We discovered today that Jamie Dimon, despite a reputation for punctuating sentences with the occasional swear word, is actually a bit of a wordsmith.
A profile of Mr. JP Morgan in the New York Times described how he used his literary skill to politely “school” Obama on not being so mean to Wall Street.
Late last year, after he watched the “60 Minutes” interview in which Obama ethusiastically used the “fat cat” label to describe all the nation’s bankers (and which is probably when their bromance fizzled), an offended Dimon guilt-tripped POTUS for his sweeping generalization.
He reminded the president:
“President Lincoln could have denigrated all Southerners. He didn’t.”
The “fat cat” comment obviously stung, and perhaps is the reason for Dimon’s and Obama’s alleged “falling out,” after many months of camaraderie and discussion.
About a year ago, it was reported that Obama had a closer relationship with Dimon than with any other Wall Street CEO. And thanks to NYTimes article, we have some insight into why.
Part of the reason may be because Jamie and Bam seem like very similar commander-in-chiefs.
Here’s what one of Dimon’s execs told the Times about Dimon’s management style:
He arrives on Monday with a penned list of questions for subordinates. He regularly grills the executives in J. P. Morgan’s six business units over every possible contingency… Though Dimon seemingly meddles in every detail, he relies on his lieutenants and lets them push back. “It’s not a one-man band,” says John Hogan, the head risk manager of the company’s investment bank. “It’s a discussion. He listens; he probes.”
Sound familiar? Here’s how Obama’s governing style was described in the WSJ:
In a White House ritual new with this administration, the president gathers with his advisers every weekday morning for an Oval Office update and debate on the economy…. Obama often dives into the minutiae. In the sessions… the president sometimes chafes at his advisers’ limitations, quizzing them on points raised by critics.
Wall Street’s love for Obama has certainly dwindled, even if there are similarities between individuals. Check out what the President really thinks of Wall Street >
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