Charlie Rose Science Series
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Hot, Flat, and Crowded: Why We Need a Green Revolution--and How It Can Renew America
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by Thomas L. Friedman
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A conversation with Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.
Charlie on CNBC discussing his interview with Jamie Dimon
Charlie on CNBC discussing his interview with Jamie Dimon
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Transcripts available through Voxant.
You mean he's still free? The abject poverty his ilk has caused promoting subprime exploitation and generally raping the common man and then bailing out the predators with our tax money, ala Bear-Stearns and now Fannie Mae and Freddy Mac coming on strong for our grand children to bailout. Has his parachute opened yet?
I admire Jamie Dimon; his time is freaky valuable (I mean think about how much this guy makes...) yet he still appears on this thing (which is tough thing for him...can't say anything sensitive and he's gota be realllllly be careful of what he says)....he probably did it b/c he felt like he was getting something out of it (otherwise why would he...he is a businessman)...but the viewers obviously get something out of it so deal done-and that's good business. Thanks for the reflection. TV1Turtle
I wish all large corporate CEO were so responsible. I was impressed with the tough questions. Great interview.
I'd like to purchase a DVD of Charlie Rose's conversation with Jamie Dimon- PART 1. However, when you click on the Amazon link, you get an error message. I called earlier today and was told the problem would be fixed by this evening. It was not. I would greatly appreciate your assistance. Thanks so much, Carmit
WHAT IF: 1.-"Moral hazards" are real (Savings & Loan bailouts), 2.- Now Bear Stearns, Freddie, Fannie (Wachovia?) et al, 3.-national debt increases accordingly, 4.-international players evaluate the per capita debt of a declining economy, 5.-start avoiding our commercial and government "paper," 6.-demand higher interest to even consider it, 7.-inflation 'inflates,' 8.-unemployment becomes rampant, 9.-homelessness as well (bridges become coveted shelters), 10.-felonius assaults, robberies (convenient store heists etc) become de regueur? ............................................................................................................... Isn't such an outcome likely - and caused by actions extolled in this interview? Caused by the very 'hands-off' laissez faire capitalists cum-socialists (when convenient!!), ..................................................................................................................................... And, alas, none of them (even Jamie) will go to jail. Retribution is confined solely to those who believe in hell. Enough in itself for an immediate epiphany!
Whew! My fears are allayed. Today Shrub has assured us that the economy is sound. And eveyone knows he wouldn't lie to us.
Grab some caffeine. The Rip Van Winkle Federal Reserve is belatedly and slowly waking up. They've come up with a NOVEL idea. Responsible capitalism. Well not all at once. They've mercifully put off shocking the financial wise-guys until October 2009. Unless the barn is totally emptied by then. Just think of it. WISE-GUYS PROTECTED FROM WISE-GUYS. -------------------------------------------------------------- However, you know they'll never refrain from continued taxation of our progeny - even under the new rules. The self-made wise-guys will continue buying our government and will make sure any regulations deemed too responsible for them will be altered at whatever the going rate/word is at the time. -----------------------------------------------------Mandatory jail-terms for each dollar of exploited capital skimmed from human frailty would put some appropriate teeth where the bite needs to be. Slammer - not chutes. --------------------------------------------------------------- Only one bank today. How many tomorrow. The wise-guys can do better.
Hey Roy - You're preaching to the choir to some extent. Our home grown financial industry wise-guys have done and are still doing more to stain and strain the merits of capitalism than say a Eugene Debs type socialist (or was he a communist?). ----------------------------------------------------------- You're spot-on with this from your post, "Republicans made one fatal error during the past few decades. They never learned nor understood that human nature never, ever changes. Human nature drives the market economy and capitalism. HOWEVER, HUMAN NATURE NEEDS TO BE REGULATED." -------------------------------- Ironically, regulation would have saved themselves from themselves. Go figure. And they're to a person so smugly self-satisfied. Like since it's their rules it is then ipso facto their system to trash. The sycophantish fawning in these posts seems to light me up as much as the egregious greed itself. Again I say lock-em up as it is a (monetary) capital offense to our system and thus to our nation. Celibate them all at a minimum! [Monday may be interesting in the markets.\
emmy - Hows about we establish for you and Jamie a "Ministry of True Risk-based Captitalism," where tax bailouts and subsidies are illegal and applications and paid lobbyists to acquire them result in automatic fines and potential loss of license to operate. Or just "Secretary of Honest Captialism." Probably too much of an oxymoron to pass the smell-test however. They use fly-trap jargon like "collateralized debt obligations," (CDOs) without an ounce of collateral (or embarassment) in a carload.
Ab irato: Not to belabor the issue, but Marx/Engle’s WISE GUYS vision caused many millions of lives through slaughter and starvation by the Stalinists. That system was also tried by Moa and Moa caused countless millions of lives from starvation and slaughter. There were two competing concepts in recent human history. Controlled societies and controlled/central planned economies were tired and failed. Democracy, free societies and market economies have raised the standards of living more than any other system. The Republicans made one fatal error during the past few decades. They never learned nor understood that human nature never, ever changes. Human nature drives the market economy and capitalism. HOWEVER, HUMAN NATURE NEEDS TO BE REGULATED. Most abuses we are now seeing is somewhat due to eliminating many regulations…....not of markets….....but of human nature. America still has one WISE GUY'S model and that is the teachers/education system in this country. It is still run as a Soviet style concept and the damage it is doing to our children is tragic. One inept or none caring school teacher can do so much harm to so many children in a teaching career. But the "market economy" can't remove those teachers. No competition.....no urgency...... Another reason the Marx/Engle model failed is that the Soviet Union, even in its best days, could not even feed itself. They had to import roughly 40% of American grain supplies in 1973 to feed its own people. Something like 45% of all grain harvested in the Soviet Union rotted either in the fields, lost during transportation or rotted in storage facilities. Peter Drucker, late in his life said that he still believed in the market economy, but was not so sure he still believed in capitalism. Human nature will always look toward a utopian concept and it is likely that America is heading very rapidly toward a socialist system. That could be the outcome of the current abuses to capitalism. As has been said recently..."The profits are privatized but the losses are socialized." de Tocqueville said "Democracy and socialism have nothing in common but one word:equality. But notice the difference. Democracy seeks equality in liberty, socialism seeks equality in restraint and servitude." He also said "The greatness of America lies not in being more enlightened than other nations, but rather the ability to repair her faults." That is America's best hope. It is not the likely path toeard socialism, which many lean to in Ammerica today. That never, ever works and always ends in tragedy.
