Oh, I knew something was going on. And was pretty blunt about it:
...just how did the government's fair haired boy Jamie Dimon at JPMorganChase end up not needing to raise any capital?
I knew something was up but, I couldn't figure the connection. Now, in retrospect, it should have been obvious. JPMorgan Chase is at its coreChicago-based Bank One. Dimon moved to Chicago when he became head of Bank One. In record time, Dimon weaseled his way into the Chicago's old boys network that launched Obama's presidential campaign.
Hey, don't take my word on it, take a look at today's front page Sunday NYT piece that finally turned the light on in the attic for me:
Jamie Dimon, the head of JPMorgan Chase, will hold a meeting of his board here in the nation’s capital for the first time on Monday, with a special guest expected: the White House chief of staff, Rahm Emanuel.
Mr. Emanuel’s appearance would underscore the pull of Mr. Dimon, who amid the disgrace of his industry has emerged as President Obama’s favorite banker, and in turn, the envy of his Wall Street rivals. It also reflects a good return on what Mr. Dimon has labeled his company’s “seventh line of business” — government relations.
The business of better influencing Washington, begun in late 2007, was jump-started just as the financial crisishit and the capital displaced New York as the nation’s money center. Then Mr. Obama’s election brought to power Chicago Democrats well-known to Mr. Dimon from his recent years running a bank there.
One of them is Mr. Emanuel, who has accepted the invitation to speak to the board pending a review by the White House counsel. The Treasury secretary, Timothy F. Geithner, declined out of concern that he would be seen as too cozy with a company that has numerous business issues before the department, an administration official said.
“It’s a very nice thing for the board to have happen,” said the chief of a major financial company. “But you’d have to have a lot of influence to pull it off.”
Mr. Dimon and his company enjoy a prominence in the city’s K Street lobbying world that parallels their recent rise on Wall Street; JPMorgan went into the crisis stronger than most rivals and reported robust quarterly gains last week that confirmed its place at the top of the heap.
With the crisis, Mr. Dimon, a longtime Democratic donor, has become even more politically engaged, in the process becoming perhaps the most credible voice of a discredited industry. Other onetime giants like Citigroup and Bank of America find themselves muted as wards of the state.
JPMorgan gave back its bailout money quickly, though like all the country’s big banks it still benefits from government loan guarantees and lending facilities.
He is “one of the few Democratic C.E.O.’s in that line of work,” said Representative Barney Frank, the Massachusetts Democrat who heads the House banking committee. “And look, he’s been less impaired by failure than some of the others, so that’s given him a kind of lead role.”
This all started under Bush's watch, so there is also some Republican connection, but Dimon is a big D Democrat, big time tied to Obama. There's no way you can't make the connection , unless you think Rahm Emanuel is going to end up at the shareholder meeting of company where you hold stock.
If you can take it here's more from NYT: