This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

JPMorgan: Fire Jamie Dimon!

NEW YORK ( TheStreet) -- Say what you want about Jamie Dimon, it can't be denied that he is one lucky dude. He is a survivor. If Jamie Dimon had been on the Titanic, he'd have jumped in a lifeboat, like J. Bruce Ismay, and then issued a press release describing his heroism.

It's really remarkable that JPMorgan Chase's (JPM - Get Report) CEO is still JPMorgan Chase's CEO, and hasn't retired to a farm in Ireland like Ismay. He hasn't even stepped down as chairman of the Morgan board of directors or even as a "Class A director" of the Federal Reserve Bank of New York. He's unsinkable!

But honestly, can you blame him? After all, it's not as if there's been much reaction to this latest JPMorgan horror story.

Just to recap for anyone who has been in a cave for the past few days: On Friday, Morgan announced that its credit derivatives trading loss had expanded to $5.8 billion, and that it will have to restate its first-quarter earnings because its traders may not have accurately valued the positions in its derivatives portfolios.

Instead of gasps of horror there have been yawns. It's plain that the media and the public are a little tired of Wall Street scandals. For days, the drumbeat of daily headlines from the Barclays Libor-fixing scandal has dominated the financial news. Morgan could hardly compete.

It didn't help that the Morgan news came out just before a summer weekend, traditionally the best day for companies to dump their bad news. Dimon couldn't have asked for better timing.

But putting all that aside, the fact remains: Dimon has to go. Morgan's board of directors and the Fed have to force him out, if he doesn't have the good grace to step down. When it comes to genuflecting toward the silver-haired symbol of Wall Street excess, those two entities have been almost as shameless as the Senate Banking Committee. The Fed and the board have to man up and kick him out.

Now, I suppose one can ask: What business is it of mine that Jamie Dimon is CEO of JPMorgan or chairman of its board? After all, I'm not a JPMorgan shareholder. I'm not even a customer (as far as I know). Usually the fate of corporate executives is the exclusive province of the shareholders and their elected representatives on the board of directors. If the rest of us don't like the way Morgan is run, we can just lump it. It's none of our business.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
JPM $63.79 0.93%
AAPL $93.66 -0.09%
FB $118.58 0.85%
GOOG $698.30 0.76%
TSLA $241.82 0.44%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs