JPMorgan CEO Jamie Dimon no longer has his special friendship with President Obama. But never fear — Dimon has figured out where he can get the political love he's missing: London. Back at home, Dimon's bank is getting ready to pay (pending ongoing negotiations) $13 billion to make up for the mortgage-back securities it sold leading up to the financial crisis. The record-setting fine has tarnished Dimon's golden boy status so much that, in early October, the White House literally sent him to the corner during a meeting with Obama and other bank leaders.
Dimon need not fear similar treatment in London. According to a report from Politico's Ben White, Dimon was greeted with open arms when he recently traveled across the pond for JPMorgan events. The Mayor of London, Boris Johnson (right), spoke at a JPMorgan dinner "extolling the virtues of the finance sector, JPMorgan's presence in the U.K., and its positive impact on job creation in other parts of the country, particularly in Bournemouth." Then he made this joke:
The U.S. gave us JPMorgan, we gave you Piers Morgan, and the U.K. got the better deal.
So, good for Dimon. People, or at least Boris Johnson, were happy to see him somewhere.
Meanwhile, things are not going well for Dimon and JPMorgan in the states. The $13 billion deal could fall apart because the bank's lawyers are attempting to further insulate the bank from criminal probes. This has annoyed Attorney General Eric Holder. And JPMorgan just announced today that the DOJ is conducting at least 8 separate investigations into the bank's activities. It was previously thought that the DOJ was only focused on JPMorgan's mortgage-backed securities business. The DOJ is even looking into JPMorgan's relationship with Bernie Madoff.
Former Fed examiner Mark Williams told Bloomberg Friday, “The scope and breadth of risky practices at JPMorgan are mind-boggling. Some of these probes are criminal, they’re not even just civil anymore, and I think it’s very telling about the broad risk-taking culture that was allowed under Jamie Dimon.”
Well, there's always the U.K.
Photo via the Associated Press.