Jamie Dimon, the CEO of JP Morgan Chase, is cloaking his firm’s opposition to proposed global capital and liquidity rules in the hoary mantle of patriotism. Given that his US customers — and the wider public — face record unemployment and foreclosures stemming from Wall Street partying, Dimon’s widely publicized objection to the proposed rules as “un-American” smacks of self-interest. Globally his stance gives the anti-American lobby ammunition as it also recalls the Wall Street interests that gave birth to the current crisis. Seeking cover under the banner of the US national interest burns Dimon’s credibility and is unlikely to mobilize anyone.
The PR Verdict: C Minus. Calling proposals “anti -american” is too loaded a term coming from Wall Street – argue instead for a level playing field.