As a Democrat who's still mourning Edwards' loss in the primaries, and leery of Obama because of the Limbaugh-like way his surrogates treated Clinton, can I please vote for this guy (Dimon) for something??
Roy Fassel - Thanks for some astute observations. Your sign off: "When Corporate America could no longer make long term strategic plans and had to increase earning quarter by quarter, we now have everyone cutting corners to keep their jobs. Look at the root causes, as some like to say." --------------------------------------------------------- A large part of my problem is my inability to grasp the puerile, nearly pre-pubescent greed that stampeded THEM ALL (not just one or two) into IRRATIONAL EXUBERANCE. Financial wise-guys are paid to know better. But like lemmings they ALL dove into the sea of destruction - taking us with them. That and their selective disdain for regulation that inhibits their exploitation of the masses with rapacious interest rates. Making bankruptcy harder for health and employment issues. They're bloodsuckers. They'll swell the prisons with 7-11 store robbers trying to survive, while they luxuriate under their billion dollar parchutes. --------------------------------------------------------------------- So back to the root cause: agreed it's greed! Whether it's CALPERS or home grown and localized. The Feds and Mr. Dimon are encouraging it by the continued bailouts as backups. Our national debt would double and will precipitate total collapse (anyway). So the wise-guys want assurance that they are capitalized with OUR money before they retire to the Dardanelles or wherever. Bet it wont be here. --------------------------------------------------- It was a great experiment! It's too bad it failed for such flimsy priniciples (or lack thereof of both kinds '---ple and '---pal). Enough, I'm boring myself. BUT truly believe most should be jailed as they are worse than an honest thief born of their wise-guy greed. Pray for us! Marx/Engle claim that capitalism contained the seed of it's own destruction.---------------> WISE-GUYS!
The points here made on both sides have merit, but there are bigger problems in the overall economy to be dealt with that are beyond Dimon, among them: 1) Inflation is much higher than officially reported and is a disincentive to Americans saving, since the value of saving is eroded beyond the interest received. 2) Corporations are rewarding executives even with poor performance. If the "profits" from these subprime deals were not legitimate, why reward the executives? Financial markets can not be seen as legitimate while this stands. 3) The larger culture of Wall Street appears to be to Privatize the Gains, but Socialize the Losses. The general public pays for the missteps while the corporations reap the benefits, with the most senior executives reaping the most. Again, there is no legitimacy to the foundation in which these institutions operate unless this is addressed. Is there a leader who would tackle these tough issues?
Ab arito…………...........you might look at the "history" of your outrage. Everything went haywire about 20-30 years ago when CALPER, the California Public Employee’s Pension fund (and the largest fund in the world) went to corporations, whose stocks were not performing ........with a gun at their head. The largest public employee pension fund told the corporate executive that they should quit looking at long term planning and get the stock prices up...now.... …OR THEY WOULD FORCE THE REMOVAL OF THE EXECUTIVES. That ended sanity and long term planning. I know of a manager of a state teacher’s union pension plan who quoted Warren Buffet in his annual review , who advised to be patient and wait and wait for good opportunities. This manager stated in his annual review that this was sound advice, but HE HAS BILLS TO PAY RIGHT NOW. This state pension manager, at that time had well over 40% of the teacher’s pension money in “emerging markets”…in essence investing not in American corporations, but on foreign corporations. Of course, most of the teachers hate capitalism and despise the “global economy.” However, they expect their pensions to be paid. Every fund manager, every pension fund manager, every CEO, and every employee, in essence, now has a gun at their heads to “make” the profits that the investors, mostly retirees insist they make to pay for the pensions. People forget, but the biggest shareholders of corporate stocks are 401Ks and Pension and Retirement Funds managed many times by Hedge Funds and now Commodity Index Funds. Everyone wants their pensions and for some reason, many people have no idea how those pensions are capitalized. In that sense, many today, in America despise the “hands” that feed them. Capitalism is not pretty. Neither is the process of making sausage. However, everyone wants their bacon. We live in an age when the dogs want to bite the hands that feed them. The change in Wall Street started precisely when CALPERS put a gun to the heads of corporate America and threatened them if they did not earn larger and larger profits to make the share prices rise to pay for public employee pensions. When Corporate America could no longer make long term strategic plans and had to increase earning quarter by quarter, we now have everyone cutting corners to keep their jobs. Look at the root causes, as some like to say.
This topic needs to stay on top as its demise has been overcome by events. Freddie and Sally are trying to capitulate along with Bear Stearns. Making a mockery of bail-em-out to the last tax payers dollar. The financial wise-guys have tipped us into a banana republic status. We just don't know it yet. Our worthless commercial papering of the world is declining in value which will help increase inflation to ?? 1000%+/day?. -------------------------------I suggest for openers an immediate incarceration of all officers of all major national financial institutions. GITMOIZE EM! They're all guilty of treasonous greed. Literally have sacked our country as effeciently as a raiding hoard right out of Ghengis Kahn. From their golden chutes to water boards - so they can share the abject misery they are causing and will continue to cause well into the future. ----------------------------------- No country - even the once mighty USA - can withstand the combined abuse of Bush's Iraq war and the financial wise-guys egregious subprime greed. All under-pinned by the venal whores of Congress and their K-street pimps. -----------------------------------------------Hell, given all that a different outcome would be too surreal to be within the planetary system. The only thing we'll have left soon will be our cherished arrogance. All this under a REPUBLICAN WATCH! Thank god, cause Jamie says the Democrats are crazy. Whew! How scary is that? What a relief!
