Oops We Did It Again…Jamie Dimon and JP Morgan Chase

JAMieDIMON2 Oops We Did It Again...Jamie Dimon and JP Morgan Chase

The PR Verdict: “B” for JP Morgan Chase and Jamie Dimon.

How do you say sorry for losing $2 billion?  Jamie Dimon, CEO of JP Morgan Chase seems to have got it right.  With a remorseful mea culpa, he announced last week a blow-out trading loss from credit derivatives.  From one of the banks  least scathed by the 2008 financial crisis, JPM’s surprise market malfunction was announced with aplomb.

The previously revered Jamie Dimon and his firm blamed the losses on “errors, sloppiness and bad judgment” and ominously warned, “it could get worse”.   Was this the same issue that had been raised in April but Dimon then dismissed as “tempest in a teacup”?  In a TV interview he said he was “dead wrong” to have dismissed earlier concerns.

In PR terms, so far so good but now the tough part.  For the CEO who has been the industry spokesperson against regulation and in particular trading restrictions proposed by the Volcker Rule, future lobbying efforts will now be muzzled (or at least should be).  Having cavalierly dismissed the notion of “too big to fail” as “non factual” he has at least temporarily, lost the PR right to belittle proposed oversight rules and restrictions.

The PR Verdict: “B” for JP Morgan Chase and Jamie Dimon.  From an industry that has lost its halo, the PR strategy to explain an “oops we did it again” $2 billion loss was well handled.  The challenge is what to say next.

PR Takeaway: No one likes a smarty pants.  Sunday’s NYTimes quoted a recent dinner in Dallas where Dimon was talking to valued clients about the much-discussed Volcker rule and its restrictions.  Dimon, allegedly imperious and heavy-handed, dismissed the debate as “infantile”.  He now needs to take a more humble and conciliatory tone.  With an uncapped trading loss of $2 billion dollars, the assumption that he and the industry know best, has well and truly hit the skids.

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What’s your PR Verdict?

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What is Your PR Verdict?

  1. I remember burtisng out in uproarious laughter, the when Giethner was chosen by Obama, and the socalled street lept 700 plus points in gleeful greedy irrational exuberance, knowing then that all was forgiven, and the taxpayer tap would be opened, and no one was going to jail. Rejoice! Rejoice! Emmanuel. Shall come to thee, O Israel O come, O come, EmmanuelAnd ransom captive Israel You guys may dismiss the conspiracy theories, but there are conflicting religious implications in all our policy decisions. While we must all recognize the inconvenient truth, that most of our policy decision globally and domestically are all about the oil , there exist also fundamental and tribal religous beliefs that more often then not, lead to conflict, not peace. So one can, and many do, question the validity of the socalled churches, all of them drenched in oceans of innocent blood, and the purchased governments shielding and advancing the predatorclass, and dominating and depriving the peoples lives, and the peoples former rights, protections, priveliges, and freedoms. and the corporate world teeming, seething with packs wolves, and dens of vipers and thieves. The complicit parrots, and the purchased message-force multipliers in the socalled MSM will never stand with the people. They are owned and controlled by megacorps that employ contractors to prosecute and subdue wetwork critics and conflicts. Our only hope is something external. Some voice or force, outside the corporatemedia perceptionmanagement informationdomination wingnut PR firms, (Rendon Group, Baker Botts.. et al.) that own and control the government and most media horizontally, and vertically. The government cannot be trusted.The media cannot be trusted.The socalled churches cannot be trusted.The megacorps cannot be trusted.The oil, pharmecuetical, HMO, insurance, private intelligence, private military, intelligence, military, and finance OLIGARCHS -cannot be trusted.The purchased regulators cannot be trusted.Who do we trust???This is the epic question all Americans must entertain. Do we live by universal codes and the rule of law, or not? That alone is the critical question. Do we abide by the rule of law .. or not? If we do,.. then the predatorclass and the finance oligarchs specifically, should prepare for some period of internment. If not? Then we in fact inhabit a world where there are no laws, and in that world predators there are no laws for anyone. Please fasten your seatbelts, and put your trays in the upright, and fixed position we’re about to enter some turbulence.

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  1. BizSugar.com says:

    Jamie Dimon and JP Morgan: Oops we did it again…

    PR Verdict: “C” for JP Morgan and Jamie Dimon. A well handled PR strategy to explain an “oops I did it again” $2 billion loss. The challenge is what to say next….

  2. Does Jamie Dimon's Problem Actually Reside in SILVER DERIVATIVES? - Alternative News London Ontario - News, sports, entertainment, business, travel, homes and auto sections containing features of interest in North America says:

    [...] Oops We Did It Again…Jamie Dimon and JP Morgan Chase (prverdict.com) [...]

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