BusinessBusinessMatt TaibbiVideo

Matt Taibbi: Electing Jamie Dimon To Be Treasury Secretary Would Be 'Revolution-Provoking Decision'

Matt Taibbi: JPMorgan CEO As Treasury Secretary Would Be 'Revolution-Provoking Decision'
Open Image Modal
By 

Former Associate Business Editor, The Huffington Post

|
Open Image Modal
Jamie Dimon, CEO of JPMorgan Chase, smiles while testifying before the House Financial Services Committee on Capitol Hill in Washington, on Tuesday, June 19, 2012. (AP Photo/Jacquelyn Martin)

Four words that would make Matt Taibbi throw up just a little? Treasury Secretary Jamie Dimon.

That's right, appointing the JPMorgan Chase CEO as Timothy Geithner's successor -- an idea backed by Warren Buffett -- is just about enough to make the Rolling Stone columnist freak, as evidenced by this tweet:

But of course, he's not the only one to disagree with Buffett's insistence that Dimon would be "terrific" in the role. The HuffPost's own Mark Gongloff writes:

Putting Dimon in charge of the Treasury Department would send a disturbing signal about President Obama's level of interest in financial reform. People only suspected Tim Geithner was captured by the banks he regulated. With Dimon, we would be 100 percent sure.

Our 2024 Coverage Needs You

As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.

Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.

to keep our news free for all.

Support HuffPost

Before You Go

Jamie Dimon Hates On Regulation: A History
Trading Loss 'Puts Egg On Our Face'(01 of06)
Open Image Modal
Dimon said JPMorgan Chase's unexpected $2 billion loss on credit trades in May "puts egg on our face, and we deserve any criticism we get." (credit:AP)
Regulation 'The Nail In Our Coffin'(02 of06)
Open Image Modal
In March 2011, Dimon expressed his fear over new regulations, warning that higher capital requirements would be "pretty much the nail in our coffin for big American banks," according to the Financial Times. (credit:AP)
Losing Liquidity(03 of06)
Open Image Modal
Warning that limiting proprietary trading would also affect market making, Dimon was quoted by CNBC, "The United States has...the most liquid [capital markets in the world]. If you lose liquidity because you lose market making, you cost investors money." (credit:AP)
'Little To Do With Financial Crisis'(04 of06)
Open Image Modal
"Proprietary trading had very little to do with the financial crisis," Dimon told FOX Business Network Senior Correspondent Charlie Gasparino in January, adding that "you can't even make markets for your clients" with the Volcker Rule. (credit:AP)
Volcker 'Doesn't Understand'(05 of06)
Open Image Modal
"Paul Volcker by his own admission has said he doesn't understand capital markets," Dimon told FOX Business. "He has proven that to me." (credit:AP)
Volcker Rule Too Narrow(06 of06)
Open Image Modal
in February, Dimon asserted the Volcker Rule had been written too narrowly. "If you want to be trading, you have to have a lawyer and a psychiatrist sitting next to you determining what was your intent every time you did something," he was quoted as saying in Businessweek. (credit:AP)
Suggest a correction
|
Submit a tip