Obama’s pal Jamie Dimon reportedly approved concept of disastrous trade, JP Morgan losses could total $5 Billion!
BOMBSHELL! Obama’s BFF JP Morgan CEO Jamie Dimon is reportedly responsible for the concepts of the recent bad trades, that was reported to cost shareholders of JP Morgan $2 billion. Turns out that total could be more like $5 billion and Jamie Dimon’s finger prints are all over it according to Business Insider and the Wall Street Journal.
First, lets review some recent associations between Obama and JP Morgan CEO Jamie Dimon:
After the news of JP Morgan’s $2 billion trading loss came out, Obama went on The View and prasied Jamie Dimon as “one of the smartest bankers we got.”
Jamie Dimon has paid at least 18 visits to the Obama White House since 2009
Obama just so happens to have a $1 million “checking account” with JP Morgan
GAO report says JP Morgan Chase could also have benefited Jamie Dimon’s position on the board of the Federal Reserve Bank of New York
Jamie Dimon was rumored to be Obama’s choice to replace Tim Geither as U.S. Treasury Secretary when rumors swirled around that he would resign last November
Mr. Dimon personally approved the concept behind the disastrous trades, according to people familiar with the matter. But he didn’t monitor how they were executed, triggering some resentment among other business chiefs who say the activities of their units are routinely and vigorously scrutinized.