Of course there´s luck in any career, but wasn´t it Seneca who said, “Luck is when preparation meets opportunity”? Jamie is the guy who was ready to take advantage of opportunities when they happened. So I don´t really think it´s luck at all. Jamie has proved that preparation is all there is on Wall Street. JPMorgan Chase, whose chief executive, Jamie Dimon, has largely escaped the pitchforks aimed at his fellow Wall Street CEOs. Over the course of the financial crisis, JPMorgan Chase remained profitable, a pillar of relative stability in the midst of an earthquake.
He´s the most prominent banker in America, and if there is such a thing as a financial philosopher, Jamie´s it. His letter to shareholders in the 2008 JPMorgan Chase annual report was a tour de force of explicatory brilliance. He explained what happened and it was totally Jamie talking. He explained the risk exposures, which were mostly mortgages. Where we went wrong, ways the system can be improved. He explained: Is JPMorgan caught up in this? Yes. But he´s aware of the exposure. This is a guy who wrote the letter while still in the midst of the crisis, since he began writing it at the end of 2008.
I don´t think Jamie Dimon would ever run for office. He wouldn´t put his family in that position or deal with the attendant issues. But would he accept an appointment? Don´t be surprised if he does. When Obama got elected, there were rumors that Dimon would end up in Washington. I asked him why he didn´t shoot down the rumors. He said, “Isn´t it kind of presumptuous to turn down a job you haven´t been offered?” But if he were offered the position of treasury secretary, it´s almost a slam-dunk he would take it. It´s the only thing he has left to do–public service. He told me that his one regret is never having done any public service, and he´d like to.
He´s a Democrat because he comes from a free-thinking family. His father played violin in their living room during social events when he was growing up. The family talked about a lot of things beyond just the day-to-day. He was exposed to different ideas. here´s a deep sense of integrity that guides his decision making. The guy is motivated. He absolutely wanted to be rich, and he is rich. Paired with that is a deep sense of doing the right thing. Despite what populist anger seems to be suggesting these days, these are not inconsistent beliefs in America.