JPMorgan CEO phones UK Finance Minister over bonus tax

And remember, JPMorgan’s CEO is Jamie Dimon who is also closely tied into the Obama team. He is often listed as one of the lead candidates to replace Geithner or take over other leading economic positions within the Obama administration. Remember this the next time his name is floated to replace someone. He’s obviously terrified of the impact the tax will have on his business, but he’s also again showing how he is part of the global problem in the banking industry. Where is their sense of responsibility for the problems they created? If only this crowd worried as much before the crisis as they do now we may have avoided such a deep recession.

Making veiled threats after having the industry rescued – that included healthy and weak banks alike – is yet another cheap shot from this industry. Wouldn’t it be nice is someone in authority called them out and actually followed through? Reuters:

JPMorgan Chase Chief Executive Jamie Dimon expressed concerns to UK Finance minister Alistair Darling about the country’s 50 percent tax to be levied on bankers’ bonuses over 25,000 pounds, London’s Telegraph reported.

In a recent phone call, Dimon spoke about the bank’s plans to build its European headquarters in London’s Canary Wharf for 1.5 billion pounds ($2.4 billion) as a way of demonstrating the bank’s commitment to the city, the paper said.

This amount is definitely a substantial sum. Of course, so are the trillions of dollars spent rescuing the industry. In that light, a couple of billion is chump change so get over it and quit yapping about it. Where else would JPMorgan go for their European HQ? It’s not as though the continent is any more friendly to this industry.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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