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When I was at Texas Instruments, we were told that nobody is indispensable. If Dimon leaves JP Morgan and the bank’s share drop, then he did not do a good enough a job at succession planning at the bank.

The real issue is the rumored replacing of Tim Geithner. We need to ask ourselves why the rumor. It is because unemployment has exceeded 10% and still increasing, and this can allegedly be a liability to the Obama Administration in the coming elections.

However, if we look at history, neither the Democratic nor the Republican Administrations have in the past recovered from a similar unempolyment spike at an average rate better than 0.06% per month. Therefore, what is required is a collective change to historically untried policies rather than a change in personalities.

The problem then is if Dimon cannot solve this unemployment problem (and he won’t if he does not do something radical), who are the Democrats going to blame next?

 

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Disclosure: I’m a capitalist too, and my musings & opinions on this blog are for informational/educational purposes and part of my efforts to learn from the mistakes of other people. Hope you do, too. These musings are not to be taken as financial advise, and are based on data that is assumed to be correct. Therefore, my opinions are subject to change without notice. This blog is not intended to either negate or advocate any persons, entity, product, services or political position.

Contact: Ben Solomon, Managing Principal, QuantumRisk

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