This was another marvelous conversation, and what makes it so nice is that it was done on public so people can hear it first hand. I enjoyed the program, Thanks for making it available for the public again. I enjoyed the answer by Mr. Dimon when Mr. Rose asks which candidate would be better for the economy? --and his answer is like many of us-- he thinks one of the candidates has already told the world on a national tele vision that 'he does not understand the inner working of the economy.' That was a line worth repeating and the audience laughs. Simply, PRICELESS!
Charles Forbin, despite your legal connection (lawyer?) and conceding benefit over doubt, and sycophantilism aside, the advertised sales-job for the B-S bailout was that it would stem a potential tide of failures. --------- HOW SO? From the spit posts, I repeat: Today's news seems to mock Dimon and Fed type bailouts as the Maes - Freddie/Fannie? - seem to want OUR money along with Bear-Stearns. Lehman next? Citigroup? (I fervently hope! The world would be a better place.) These wise-guys would be sans solutions without the regressive tax code to fund the Fed bailouts of the children running our system - right into the financial toilet of the world. Too clever by fractions. GITMO would be a considered deterrant. Reverse Robinhood capitalism is a bit tiresome - and ultimately as disastrous as treason. Our economy (was) our strenghth. Without its former robustness we're proportionately diminished. But the wise-guys will nonetheless be rewarded with golden parachutes - instead of waterboarding as duly earned.
DISCLAIMER - I am a JPM/Chase employee. I'm one of the "little people" in the JPM family as it were, but I will tell you right now that Jamie's public pronouncements are also reflected in how he views the company. There have been more than a few "investments" that other banks have jumped on (B of A/ Countrywide as an example) that were not considered in the best interests of the company. It was not the intent of JPM to buy Bear Sterns, it just happened. All we were asked to do was loan them money to stay afloat at the request of the Federal Reserve with them guarenteeing any loss ABOVE a billion dollars would be covered. It was only after the books were examined that the Fed asked JPM to BUY Bear Sterns. The $2 dollars a share was what the Fed decided it was worth after examining the mismanagement of Bear Sterns. It would have been easy for JPM to NOT raise the bid to $10 because the alternitive for the Bear stockholders was NOTHING if they went bankrupt. Some CEO's would have played it that way and patted themselves on the back for "making a good business decision". That's not how Jamie does things. I'm in the legal side of the company and we have 2 working rules: 1) is it legal and 2) is it the RIGHT thing to do for everybody involved. I have avoided working for financial institutions for many many years because of the lack of internal corporate ethics, and I'm about a liberal as you can get politicaly so if I'm comfortable with how JPM/Chase does business.. that's saying something. Charlie, thanks for all of the work you do on the show and making it informative and interesting
I thought your interview with Jamie Dimon was superb. You asked the right questions and he was impressive in response. Now I suggest to you a new program that would feature the former heads of FDIC including a good friend-Bill Isaac. Years ago I sat in a Florida restaurant for dinner with Bill and warned him that introducing Wall Street mentalities into domestic commercial bank services -wouold ultimately create a serious breach of consumer banking culture. Bill repied that I was simply trying to keep our monoply in the consumer banking services- I am a retired banker. Might be an interesting program! Great program Mr Rose - I seldom miss it!
God has apparently revealed to Jamie (on an Aspen mountain top?) that he created HUMAN-FRAILTY for the sole exploitation by him and fellow Republicans. After all he and they are among the Chosen. Ask him - or the Fed Res.
Why didn't Charlie ask him about the subsidies that JP Morgan Chase is set to receive from New York State for their new downtown building? http://news.bbc.co.uk/2/hi/business/6752143.stm So NY taxpayers basically have to pay JP Morgan Chase $750 million under the pretense that JP Morgan won't move a few thousand jobs to Connecticut? What a great deal! I know whenever I'm hired for a new job the first question I make sure to ask my boss is how much cash I get to pay out of my own pocket for the privelege of working.
Wow. Dimon sounded like the best thing next to mom and apple pie. Said all the right things. But, not sure I beleive him. He said that the acquisition of Bear Stearns was a risk. Whose he kidding? Since the Federal Reserve guaranteed that JP Morgan/Chase would not suffer a loss on the purchase what risk was there? This was a case of only possibly gaining and never losing. The fact that the Bear Stearns price was raised to $10 per share because Morgan/Chase and the Fed Reserve were publicly criticized that the $2 dollar price looked ridiculously low tells you something about how risky the deal was. Don't be fooled by a slick talking investment banker who is glad to gain great profit when times are bad. The history of JP Morgan is to take advantage of disasterous times with the country and businesses. There is nothing wrong with that. Just don't think that they are an angel. Dimon reminds me of the glib lawyer who chases after the fire truck, or attends a stranger's funeral.
What terrific, intelligent comments you make, Roy Fassel! I Loved the one by Alexis de Tocqueville! A knowledge of history (not the distorted stuff that is taught as history in our public schools) is so valuable in having a healthy, vibrant Republic. Charlie, please continue to have guests like Dimon who has a good grasp of economics and no doubt the history of our great Nation.
How many more times is the taxpayer going to foot the bill for the Savings & Loan, Long-Term Capital Management, Subprime messes while corporate executives line their pockets with bonuses on performance that was fraudulent? Why do they get to keep the money for this? Do they believe they are showing the world that they run companies that can safely be invested in when such practices are allowed? Who would want to be a shareholder in any company that permits that?
