By Simon Johnson
April 4, 2010
Jamie Dimon is by far the most dangerous American banker of this or any other recent generation. He, and his successors, will lead us into great harm.
There are two kinds of bankers to fear. The first is incompetent and runs a big bank. This includes such people as Chuck Prince (formerly of Citigroup) and Ken Lewis (Bank of America). These people run their banks onto the rocks -- and end up costing the taxpayer a great deal of money. But, on the other hand, you can see them coming and, if we ever get the politics of bank regulation straightened out again, work hard to contain the problems they present.
The second type of banker is much more dangerous. This person understands how to control risk within a massive organization, manage political relationships across the political spectrum, and generate the right kind of public relations. When all is said and done, this banker runs a big bank and -- here's the danger -- makes it even bigger.
Jamie Dimon is by far the most dangerous American banker of this or any other recent generation.
Not only did Mr. Dimon keep JP Morgan Chase from taking on as much risk as its competitors, he also navigated through the shoals of 2008-09 with acuity, ending up with the ultimate accolade of "savvy businessman" from the president himself. His letter to shareholders, which appeared this week, is a tour de force - if Machiavelli were a banker alive today, he could not have done better. (You can access the full letter through the link at the end of the fourth paragraph in this WSJ blog post; for another assessment, see Zach Carter's piece.)
remainder in full:
http://www.alternet.org/story/146304/jamie_dimon%3A_the_most_dangerous_man_in_america