Bull Bear Report Oct 28 2009

Jamie Dimon Throws Weakened Firms a Bone

By julie steinberg

In a move that speaks to either Jamie Dimon's general greatness or to JPMorgan's fantastic PR team, the CEO said he wouldn't try to go after top talent whose compensation was recently slashed at the seven bailed out firms.

"It would be wrong for us to say, 'Let's go hire their best people.' I think that would be a terrible thing to do, so we're not going to do that," he said to a group of finance professionals in New York yesterday.

Dimon added that though he agreed with Feinberg's actions in principle, it was Wall Street leverage and lax regulation, not executive compensation, that led to the crisis. He also said that creating a new consumer protection agency would complicate matters. Instead, he argued, current regulations needed to be strengthened.

Don't be surprised if the government made special note of Dimon's suggestions -- we already know that Geithner and Dimon are BFF.


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