The Scapegoat - Jaime Dimon
"I think it's too easy often to find a villain out of the headlines and to then repeat that villainy again and again and again. You know, traditionally, America has always looked to scapegoat someone as the boogie man." - Edward Zwick
The scapegoat, Jaime Dimon, is getting all of the blame for the London Whale's trading strategy. Whether or not you believe that it is his responsibility for letting the losses of 2bn to occur, the fact is that it wasn't ALL his responsibility. Andrew Carnegie himself knew nothing of steel, but he was an expert on hiring the right people to do the work. A CEO's responsibility is to maximize shareholders' wealth and also to delegate tasks to other employees. It is with this note that the manager of the department of the "London Whale" should be put in question. I don't think that King of Wall Street will go without reviewing the CIO department.
Mr. Dimon might be an expert on derivatives, or he might not understand them as well as the people he has hired! Any writer wants to grab a headline and join the crowd to get noticed and my writing itself might be a motive to get noticed. Jaime Dimon and JPM will come out at the end of this year making money.
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