Bloomberg Backs JPMorgan CEO as Dimon Gets Shareholders Vote to Keep Title

Tuesday, May 15, 2012

Mayor Michael Bloomberg defended the CEO of JPMorgan Chase after he survived a push to strip him of his title Tuesday following a $2 billion trading loss by the bank.

CEO Jamie Dimon won endorsement from shareholders on Tuesday to keep his title and his pay package from last year.

"Jamie Dimon is the kind of guy who will stand up, take responsibility, no nonsense," Bloomberg said. "This is not a guy who's going to try to blame anybody else. And that's one of the reason people have such respect for him."

Dimon, unusually subdued, told shareholders at the JPMorgan annual meeting that the company's mistakes were "self-inflicted." Speaking with reporters later, he added: "The buck always stops with me."

His pay package passed with 91 percent of the vote. The vote to strip him of the chairman's title won only 40 percent support. Most of the votes were cast before the trading loss was announced.

According to Joe Nocera, a columnist for the New York Times and contributor to WNYC, knowing about the loss ahead of the vote would have made small difference, but not a giant one.

“JPMorgan still makes more money than its competitors and it’s still done better than most of its competitors and Jamie Dimon is still widely viewed as the best of the banks CEOs,” Nocera said.

Meanwhile, the FBI's New York office is leading an inquiry into the $2 billion trading loss, the result of a trading bet that went sour.

A person familiar with the matter told WNYC that the inquiry is in the preliminary stages. At this time, it's unclear if there have been any violations of the law.

JP Morgan had no comment.

Last week, the Securities and Exchange Commission also began its own review.

Charlie Herman, Stan Alcorn and the Associated Press contributed reporting


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Comments [3]


Obviously, no surprises here. They are members of the same club.

May. 16 2012 09:38 AM
Gee Whiz

Wow, what a SURPRISE! Not. Bloomberg and Dimon don't give a damn about ANYTHING other than THEMSELVES. It's worked well for them so far, but we'll see . . .

May. 16 2012 08:42 AM

I'm a small shareholder who would've changed my vote had I known about this, and I bet I"m far from the only one.

Bloomberg is speaking from the perspective of a mayor who oversaw the city being criminally and fraudulently overbilled by over half a billion dollars for a system (Citytime) that doesn't work, and a candidate who was personally bilked of over a million dollars by an underling during his campaign and didn't even notice.

These guys are all in it together -- they cover for each other, they make sure anything bad happens to the little people like small stockholders or middle-class citizens, and they laugh all the way to the bank. Again.

May. 16 2012 12:44 AM

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