Great Job....Please keep up the Good Work..
The country has long past the point where the voters would elect a pragmatist as its president. It is my view that since the 2004 election, more voters now get goodies from the federal government than voters who pay taxes. Therefore, no politician can get elected in this country anymore that will address the things which need to be addressed. Most rational politicians (about 30%) have known for decades that Medicare and Social Security benefits are not sustainable without real adjustments. This country will not elect any candidate who will address this issue in a direct and candid way. We have entered this stage of American history…................ "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money." ......Alexis de Tocqueville quote. We are now there!
This country is a business that is run very poorly. We need a business man to run it, not a politician.......Dimon for Pres.
This country is a business that is run very poorly. We need a business man to run it, not a politician.......Dimon for Pres.
This country is a business, one that is run very poorly. We need a businees man to run it, not a politician. Dimon for Pres.
WOW- Charlie, Please let me know when the DVD available for purchase. Much appreciated.
I am all for CEO media tours etc., but I have to say that the current Vanity Fair issue with the Bear Stearns demise article combined with the article about billionaires blowing money on Long Island real estate while laying off thousands of people, really disgusted me. There are consequences for all of this - and typically it falls on the little guy to pay.
Jamie Dimon kind of looks like a younger Bob Ryan,Columnist for the boston globe.
Jamie Dimon is a CEO of a major Wall Street firm. Some people seem to be impressed with his polish, his candor and his pragmatic insight. No one gets to that level without having great leadership skills and a following. It is laughable to think a corporate CEO could also be a good politician. Dimon, rightfully, is looking out for his shareholders. He gets paid by shareholders, and his stock options are dependent on stock prices. He is no different than many, if not most corporate CEOs who realize that being a good corporate citizen and doing good is also good business. It seems as if many of Charlie’s audience lean toward being ideologues. Anyone in business had better be a pragmatist. That is what Dimon is. That is what the Egyptian guest was. They live in the real world, not in some fantasized dream world of "hope".
I've just started my first company, The Greenrock Group. Needing some type of real information on where america stands in the eyes of corporate america. I think Jamie Dimon gave me hope that one day I could have a public company. Meaning that things will get better. Im only "black" 21 years old and Im sick of CEO's that are 60, 70, or older, thats just saying the same old things. Jamie shows that new ideas are much needed in these times of financial trouble. Also its funny how alot of people writing on this interview has alot of negative things to say. What about Stan Oneal who had about $10 Billion Dollars in write downs in one quarter. I think JD has made it clear that even if times get bad he's ready to find a way to make money. This is the wallstreet god right now. Im from Mississippi so we havent had to much a chance to rise to the top of big business. The only company we had was "Worldcom" and it turned its back on shareholders and we know what happen then. Im only saying respect Jamie for trying, these type of people arent born everyday. I mean not even Blackstone, Blackrock, or any hedge funds wanted to get in on the Bear deal so lets give Jamie time to turn wallstreet around. JD for President
i think the founding fathers made it very clear:congress votes and announcing to the public that the country is going to war,it will fund the war and the president will carry out the mission as commander and chief. unfortunely, the founding fathers thought the congress would actually do the research before voting to go to war. defer to the executive branch which uses the media to sell the disinformation and scarlet letter dissenters. another generation learns the costly results. the law is clearly there,but people of substance are lacking in carrying it out. a trip down memory lane with the roman senate is playing out. charlie should fire his make-up guy for colorado segment. for a moment i thought it was heather ledger in costume plugging batman
It is obvious JBL Taylor has never deblt with the totally un-regulated Mortage Brokers of Southern California who made offers via the inter-net or with rotory-dialing to make public offers they could not, or would not close for their victims. I was first called on the public home phone by what was determined to be a 'fake' person - an electronically generated voice. Upon returning this call, I was told it was someone who 'worked' here, then turned over to another sales agent. I have been contacted by several other victims or their lawyers, so I know I am not the only one. These companies were totally un-regulated, their 'agents' had no licenses like are issued in the real eatate sector. The companies do not back-up their agents offers. The one I drew even had me sign a contract with an Orange County Bare Stearns Bank and told me a 'closer' would be at my door the first of the following week. This stall practice lasted from about 2 months from the application for the next 16 months. This agent went so far as to cancel my home owners insurance, fail to pay the property tax, etc. as per the closing offer. This also led to the use of 'bait and switch' to change the offer and continue their practice of stalling off the victims like myself. Some did not file consumer complaints, but some did! A couple of there mortage brokers were taken to court and settled out of court leaving little in the way of a paper trail. One other thing I heard from this interview was its all about the stockholders. That sounds real customer oriented, too. I was even refered to a lawyer who then jumped ship at his firm and went to work for the 'mortage' companies on short notice and dropped me for conflict of interest. Ego and big bucks have again shown their uggly head. These people know every trick in the book to protect themselves first. Most of their dealings are done over the phone where there are no records. The fact is that guys like Dimon will have a secure old age no matter what, as the customer pays price. I might just add that government agencies to little to help the public in these cases, they just file paperwork and give you a file number.
Wow. Look at all the gushing comments for this snake in a suit. Look how well spoken and engaging he is. Isn't he impressive? Can we keep him? Jamie Dimon for President? Hahaha, seriously now. It's bad enough that we have to let Mr. Dimon pick our pockets via the supposed 'bailout' of Bear Stearns(it was a plundering, really), but we don't have to elect him our leader (I would, however, find the irony fitting). We don't need another con man in the White House. But lest anyone give this banker praise for his corporate vision or any other such nonsense, remember that JP Morgan is sitting on $93 Trillion in OTC derivatives that could blow up any day now, and we're going to be the ones holding the bag. As Mr. Dimon said, "history may not repeat itself but it rhymes"
Jamie Dimon's interview was most informing. I suggest Barach Obama should interview him as a possible candidate for Vice President of these United States of America.
