Jamie Dimon to Replace Geithner?

Economic Policy Journal ^ | 11/23/09 | Robert Wenzel

[FromLori]

I have said before, I think it will be pretty difficult to replace Geithner, but now we have President Obama's "favorite banker" being named as a possible replacement.

NyPo reports As support for Treasury Secretary Timothy Geithner wanes on Capitol Hill amid frustration with the Obama administration's handling of the economy, JPMorgan Chase CEO Jamie Dimon is emerging as a potential replacement. Sources tell The Post that a number of policy makers have begun mentioning Dimon as a successor to Geithner, whose standing in Washington has suffered because of the country's high unemployment rate, the weakness of the dollar, the slow pace of the recovery and the government's mounting deficit..

People familiar with Dimon's thinking said he "would love to serve his country," and in recent weeks Dimon has had a noticeably higher profile in Washington, making frequent visits to government officials and earlier this month publishing an op-ed in the Washington Post that makes the case for letting large institutions that take big risks collapse rather than receive government aid...The timing might be right for Dimon to pursue the Treasury post. He recently put into place a succession plan...

Dimon has long been a big Democratic supporter, and his ties with Obama go back to when he ran Chicago-based Bank One. In addition, White House visitor logs show Dimon has been a repeated guest there...He also was a point man during the previous administration, rescuing Bear and WaMu. Rescuing Bear Stearns and WaMu? That's definitely Jamie Dimon spin. He was gifted both of them. JPMorgan cashed in to the tune of billions from those takeovers. Will the public fall for the rescue spin?

The WaPo op-ed, in which he said there shouldn't be any bank that is too big to fail, is the most interesting piece of evidence that Dimon may be preparing to replace Geithner. When I first saw the op-ed, I thought it a bit unusual, but I then figured that Dimon was just distancing himself from the big banker pack, given the flack Goldman Sachs has had to deal with. And that still could be the purpose of the op-ed. However, in light of this NyPo report, it could also be Dimon promoting himself as a "man of the people" in anticipation of being nominated as Treasury chief.

Stay tuned.

[FromLori]

ping

[hsmomx3]

Geesh—considering how absolutely terrible Chase has been with so many people trying to do loan modifications and getting the runaround.....this is not good news.

[South40]

Geithner should be in Leavenworth with other tax-evaders.

[Venturer]

Will Geitner scream as that big old bus runs him over?

[K-oneTexas]

Scrooge McDuck might be a better choice.

Dimon is already knee-deep in this bailout crap having received other companies, to enlarge his, at bargain basement prices.

[RC2]

It doesn’t make any difference at this point. Obama and Geithner have already payed off their friends. They already have the money and the government can let the companies go under. The only people to be hurt at this point are the employees and the American people. The top dogs already got their millions in bonuses.

[K-oneTexas]

I wonder how many in America us Turbo Tax, I do. Under Timmy’s definition we all must be tax evaders.

I think it has more to do with he didn’t enter all his facts. He chose to hedge thinking he wouldn’t get caught.

[MIchaelTArchangel]

The Dim One being replaced by Dimone? Gee, you can’t make this stuff up!

[bronxville]

If he was Oditherer’s “favorite banker”, then why didn’t he hire him in the first place, instead of the tax evader and actually a big part of the Wall Street problems. They make my head spin with their shenanigans.

[Centurion2000]

JPMorgan Chase CEO Jamie Dimon is emerging as a potential replacement

This is on par with appointing Al Capone to the Supreme Court with Charles Manson as Lord High Executioner.

[bronxville]

lol

[PORD]

Maybe its time to put a person in place that understands that we have to make a product. A businessman that has helped start and grown a company. A marketplace person. We continually put people in place that seem to think money is a product of government and not good mfg business.

[keta]

Geithner’s not that bad, he’s just a hired guy. The one to replace is Obama. It all emanates from him.

[Digger]

The Dim One being replaced by Dimone? Gee, you can’t make this stuff up!

It makes no difference who is in - it will be a One World Order /Trilateralist, etc. Man, get with it. We have been sold out & nothing will change the outcome. Prepare prepare prepare for the eventually chaos the will accompany.

[happinesswithoutpeace]

/

[wisenheimers_kid]

I’d like to see someone with a grudge be put it. Ken Lewis comes to mind.

[Thebaddog]

I just closed all my Chase accounts because their service is terrible for the little guy with less than 8 mil in the bank. Now he’s going to be collecting my taxes? What do you think that he’ll do with the late fees on the IRS forms?

[FromLori]

I couldn’t have said it any better!

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html

http://www.huffingtonpost.com/2009/03/27/obama-seeking-jpmorgan-go_n_180001.html

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

http://www.nlpc.org/stories/2009/09/15/jpmorgan-chase-asked-stop-funding-acorn

http://www.nlpc.org/stories/2009/09/21/bank-america-acorn-‘partner’-and-major-funder

http://www.nytimes.com/2009/07/19/business/19dimon.html

http://www.zerohedge.com/article/estimating-jp-morgans-profits-bernie-madoff-483-million

http://globaleconomicanalysis.blogspot.com/2009/08/survival-of-biggest.html

http://www.bloomberg.com/apps/news?pid=20601109&sid=agFM_w6e2i00

Suggested..

http://www.financialexpress.com/news/the-jp-morgan-twist-to-the-madoff-scandal/416816/0

http://www.economicpolicyjournal.com/2009/05/gifting-of-washington-mutual-bank-to.html

http://seekingalpha.com/article/159000-goldman-sachs-s-hedge-fund-report-a-must-read

http://www.bloomberg.com/apps/news?pid=20601109&sid=agFM_w6e2i00

http://www.economicpolicyjournal.com/2009/05/gov-shovels-more-cash-to-jpmorgan-chase.html

http://www.youtube.com/watch?v=zpbW64vRrMc&feature=player_embedded#

http://www.economicpolicyjournal.com/2009/05/some-thoughts-on-stress-test-results.html

http://www.nytimes.com/2009/07/19/business/19dimon.html

f you can take it here’s more from NYT:

Another Obama associate is on JPMorgan’s payroll. Mr. Dimon hired William M. Daley, a former commerce secretary and Chicago powerbroker, in 2004 as vice chairman and head of Midwest operations. Since 2007, Mr. Daley has overseen global government relations.

It was at that time that Mr. Dimon assessed his own performance for his board and gave himself a “D” for effort in Washington. He subsequently revamped the firm’s government affairs office, mindful of Democrats’ ascendance: They had won control of Congress and were favored to seize the White House in 2008.

He met the future president during Mr. Obama’s 2004 Senate run, at a living room discussion with about 10 pro-business Democrats, and sent his campaign $2,000, the maximum.

Now that Mr. Obama is in the White House, Mr. Dimon has been prominent when the president wants to talk to big business.

During one such meeting in late March, as Citigroup’s chairman, Richard D. Parsons, was trying to explain banks and lending, the president interrupted with a quip: “All right, I’ll talk to Jamie.”

http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html

http://www.nlpc.org/stories/2009/09/15/jpmorgan-chase-asked-stop-funding-acorn

[dforest]

He must not pay taxes either, otherwise he would get no consideration.