Jamie Dimon to be asked to step down as Chairman

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higgmond's picture

http://finance.yahoo.com/news/jpmorgan-cio-retires-obama-says-proves-reform-case-004829741–sector.html

If six months ago someone had said that Jamie Dimon would be coming under fire, I think most people would have said they were crazy.

I’m a creepy-ass cracka.

FrankArabia's picture

Big J under fire….

jmh530's picture

I expect this is blown out of proportion. Proxy firms are always pushing for the Chairman and CEO positions to be split up. Even the article notes that the CALPERS guy says that.

I prefer this take:

http://online.wsj.com/article/SB1000142405270230437150457740277379464669...

itera's picture

If he goes, get ready for a cratering.

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

guest's picture

my guess is he’ll go

———————————————– Trust God and keep your powder dry ———————————————– Southern by the grace of God

bromion's picture

Woah guys… seriously… everyone knows there are only three ways to leave a company, retirement, resigning, and getting fired. JD was the guy overseeing all the action that resulted in a $2B loss, but if he goes, it will be 100% voluntary, you can rest assured. Trust whatever you read in the press release, those things are always completely accurate. I don’t think he will go, but if he does, the only possible conclusion is that it was voluntary.

“I lost my wife to a margin call. Wives get mad when you come home and say, ‘Sweetheart, I lost the house today.’” - Dennis Gartman on trading mistakes

brain_wash_your_face's picture

Agree, there is no way he knew about the trading loss until recently so he cannot be responsible.  The person who was responsible has already been fired: the CIO.

“Some people make shoes. Some people make houses. We make money and people are willing pay us a lot to make money for them.”

FrankArabia's picture

you guys don’t work with executives and their assistents…..

Black Swan's picture

^ha, nice

i would be shocked to see Jamie dimon go on this. I also think it would be a huge mistake.  That being said, he’s always struck me as an asshole, so maybe this will shut him up a bit.

redacted

Blake McCallister's picture

Shouldn’t the title of this thread be changed from “asked to step down” to Jamie Dimon is going to be fired?  And isn’t it common knowledge that the CEO of a multibillion dollar corporation knows everything that his employees do?  Of course he should be “fired!”  It’s all his fault!!!

"Essentially, all models are wrong, but some are useful..."

higgmond's picture

Well, only 40% of shareholders voted to remove him as chairman, so Mr. Dimon will continue to hold both positions.

I’m a creepy-ass cracka.

FrankArabia's picture

when i first heard JD on a conference call, i thought he was an ahole too…..however, after listening to more and reading his annual letter, listening to his speeches etc, he is just a passionate guy…..

he should have definitely known about the trade and its intentions but when you run a bank the size of JPM, there are lots that slip by….

jmh530's picture

I was under the impression that he knew about the trade. However, I would doubt he would know how ill-conceived it was.

They’re saying the bet was on the 10 year CDX IG 9 index. People are saying that he sold protection on the index. I’m not sure how they would be a hedge. WSJ says that they had a big position in CDX and selling the protection was hedging that position. The 10 year CDX IG 9 index was 112 on 3/31, 119 on 4/30, and 148 on 5/15 with a huge spike since they announced the loss. They also bought protection on an earlier dated index, but the shorter maturity indices have not moved nearly as far.

I’m guessing they are still getting hammered on this trade.

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