I am sure Jamie Dimon would find very interesting and he would enjoy reading my latest article about Brazil and the Brazilian economy, since Brazil is one of the emerging superpowers of the 21st Century. The article was published today on Brazzil magazine at the following website Why Brazilians Should Demand the Renationalization of Petrobras http://www.brazzil.com/articles/194-july-2008/10079-why-brazilians-should-demand-the-renationalization-of-petrobras.html#comments
As a consultant in strategic planning, business writer and instructor in management, I can say this episode is certainly one of Charlie's best interviews on business. This is a classic survey, with good story telling about the inside of business, especially successful companies, the highs and the lows. Very timely. Excellent piece. Required viewing by MBAs.
Some wiz kid really ran Bear and Stearns then ran with his money..others received too much too..the head of the company was playing cards when the tower tumbled..Im concerned becuz I know someone that worked for Bear and is still with JP Morgan till December..Im a model..but even I can figure out banking..its not hard..I never had my money with Bear..Jamie..do not let them down..be different..then the others..Trish
Amazing! Having worked for Mr. Dimon's organization I wonder who it was I was seeing in this interview. Philanthropic? That $100.0 that he mentions hasn't changed in over 5 years. Choosing the right team? How many members of the senior management team are not former Citi or Bank One cronies? Respect? How many times have staff been on the receiving end of a Jamie temper tantrum? Mr. Rose, you do conduct an excellent interview however, as some of the prior comments have indicated, Mr. Dimon is merely another individual in the long string of corporate executives whose focus is, despite statements to the contrary, nothing more than ego.
I must say thank you to Charlie and Jamie, this is what alot of small business owners and middle class americans need to here. Know one, not Ben, H. Paulson, or President Bush really took on this type of leadership. In the process of moving back into the real estate business hearing speak about deals and the market, I feel that america can come back as the worlds leader in business. God bless Jamie Dimon. . . Jamie Dimon for President
...and we're barrelling toward Defined Contribution plans faster than it took the "toilet paper" to make its way around the globe! God bless all the poor working stiffs who are getting fleeced and may never see a financially sound retirement.
Mr. Dimon appears to either have a covey of 'friends' or relatives or both unctuously gushing forth. Sorry it seems so disingenuous. If not it's even the more pathetic. Or pitiable. No wonder we're so exploitable. Just dumber than dirt it seems. Fodder actually. Totally hopeless.
Bravo, Charlie. What a wonderful interview - Jamie Dimon is, clearly, a prince. First rate television - E. R. Murrow would approve. Any thoughts of running for public office, Mr Dimon?
Your interview of Jamie Dimon was absolutely riveting. I feel it should be seen by high school seniors, business majors in our colleges across the country. I've seen the interview twice today. It was replayed in the Albany, NY market at 1:pm and I have found it and replayed it for my husband this evening. We have owned our small services corporation for 20 years and have recently sold it to a German company. We do business with our clients much the same way Mr. Dimon does business with his clients, with complete dedication to value, openess, respect and honesty. We will watch the remainder of the interview tonight with great pleasure and interest. Thank you, Charlie, for continuing to make your enormous contribution to our understanding of American life, in the arts, in business, in politics and science.
PART SIX...Charlie "Western Union" Rose....Mr Rose's program serves as a public service for those who wish to put their message forth. A veritable conduit for everyone hawking a product from a book, movie to a political or financial agenda. Every guest has a reason for showing up, a message to spread to those who are inclined to watch Mr Rose's program....What a euphemism the word "inclined" is. The trick for a guest is to make his message understandable so that there can be no misinterpretation of what it is, while making it seem to be inconspicuous and innoccous to the viewer. You might say that this Comment Board is an overnight rating service to see how the guests were received and how successfull they were in getting their message out. And old Uncle Litvak said just before they swung the trap on him, "Never wise oup a chump."
PART FIVE...American Success...America has succeeded beyond its wildest dreams financially. There are 2 basic reasons for the success of American Capitalism. One is that our system has TRANSPARENCY, just try looking into a European Banks finances. Two, American is a rule of law nation and not governed by a junta. Those 2 pillars have inspired world wide confidence in America. As of late it is some of the Arabs that hold warehouses full of dollars that have been using London instead of NYC as the finacial brokerage of choich. The reason is simple they are afraid that if a terrorist event happens in the USA their assets will be frozen. So why take a chance?
For you sycophants of the system read or re-read the posts by "mike" and "h nutting" for a true characterization of the grief and misery these financial wise-guys have wrought. Mr. Dimon is so entrenched in the system he may believe his own disarming aw-shucks assertions deluding others along with himself. Therein lies the tragedy. Perpetuation of the rapaciousness of the many for the few. Skim (gouge lately) from the unsophisticated to the benefit of the elitist few, aka, the wise-guys. I repeat, "Celibate them all, lest they procreate."
ABO: Your point cuts both ways. The financial institutions started it all with nefarious subprime lending and then bailed themselves out with our money. That's trustworthy???? You can trust it will happen again, ala Savings and Loan. These wise-guys need to bellyup. Whose to say a Bear Stearn collapse might have been the purgative needed. The greed remains unchecked and egregious. The same uncollateralized paper has to be worked through. It didn't go away! And you can bet it will be "socialized." Shell game with a smile :) BS! Celibate them all!
Jamie Dimon has obviously been blessed with many gifts and talents - he has terrific insights -- not only from a corporate perspective but national and international as well. His emphasis on truth and integrity are greatly appreciated in today's environment. I would love to see Mr. Dimon run for President. Whatever he does, I wish him well and will keep him and his family in my prayers. We need people like him.
dear Charlie-You're a Gift! 2 days ago when my wife,grief-stricken, couldn't bring herself to leave our home of 15 years-Chase sold the house from under us during the modification process-I said to myself I'm going to write a letter to the man at the top and get her home back. Well, Charlie, today you gave me a name and a face - Jamie Dimon, a really nice fella! one more favor Charlie,have Mr. Dimon drop me a line so i can send him my letter. Thanks a million! Keep doing the work.
How were these bad loans allowed to be packaged and sold in the first place? Who profited most from this scandal? Any bonuses for the last two years should be returned. Why reward such behaviour at shareholder expense?
Excellent interview. Jamie Dimon is a very impressive person. I hope it is not only impressions that he is good at and that he acrually lives up to his stated principles.
After reading some of the comments I see some short sightedness. If JP Morgan did not buy Bear Stearns more consumer/tax payers would have been hurt by a financial system that could have failed. Our financial system is based on trust if your trust in the companies and banks you do business with is compramised (i.e. Bear Sterns files bankrupcy) how do you do trades, buy goods, or any transaction that you have to trust the counterparty.
To JBTaylor: au contraire, the wise-guys used midway carnie hucksterism to sell unqualified (normally) loans solely to generate the fees. They then packaged them in euphemistically called collaterallized debt obligations (CDOs) and sold them in the secondary market. Thus spreading their charm world wide. They cajoled, promissed, misled, deceived and lied their greedy selves and the country into the chaos we're in. Many told they could refinance before rates increased. Culpability on both sides, but the financial wise-guys knew more than their victims and exploited with mouth watering relish. Ask Charles Prince Citigroup's golden parachutist. Dante awaits.
The Fed's bailout of Bear Stearns with OUR money only kicked the MORAL HAZARD can down the road for a future encore. His self-satisfied smugness typifies the financial wise-guy syndrome of flim-flamming many for the extreme sake of the few (top 1%?). BESIDES, where's the evidence that it worked. We're still in a financial meltdown. Disguised? Perhaps. Salvaged? NO! Reread "h nutting" post for the REAL effect of these financial wise-guys. The Feds, SEC et al in their gleeful definition of capitalism (scim from the many for the benefit of us wise enough to buy-off regulations) have raped the system to a stand-still. And this guy wants applause with his aint-I-cute demeanor. He's a main facilitator of this debacle. Because he does it with panache - and apparently makes most CR viewers like it - adds to his anathema. Greed makes capitalism work. Egregious greed makes it not. Wisdom comes in knowing the difference. INDIFFERENCE REQUIRES REGULATION (so abhored by Mr. Dimon). Query? Would you sycophants all applaud your executioner? You've been conned big time!
Dear Charlie, Hello. Yes, Jamie Dimon is impressive and he strikes me as a humane man -- a businessman with a soul and conscience. Charlie, I love your program, but this interview was a huge dissappointment. You could have done a much better job of "afflicting the comfortable." There was hardly any skepticism or contrarianism on your part. The crucial question you failed to ask: Why is it the moral obligation of the taxpayers to underwrite the risk of JP Morgan, and other such companies? Wall Streeters will always fall back on the threat of "systemic risk" to justify a taxpayer bailout for mismanagement. Where is the accountibility?
loan sharks at their best....
Congratulations! A brilliant discussion with Jamie Dimon. Jamie's words brought to mind principles of leadership as taught to officers and enlisted of the United States Marine Corps. I know the following is old hat: "A good leader wants to hear what he needs to hear." This is one of several qualities that makes Jamie an effective and trusted leader. Charlie, keep up the good work. I'm an avid viewer of your show.
Congratulations! A brilliant discussion with Jamie Dimon. Jamie's words brought to mind principles of leadership as taught to officers and enlisted of the United States Marine Corps. I know the following is old hat: "A good leader wants to hear what he needs to hear." This is one of several qualities that makes Jamie an effective and trusted leader. Charlie, keep up the good work. I'm an avid viewer of your show.
Congratulations! A brilliant discussion with Jamie Dimon. Jamie's words brought to mind principles of leadership as taught to officers and enlisted of the United States Marine Corps. I know the following is old hat: "A good leader wants to hear what he needs to hear." This is one of several qualities that makes Jamie an effective and trusted leader. Charlie, keep up the good work. I'm an avid viewer of your show.
The last 5-10 minutes with Jamie Dimon were pure gold. Wish I had known those truths about 50 years ago. Retirement causes listening! Eva (Sam) Shaw 7/8/2008
Charlie, this was an excellent interview. What a sharp, down-to-earth guy Jamie Dimon is. Kindly send me information regarding the availability and timing of purchase of this interview on DVD.
I thought this was a fantastic interview. How do I buy a copy? Oh, "h nutting" you said "The only thing I think he said right is that many bankers and motrage brokers should go to jail. I was scammed by a mortage broker's agent from Irvine CA that signed me up with Bear Stearns loan in Orange County on a re-fy of my home. After 18 months of their lies, I got no closing, was forced to sell my home at a huge loss." If you tried for 18 months and couldn't get a loan from Bear Stearns (one of the most lenient lenders) during the Sub-prime boom...YOU DON'T QUALIFY TO OWN A HOME!!! PERIOD. The entire Subrpime problem was people getting loans that they didn't qualify for.
Dimon was at CITI when I worked there. Too bad the other leaders were such idiots. Reid was never a hero in my book. Remember loans to Brazil and the stock crash of '84-85..? Working later as a business consultant, the policies of CITI showed up badly in the books of many clients. It's been a long time since they were one of the best places to work in America. Kudos to him that they sent him on his way. The fact that if you have a problem with your American Express account and can still get real service is a testimony to his kind of corporate culture. I hope the rest of the business model goes his way very very soon. Right now you're really out there on your own. Try calling AT&T for anything and 'feel the love'.... Lying is what most do best nowadays, since they 'serve at the pleasure of the president'. (Bush/Cheney don't deserve a capital letter.)
