This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Why JPMorgan Will Always Be a Better Villain Than Apple

Stocks in this article: AAPLJPMGEBK

NEW YORK ( TheStreet) -- Apple (AAPL) CEO Tim Cook and JPMorgan Chase (JPM) boss Jamie Dimon both successfully fought off challenges to their power Tuesday, but Cook's job will always be easier.

For evidence of the Apple advantage, one need look no further than Carl Levin (D.-Mich.), the perpetually dour Senate Investigations subcommittee chairman, who summoned Cook to Washington to call attention to Apple's tax avoidance schemes, was forced to admit "we love the iPhone and the iPad." His Republican counterpart, John McCain of Arizona, was similarly neutered.

As a result, Tuesday's Apple hearing wasn't about Apple. It was about changing the tax code to keep companies from stashing billions abroad in places like Ireland, even though everyone knows their profits really come from somewhere else -- California, in Apple's case.

Certainly you didn't hear McCain or Levin similarly fawning over the JPMorgan executives they grilled in March over $6 billion in losing London Whale trades.


It's true that last year Dimon breezed through his own appearance before Congress tied to the losing trades. In fact, it went so well for him he danced a little jig for reporters upon leaving the hearing.

Attribute that to Dimon's charisma, the same thing that allowed him to stave off a challenge to his supreme authority on Tuesday when JPMorgan shareholders voted to allow him to keep his dual Chairman and CEO roles.

Still, it's hard to imagine Levin saying "we love the credit default swaps and the transaction services," to JPMorgan executives. Using money to make money has never appealed to people, going at least as far back as the Bible, with its condemnation of the charging of interest.


That's not to excuse the financial services industry, which has gone very far afield of merely charging interest. That's why financial companies are lately forced to try and prove in their advertising and public relations campaigns that they actually do stuff. Have you seen BNY Mellon's (BK) "Invested in the Word" advertising campaign? The point of the campaign -- and many others like it by other financial companies -- is to convince you that they are not just moving money around. They are making possible the work of " a brilliant marine biologist." Or so they would desperately like you to believe.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs