Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Dimon in the Rough


JPMorgan's CEO shines amidst economic trouble.


Jamie Dimon is the smartest guy in any room he happens to be in.

I can't take sole credit for that observation, as it was pointed out to me over 15 years ago by a bank attorney/venture capitalist friend who knew him back when.

But once again, as Dimon's speech before the US Chamber of Commerce and subsequent comments bear out, he gets it. Like the guy or gal in your graduate studies class who already knew what was going on before you or anyone else.

Fundamentally, you can thank Dimon for his comments carrying yesterday's blast-off another day. Of course, there are other variables for this no give-it-all-back Wednesday, but consider these Dimon observations, and time them to the market action:

  • Yes, like Citigroup's (C) Vikram Pandit comment yesterday that got things going, JPMorgan Chase (JPM) is profitable.

  • Mark-to-market needs "massaging," not abolishing.

  • It should be mark-to-loan that matters in banking.

  • We can get out of this mess by the end of the year if the Fed, the Treasury, Congress and the president can act in concert - and not like some kind of dysfunctional family.

  • We don't need more regulation; we need better, more effective regulation.

I could go on but you get the point. Dimon laid out the facts and provided the framework for financial and ultimate economic recovery.

Perception is everything. And even a perceived resolution is better than none.

The question is: Can we really expect our leaders to act as adults and avoid the dysfunctional family syndrome so characteristic of Washington politics?

Only time will tell - but as Dimon points out, the answer is the difference between a speedy recovery or many years of what we have now.

Even the smartest guy in the room readily admitted he didn't know the answer to that question.

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.




Featured Videos