If you blinked, you might have missed this telling detail about the strained relationship between JP Morgan CEO Jamie Dimon and President Obama in The Wall Street Journal.
This weekend, the news broke that JPMorgan Chase was negotiating a $US13 billion settlement with the government over a civil investigation into its sale of mortgages before the 2008 housing market crash. A criminal probe into the bank’s activities is ongoing.
Remember: This is happening to the only bank that never posted a negative quarter through the financial crisis, to the bank helmed by Jamie Dimon — a man who used to have strong ties to the White House.
Now, it seems, all that has been turned on its head, and you can tell because as we’ve learned in the past few weeks, Washington D.C. is a lot like high school.
From The WSJ:
When top bankers assembled at the White House in early October, J.P. Morgan’s James Dimon found his name card on a seat in the corner, far from his usual perch across from President Barack Obama. Mr. Dimon, who in previous gatherings had been quick to share his opinions with the president, was reserved and said little during the meeting, according to people who attended.
Other chief executives saw Mr. Dimon’s placement as a symbolic shift.
“You can’t sit with us,” Jamie.