreciation for the risks and/or costs.

    • Andy

      LD: I just finished listening to Charlie Rose’s interview o Dimon from last summer and I am truly impressed. Wow !
      I agree with you now that we should replace Obama by Dimon!!

  • Andy

    Thanks LD! I just found this video of an interview Charlie Rose made in the summer. So I’ll listen to him. Here is the link:
    A conversation with Jamie Dimon
    Monday, July 7, 2008
    http://www.charlierose.com/view/interview/916

    • TeakWoodKite

      Thanks for the link Andy. Very funny, the link you posted is missing a 1 at the end and sends you instead to an interview with George Galloway


      A conversation with Jamie Dimon

      All I know is Turboman is waiting for the bus and can’t when it due, even with the schedule posted.

      • Andy

        ROFLOL TeakwoodKite; I didn’t realize. Thank you for the correction and for posting the right link below.

  • TeakWoodKite
  • TeakWoodKite

    LD, Am I the only one that when typing the
    text keeps going on the right side of the box 10 spaces in to the tan border and is “out of sight”?
    On my screen the right side box “line” of the box
    is missing…..odd.

    • Larry Doyle

      Thanks for the Dimon link.

      I do not know him personally but he is very highly respected.

      I have not heard any other problems with the comments box. I will check.

    • Andy

      I don’t experience that problem TeakWoodKite.

      • thinkaboutthis

        have that problem of borders on lap top — not my desktop

  • Andy

    LD: I just bumped into a Bloomberg article that asked the same question you did yesterday: Will Dimon be the next Tras. Sec?
    http://www.bloomberg.com/apps/news?pid=20601039&sid=aVo3AMbZl0Ko&refer=home

    Interesting…

    • Andy

      And here is the video of Dimon’s recent speech at the US Chamber of Commerce.

      http://www.cnbc.com/id/15840232?video=1058977582&play=1

    • Larry Doyle

      Dimon is clearly the strongest banker in the country if not the world today. If there is a close second, I am not sure who it is.

      Very poised and measured in his remarks.

      Will be interesting to see how this plays out.






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