Quote of the Day: Other Bankers are Even Dumber Than Jamie Dimon

From JPMorgan CEO Jamie Dimon, on whether his bank’s $2 billion trading loss suggests that bank trading ought to be more closely regulated:

Just because we’re stupid doesn’t mean everybody else was.

Dimon is digging himself an even deeper hole here. Here’s the thing: JPMorgan really does have a sterling reputation. So does Dimon. By consensus, he’s probably the best big bank CEO around. But even so he managed to lose $2 billion in a few weeks.

Luckily, no big harm was done. JPMorgan has a solid balance sheet, the banking system is on solid ground these days, and the loss means little more than a hit to earnings. But think about this: If even JPMorgan can lose a colossal amount of money on stupid trades. If even JPMorgan has lousy controls in place. If even Jamie Dimon allowed himself to be lulled to sleep by a star trader. If all that happened, what are the odds it’s not going to happen to a less well managed bank in the future, and happen at a time when it turns into another Lehman Brothers and shorts out the entire financial system? The odds are way too short for comfort, I’d say.

Would even Jamie Dimon take that bet?


The more we thought about how MoJo's journalism can have the most impact heading into the 2020 election, the more we realized that so many of today's stories come down to corruption: democracy and the rule of law being undermined by the wealthy and powerful for their own gain.

So we're launching a new Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption. We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We'll publish what we find as a major series in the summer of 2020, including a special issue of our magazine, a dedicated online portal, and video and podcast series so it doesn't get lost in the daily deluge of breaking news.

It's unlike anything we've done before and we've got seed funding to get started, but we're asking readers to help crowdfund this new beat with an additional $500,000 so we can go even bigger. You can read why we're taking this approach and what we want to accomplish in "Corruption Isn't Just Another Scandal. It's the Rot Beneath All of Them," and if you like how it sounds, please help fund it with a tax-deductible donation today.

We Recommend


Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.


Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.