HOLY FECES! It's easy to see how carnival shills and used car salesmen can con their wares so effortlessly. Of 22 posts at this writing only 3 to 5 could be deemed as, "not-buying-the-bit." The Fed's bailout of Bear Stearns with our money only deferred the MORAL HAZARD for a future encore. His self-satisfied smugness typifies the financial wise-guy syndrome of flim-flamming many for the extreme sake of the few (top 1%?). BESIDES, where's the evidence that it worked. We're still in a financial meltdown. Disguised? Perhaps. Salvaged? NO! Reread "h nutting" post for the REAL effect of these financial wise-guys. The Feds, SEC et al in their gleeful definition of capitalism (scim from the many for the benefit of us wise enough to buy-off regulations) have raped the system to a stand-still. And this guy wants applause with his aint-I-cute demeanor. He's a main facilitator of this debacle. Because he does it with panache - and apparently makes most CR viewers like it - adds to his anathema. Greed makes capitalism work. Egregious greed makes it not. Wisdom comes in knowing the difference. INDIFFERENCE REQUIRES REGULATION (so abhored by Mr. Dimon). Query? Would you sycophants all applaud your executioner? You've been conned!
Pretty boy Dimon spent more time fixing his hair than answering what went wrong with the sub-prime mess. Charlie, this was a complete cop out! You throw a few softballs at this guy. Why even agree to such a watered down interview - was that a pre-condition to be at the Aspen institute? Please stick to the dark room and the round table if that will give us a meaningful conversation. What is the point in asking this guy how to regulate Wall Street - talk about asking the fox to guard the chicken coop! This Bubba mentions the $100 Million JP Morgan Chase (or was it all Wall Street firms combined?) spent on charity - A tiny fraction of the $40 Billion in 2008 Bonuses.
I too found the interview very interesting. Mr. Dimon made some very good points about leadership and how corporate America should, and in many cases does, work. I can't imagine people not wanting to work for him. When and how does one purchase a copy of the interview?
I watched the interview with Jamie Dimon last night. The only thing I think he said right is that many bankers and motrage brokers should go to jail. I was scammed by a mortage broker's agent from Irvine CA that signed me up with Bear Stearns loan in Orange County on a re-fy of my home. After 18 months of their lies, I got no closing, was forced to sell my home at a huge loss. As a Senior, I will never recover from their combined actions! To add insult to injury, I just looked at my statement from AARP/Chase showing my credit card interest is now 25.99%. I rarely use this card and have paid the balance each month. Just who is kidding who? JP Morgan/Chase is looking out for number ONE, not people like myself. The re-fy broker that damaged my retirement is now advertising on their web-site they are licensed in 35 states. They have no ethics, yet can fool government officials into handing out licenses that make them look above board!
I viewed Charlie's discussion with Jamie Dimon at the Aspen Ideas Festival last night on PBS and was wondering when it will be available for purchase or download? Thanks so much, Cameron
Jamie Dimon has the courage to speak truths which many on Wall St avoid. Yes, it's about business but also maintaining integrity and giving back to the community in the process. I especially appreciated his comment relating to Russia's strength with regard to oil in which he points out that we should exercise political will because Russia is not the problem. Perhaps our politicians elected or soon to be should use this interview as a training tool. Or perhaps we should elect Jamie!
I become more and more skeptical of everyone and I am not a fan of the corporate world. That said we all live in a world not of our choosing and do what we do. Mr. Dimon given what he does impressed me. I hope he "walks the talk", so many don't. Whoever he is otherwise and however many might perceive (I know only what I saw last night)him he said one astounding thing and that is he did not believe in revenge. He said it almost and maybe even at the cost of embarrassing Charlie as Charlie kinda pushed it; want wanted him to say he felt revenge in his success after being fired. This is a man who, I believe, knows himself. To move on. To take joy in accomplishment and bring others along. We hope. The other thing that rang true and that has already been mentioned above is his refusal to play the game of "know it all". From his opening response, I believe it was about the economy being unfathomable, he caught my attention. I don't think this is what share holders want to hear from their CEO, that he doesn't understand what is going on. But he then went on and educated us. He did this several times, admitting his insecurity and ignorance and making us feel that it was ok. I would like to know more about him.
PART FOUR...The Crystal Ball...Something says that Jamie Dimons meeting with the Democrat leadership didn't go so well and that he is worried that they didn't get his meaning. The message that corporations are not evil doers just making money, but also provide service to people and community. If Mr Dimon wasn't worried that the Dems got his meaning, then why would he have to telegraph it via the Charlie Rose interview hour? Maybe Mr Dimon is worried because all he got was a blank stare from the Dems while they nodded their heads up and down muttering under their breath, "Must remove profit motive with more taxes."
Brilliant. If I can't hire him, I'd love to work for him. It's reassuring to see leadership of this caliber, but can leadership like this fix what texas-british-neo cons have done to this nation?
PART THREE....Acht ZOOO...The most important thing that Jamie Dimon revealed is his interview is the way he assess situations and risk factors. He simply weighs the probabilities of an event happening if a set of likely varibales are applied. For instance his comment about a melt down of the fincial system occuring if Bear Sterns imploded was "LIKELY." That equates to a 55% to 70% chance of occuring. Everything is on the balance beam.
PART TWO....What this all amounts to is Catch 22 crisis of Liquidity. The US dollar began falling on the world markets with the huge Federal and Trade deficits. To support the dollar and keep inflation in check the Fed had to raise rates. Rising rates helped to deflate the housing bubble. As housing declines no one knew which of those Sub prime loan packages everyone was buying and leveraging was going to be OK and which ones weren't going to be so good. So no one knew how to price those little pieces of paper everybody in the world had bought to beat the spread, so they started to become illiquid. Since Bear Sterns had a lot of those little pieces paper that suddenly had no cash value they were going to be forced to go BK. As a result the Fed helped arrange a fire sale of Bear Sterns so the damage would not spread and cause a likely implosion of the financial system. To help keep the cash flowing the Fed had to lower interest rates, which has put more downward pressure on the value of the dollar. Since oil is traded in dollars the price of oil reflects the lessening value of the dollar and goes higher. Since oil is more expensive the economy slows even further... This is the first financial debacle since the Great Depression where all the tools of righting the system are having diminishing effects, in other words a damned if you do damned if you don't situation.
