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Two weeks ago, the JPMorgan boss said Trump’s threat ofslapping tariffs on Uncle Sam’s major trading partners “will bring people to the table” if “done wisely.”
Dimon, a vocal critic of current US banking rules, recently slammed the ‘onslaught’ of red tape drafted by Dem-backed regulators, launching a foul-mouthed tirade over a list of his most-hated pieces of legislation at a recent conference in New York,
“It’s time to fight back…I’ve had it with this s–t,” Dimon told the stunned audience.
The JPMorgan boss singled out regulations aimed at keeping banks resistant to financial storms by forcing them to hold more capital on their balance sheets.The proposal, known as Basel III, would see major lenders raise that emergency buffer by 9%.
“Things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,”Dimon said on Oct. 28.
Dimon, who pulled down a salary of $34.5 million last year, urged the US government in his annual letter to shareholders last May to deliver “effective policy-making”issuing a warning that “a politician’s dream is a businessman’s nightmare.”
Wells Fargo analystMike Mayo said Trump’s second term as president will present “the biggest inflection point for banking regulation in three decades.”
“This is Jamie’s vindication,” Mayo told The Post. “He is looking at all the bureaucracy and red tape and saying enough of the regulatory theater. It’s like banking with one hand tied behind your back”
Mayo added that Trump potentially taking an ax to stringent banking rules “should mean borrowers get better rates for their loans and better services for customers.”
The top analyst said:“It would be foolhardy for any administration not to hear Jamie Dimon out. Everyone should at least be consulting him for ideas.”
The revelations that Trump has sought advice from a “kitchen cabinet” of Wall Street bigwigs comes after his appointment of staunch loyalist and hedge fund mogul Scott Bessent as Treasury Secretary.
He has been hunkered down at his Mar-a-Lago resort in Palm Beach building his team for his new administration.
Trump’s move to seek informal counsel from titans of American finance, who are outside his MAGA inner circle, could provide further reassurance to investors ahead of his second term in the White House that kicks off on Jan. 20.
https://nypost.com/2024/11/29/business/jamie-dimon-has-been-secretly-communicating-with-donald-trump-on-white-house-agenda-for-months-sources/