NEW YORK (TheStreet) -- They just got fined $13 billion by the government and their #AskJPM Twitter fiasco ought to have taught them better, but it seems JPMorgan Chase (JPM) CEO and Chairman Jamie Dimon still wants to be President.
What else to conclude from this Reuters story, clearly informed by JPMorgan leaks, that, in the event a government shutdown cut off Social Security and food stamps, Dimon was determined JPMorgan "would pay the benefits out of its own pocket if it had to."
Then, we are informed, "staff in the legal, finance and risk departments, were reluctant, and although they had to listen to Dimon, they found potential hurdles. The bank would have had to have paid an estimated $5 billion of cash every month, and it was not clear how the money could be legally recouped."
Cue the violins -- or whatever music they played in Captain Phillips when Tom Hanks, over the objections of his crew, got into the lifeboat with the pirates in order to save his men from further harm."We're going to fund them," he said, according to a person at the meeting. "It is the right thing to do." Congress is full of idiots, the highly responsible but unimaginative professionals in JPMorgan's legal department are too timid, but one man will stand up and fight against the system for what is right. And that man is Jamie Dimon. Pass the popcorn.
-- Written by Dan Freed in New York. Follow @dan_freed
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV