JP Morgan is sometimes called 'The House of Dimon' for the all encompassing presence of its CEO, Jamie Dimon. For years he has been unquestionably the most powerful banker in the United States, and as such, the de facto voice of Wall Street.
There’s a surprising degree of blogosphere acceptance of JP Morgan’s messaging on the shareholder vote today regarding whether to split the CEO and Chairman roles, that this result was a vote of confidence in his prowess as CEO.
Yet New York Magazine described the extent to which Dimon had to call in the big guns like Warren Buffett, Hank Paulson, and Michael Bloomberg to press his cause, and added:
Kevin Drum is shocked to find Jamie Dimon admitting that they weren't modeling a total collapse in house prices. I'm shocked to find that Kevin is shocked. That's pretty much the standard explanation--at least, a partial one--for why lenders became willing to take on so much risk. Massive house price depreciation had pretty much dropped out of their models, which mostly focused on prepayment risk.
The global plunge in crude oil prices is impeding Canada’s economic recovery, threatening policy makers’ inflation outlook — and giving Bank of Canada Governor Stephen Poloz more reason to keep his benchmark interest rate unchanged today.
The bank will keep the overnight lending rate at 1 per cent in a decision to be released at 10 a.m. today in Ottawa, according to all 26 economists surveyed by Bloomberg News. The rate has been unchanged since September 2010, and if Poloz does as expected, he’ll extend that pause to make it the longest since the Second World War.