There was some to-do recently about whether JP Morgan Chase should split the CEO and Chairman roles. Chief Crybaby Jamie Dimon said that he would quit if the roles were split. Unfortunately, they were not. (See articles here and here.)
His blackmail was used by many as a reason to not split the roles. Many people said that the Thief Executive Officer was indispensible. JPM would be damaged if he left.
I say: Let him leave. Any business that cannot survive with someone else at the top is not a good business. JPM has more than 250,000 employees. Is there really nobody else at the company who can run things?
Look at AIG. Hank Greenberg ran it for 40 years, and everybody thought he was a genius. He gets booted out, and within 3 years it implodes. It almost took the whole world with it. Maybe he wasn’t so smart after all.
I think that Chief Tantrum Officer is not as smart as he thinks he is. Look at the London Whale. From what I have read, Dimon knew more about than he originally admitted. They first said losses were $2 billion. Then later they were $6 billion. Granted, $6B is not a lot for a company that size. But if your losses turn out to be triple what you thought, maybe you don’t know what you are doing.
A lot of people thought he was smart for getting Bear Sterns for so cheap. I say he kind of pressed his advantage. The federal government was very eager to prevent financial collapse. Maybe I would have done the same thing, but I wouldn’t be using that as proof that I am a genius.
These Wall Street guys are not as smart as they think they are. Like I wrote before: If you are willing to lie, cheat or steal, it’s like having a few IQ points.
I am seriously looking into moving my accounts.