Charlie. Ask Jamie when one of his employees are going to reply to my letter of late... concerning my 2nd loan CHASE sold me (yes sold me) around Nov 2006 by telling me my home was well worth $260K and now that the U.S. economy has been killed (thanks to lenders like CHASE) and I'm out of work and can't sell the place for as low as $240K and will probably have to sell for $200K before it is all said and done ...and tell me if I should just give CHASE the place or are they going to convert my 2nd to an unsecured loan so I can sell my loss cause and clear at least 3/4 of my debt before I go totally broke and CHASE has what little I have left? Otherwise, I think I like the guy.
Jamie Dimons to do list for the Charlie Rose interview. State that JP Morgan is a sound and profitable financial instittution that has integrity, and its clients welfare at heart. REPEAT 7 TIMES. Send message to Democrat leadership and Senator Obama in no uncertain terms that Corporations are not just about evil doers making money but also provide service to people and community.
Integrity....gritty....I don't know much about Dimon, but I loved listening to him. His voice inflections and facial expressions made me think there is a comedian inside. Perhaps, that is part of his success. Charlie, you often ask questions about how America will stay NUMBER ONE. Tonight you inquired abou how we will fair with the rise of China. I would wonder if , maybe ,in this more intricate global world there is not a better question. How bout wondering if bio-diversity has such a top down design ? Maybe being number one is not where we are any more !
Excellent interview. Jamie is a true American patriot, unlike many on Wall Street.
Charlie: This was an excellent interview. Jamie Dimon seemed both relaxed and willing to speak with candor. Being in the financial field, I am familiar with his career and the role played by JP Morgan in the Bear Stearns event. I found Jamie's comments both fascinating and illuminating. His comments on the Bear Stearns situation back up what I have read. It was good to see that Jamie Dimon has a pleasing way about him. I was also happy to hear is comments on the importance of integrity. I note that the interview was indicated as part one; hopefully part two will occur shortly. Thanks for doing this interview at an important time.
First off, I love Charlie Rose's interviews, I echo all the wonderful comments about his great and probing questions, love it! Mr. Dimon says alot of wonderful, inspiring things, and he stated that he requires honesty...but I just really had to wonder, if the truth being spoken to him ALWAYS meets with good results with him... it SOUNDS great, but I just have to wonder if the truth that is spoken to him might at times be repaid with disfavor...or worse, if it is judged to be "not in step with company ideals".... at the discretion of Mr Dimon's sense of what would be correct, of course...
Jamie mentioned several times the importance of the integrity of the core of the people that make up a cooperation. How is this integrity affected by pharmacology? Do you believe that the relatively recent development and wide spread use of drugs like Prozac has any relevance to the changing course of business in the developed world in the past 15 to 20 years? Could mood enhancing prescription drugs be seen as a significant element driving some irrational business practices and Illadvised policies when viewed in the clarity of future historians?
What an absolutely inspiring, ethical, courageous human being and businessman! Thank you Charlie for an interview which should provide us with hope amd faith for this country's future.
Just another WISE-GUY in my book. The endemic egregious greed by the entire financial community - in concert - has tipped our war-ravaged economy over the brink with the lack-of-adult supervision (regulation - gasp, choke) in the subprime kindergarten episode. The rating agencies were complicit, the venal whores selling to unqualified buyers were criminals that should be incarcerated. Rob a 7-11, go to jail for years. These wise-guys get golden parachutes. Bailouts wont change them. The moral hazards are being socialized while the wise guys capitalize the gains. ---------------- The self-congratulatory aura was quite frankly putrefying. My rancor admittedly comes from bad experience with Citigroup - a truly scumbag organization. --------------- How can he caution about regulation with the childish zero collateral "collateralized loans" in the subprime mindlessness. IT SCREAMS FOR ADULT SUPERVISION - REGULATION UNDER ANOTHER NAME. The credit industry in general are anxious to exploit at any chance: health and unemployment barred from bankruptcy so they can bleed them while they're down. Let some of these bloodsuckers bellyup instead of bailing them out with our money. Celibate them all and the herd they rode in on. Self-satisfied scumbags!
Charlie, you are the best. I truly enjoyed your insightful conversation with Jamie Dimon. It left me feeling hopeful about leaders of large organizations. I really appreciated the way he revealed his humaness and humility. We need more positive corporate citizens who do the right thing just because it's the right thing to do. Thanks for an excellent interview.
Depressions, recessions, etc. are always caused by the same thing: easy money. This one is no different. It can be govt debt or bank debt or business debt. Obama's stimulus pkg will just make matters worse, and McCain's tax reduction will too if it involves more than compensation for bracket creep. McCain is right to balance the budget, but the only way it will help will be by getting debt, period, under control. Obama's progressive taxation is good, too, but what diff will it really make if not very steep? Mr Dimon is right if he means to say that investment is not betting. Also about economics and trade generally. The most often forgotten rule in economics is "what goes around comes around." But this should not be interpreted to mean "you scratch my back and I'll scratch yours." Tho watching ppl fail who will not listen to reason does offer some satisfaction.
What an impressive guy! I would have eagerly listened as he answered Charlie's (typically) thought-provoking questions for another two hours. We need more leader like Dimon in corporate America.
I just finished watching your interview with CEO Jamie Dimon. I am again thoroughly impressed with your program. I felt that your questions and interaction with Mr. Dimon were first rate television. Keep up the fine work.