JPMorgan's Dimon in the Rough: Today's Outrage

WASHINGTON (TheStreet) -- JPMorgan Chase (JPM) CEO Jamie Dimon could be the next Treasury Secretary of the United States.

That's the scuttlebutt making the rounds thanks to an attention-grabbing story in the New York Post, which revived the Dimon rumor in the wake of last week's partisan Congressional attacks against current Treasury Secretary Timothy Geithner.
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Republicans in Congress have certainly become more aggressive with their rhetoric lately, and Washington has a storied history of making scapegoats of Treasury secretaries when the economy slumps.

Washington also has a notoriously short memory - which is one of the few truly bipartisan traits of our elected officials.

In this instance, it is the Republicans conveniently forgetting that they supported most of the emergency measures that Geithner and Obama are deploying in their efforts to put America's financial house back in order. They also don't seem to recall that one of their own -- former Treasury Secretary Henry Paulson -- set the tone and direction of the banking bailout in the final months of Republican rule under the Bush Administration.

On the other side of the aisle, Democrats seemed to suffer serious memory lapses about the many home lending initiatives they supported that contributed to the mortgage mayhem and the subsequent financial meltdown.

Neither party is without blame in all this, so the finger pointing and rumor mongering is uninformed and unhelpful at best and hypocritical and malicious at worst. Not to mention that it is precisely this kind of nonsense that deters the best candidates from considering leaving the private sector to serve their country.

Congressional Republicans may like Dimon now, but how would they treat him as Treasury Secretary in a Democrat-controlled White House? He's got to be wondering that very thing.

But I'm getting ahead of the story. Geithner's not gone and there's no indication that Obama is going to succumb to this partisan bullying any time soon.

In the meantime, Dimon is in a rough spot. He may well want the Treasury gig, but he's got to work with Geithner for as long as Obama sees fit to keep things the way they are.

Congressional Republicans should keep that in mind as well.

--Written by Glenn Hall in New York.

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