Good morning,
A feud has erupted between JPMorgan Chase CEO Jamie Dimon and President Trump.
Dimon, a CEO with a healthy ego, made remarks that sounded like the chest thumping challenges made before a WWE rasslin’ extravaganza.
Dimon said he was smarter than the president and indicated he could win a presidential race. To cap it off, he took a shot at Trump getting a head start in business with the help of daddy.
Later realizing that Trumpian boasting is not a good idea for the head of a publicly traded company, he walked back the remarks.
It was reminiscent of Joe Biden earlier this year saying that back in his high school days he would have “beat the hell” out of the president for some of his remarks.
Trump is always eager for a Twitter fight. Despite weightier matters that include a potentially deadly storm in the Carolinas, the president decided to head toward Dimon with the WWE folding chair.
“The problem with banker Jamie Dimon running for President is that he doesn’t have the aptitude or “smarts” & is a poor public speaker & nervous mess – otherwise he is wonderful. I’ve made a lot of bankers, and others, look much smarter than they are with my great economic policy!” Trump tweeted.
The local angle here is that under Dimon, JPMorgan Chase has been very good to Delaware. It now has a formidable presence in the state with multiple job sites, a technology hub, and a headquarters for its lucrative credit card operation.
JPMorgan Chase is the largest for-profit private employer in the state with the headcount now believed to be in the 10,000 range.
The word in political circles has been that Dimon likes Delaware’s business environment.
Whatever the case, the added jobs made a difference in helping the state remain a financial services stronghold. A decade ago, the gloom and doom crowd in Delaware was predicting an industry exodus.
Dimon, a nominal Democrat, made overtures to Trump after the election and had praise for some of the president’s policies.
But like Trump, Dimon has that combative New York streak and as Politico noted, decided to “talk smack.”
Enjoy your weekend. This newsletter returns on Monday. – Doug Rainey, publisher.
