In the past, Dimon has said, “The only big job he would want would be U.S. president.” Now it looks like he may be going for it.
It is starting to look like JPMorgan Chase CEO Jamie Dimon is possibly considering throwing his hat into the ring for president in 2020 after being featured in this month’s Fortune Magazine and a recent Reuters story highlighting Dimon’s increased presence in Washington, D.C.
Fortune Magazine featured a story recently about how Dimon and JPMorgan have helped turn around Detroit from a post-apocalyptic city into one that is starting to turn back into a bustling metropolis.
Probably the most interesting line from the Fortune story reads:
“It takes a village to rebuild a city, and the list of people and businesses collaborating on Detroit’s recovery is long. But the planning underway in Livernois/McNichols, and in a growing roster of other neighborhoods, reflects the expertise and financial clout of one corporation in particular: JPMorgan Chase. CEO Jamie Dimon’s financial powerhouse is the largest bank in Detroit, with a titanic 65% market share in consumer banking. Since 2014, the company has been doubling down on that relationship, in a daring experiment to help revitalize Detroit’s middle-class core.”
“It Takes A Village,” was famously the name of the book Hillary Clinton wrote in 1996 as First Lady of the United States, which helped propel her out of her husband’s shadow.
The Fortune article was 4,000-plus words and could charitably be described as a puff piece as it makes no mention of JPMorgan’s role in the mortgage crisis that devastated cities like Detroit. In 2013, JPMorgan was forced to pay $13 billion for its role in the 2008 mortgage crisis.
Now Dimon is being called “Corporate America’s shadow president,” in a Reuters article published on Friday that highlights the CEO’s frequent trips to Washington, D.C. recently.
Reuters reported on the frequency of trips Dimon has taken to the nation’s capital in recent months and how people in D.C. are starting to talk about how Dimon “carries himself more like someone running the country than someone running a bank.”
Tim Pawlenty, CEO of the Financial Services Roundtable, said Dimon, “Wants to play a role in policy more broadly than just representing his company.”
In the past, Dimon has said “that the only big job he would want would be U.S. president.” It seems now that Dimon is laying the groundwork for a presidential bid in 2020.
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