Sounds like the shareholders at JPM’s annual meeting got a lot rowdier than Goldman’s did.
Two weeks ago at Goldman’s shareholder meeting, Evelyn Davies went off on Blankfein for hiring his two sons, but that was about the peak of drama.
Yesterday, however, Jamie Dimon and other executives were lectured, handed keys, told they should man their ship’s “flotilla,” and in Dimon’s case, yelled at. That’s a lot to handle in a three hour-plus long meeting.
The trouble started with Bruce Marks, a shareholder, who apparently started yelling at Dimon as soon as he started speaking.
According to eFinancialNews, Marks, the CEO of the NACA (neighbourhood Assistance Corporation of America) was ushered out. But he had already bussed in tons of shareholders so that they could all stand at the mic and complain to Dimon and JPM executives about the bank’s mortgage modification process. (Their issues were quickly directed to a special team.)
Oddly, each of the NACA members had brought keys with them, their house keys with their names on them, to hand to the JPM executives.And the execs were also singled out for a bit of interesting advice from Jesse Jackson, who warned them to check JPM’s “flotilla”
“The Titanic did not sink because there were problems on deck but because of water coming in at the bottom and JP Morgan cannot command its own ship if there is a problem with the flotilla,” said Jackson.
Now check out a ship that has perfect flotilla, the most decadent yacht ever –>