Thursday, June 09, 2011
Jamie Dimon, CEO of JP Morgan, has become the de facto spokesperson for the US banking industry. It's a dubious position. The banking industry is under a cloud that won't dissipate for years. Every time Dimon criticizes a Federal official publicly, he looks less of a statesman and more of a self-interested whiner. Neither Dimon nor the industry can afford that. The task that Dimon has is to make the industry's positions clear without seeming to be too much of a special interest. He needs to reconnect big banking to main street America -- a seemingly impossible task. As long as millions of houses remain in foreclosure, small businesses can't get loans and homeowners are underwater, there isn't much the banking industry can say to get into the grace of the public again. Dimon might enjoy his position of leadership but one wonders why.