Everything's coming up sunshine and Santa Claus!
Everything's gonna be bright lights and lollipops!
Everything's coming up roses for me and for you!
(From Gypsy Soundtrack)
That's the rush I get when I read JPMorgan's website. It's all rainbows and puppy dogs. But those puppy dogs bite. See the company website's anemic releases at http://investor.shareholder.com/jpmorganchase/releases.cfm?NavSection=.
In my previous blog post, I praised JPMorgan CEO Jamie Dimon for taking the blame for a $2 billion goof; not a personal blame, but an institutional mia culpa. Hat in hand and head bowed, he saved his job at Tuesday's corporate annual meeting.
"J.P. Morgan’s annual meeting in Tampa, Fla. lasted less than an hour and
included little of the drama that some might have expected days after the
company took a surprise $2.3 billion trading loss.
"As chairman and CEO, Jamie Dimon ran the show, and while he faced a couple
questions about his handling of the company’s Chief Investment Office and its
$2.3 billion in trading losses, the meeting was generally docile. Dimon, not one to shy away from questions, actually remained silent while
shareholders took to their soap boxes, and responded only when
directly addressed. And even then the responses were short." (http://blogs.wsj.com/deals/2012/05/15/live-blogging-j-p-morgans-annual-meeting/?mod=google_news_blog)
- Bloomberg News
Typical comments went like this:
“Fifteen months ago, you shared your disappointment at mistakes that your company has made on the foreclosure debacle. ... We’ve heard the same refrain: We have learned from our mistakes; this will never be allowed to happen again. ... Three nights ago, we heard you describe the latest lapse in oversight. On ‘Meet the Press,’ you said there were ‘warning signs’ and ‘red flags,’ yet management didn’t respond until it was $2 billion too late. ... We are all weary of mistakes, and as shareholders we will continue to hold you to a very high standard. I can’t help wondering if you are listening and hearing the many voices that have been speaking out recently.” (Father Seamus Finn, on behalf of shareholders representing the Missionary Oblates of Mary Immaculate, http://www.washingtonpost.com/business/dimon-gets-an-earful-shareholder-voices-from-jpmorgan-chase-annual-meeting/2012/05/15/gIQAjwj1RU_story.html)
In the end, Dimon kept his job. The JPMorgan website remains an Alfred E. Newman "What? Me ?Worry?" model, thanks to his loyal board members. Another example:
"The American Federation of State, County and Municipal Employees proposed that Mr. Dimon resign his post as chairman and that JPMorgan set up an independent chair. Arguing for that position, the union said that it boiled down to preventing “an inherent conflict of interest” where 'Mr. Dimon is monitoring his own performance.'
It's business as usual at JPMorgan. Too bad.
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