JPMorgan director defends Dimon

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

"He’s the best manager I’ve ever seen, and I’m old,” says 71 year-old JPMorgan (JPM -1%) director Laban Jackson of Jamie Dimon. He blames the CIO losses on a group of "renegades" inside the division who thought they found the perfect trade and got to "smoking their own dope."

Top managers at CIO didn't pass the information on to Jackson's audit committee, but as far as Dimon and communication - it's "the least of our problems."

"We're just going to have to put up with this," he says, when talking about the now-daily opening of new avenues of regulatory investigation and lawsuits against the bank. "The regulators in this country and around the world have been so politicized," he sighs.