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Jamie Dimon No Longer Chairman Of JPM's Primary Banking Subsidiary

Tyler Durden's picture




 

Hidden deep in the pages of JPMorgan's Living Will report just realesed by the FDIC, the WSJ has found that CEO Jamie Dimon (still Chairman of the overall JPM entity) has relinquished his position as Chairman of the banking conglomerate's major deposit-taking subsidiary. While the bank claims this is "solely to create a more uniform structure among our subsidiary boards," one can't help but feel this is driven by unrelenting pressure from the administration (and its regulators) as the deposit-taking subsidiary had its confidential management rating downgraded from a 2 to a 3 on a scale of 5, a rare score for such a large institution; and faces public enforcement actions demanding changes to alleged risk-management, anti-money-laundering and debt-collection weaknesses.

 

Via WSJ,

James Dimon has relinquished his chairmanship of J.P. Morgan Chase & Co.'s main operating bank, according to public records and people familiar with the situation.

 

He shed the title on July 1, one of these people said. In a document made public Thursday, Mr. Dimon is listed as chairman emeritus of J.P. Morgan Chase Bank N.A., the deposit-taking subsidiary that operates branches in 23 states as well as several other countries.

 

...

 

The move doesn't affect Mr. Dimon's status as CEO or chairman of J.P. Morgan's parent company board, a more powerful body that provides oversight of all company operations.

 

...

 

A J.P. Morgan spokesman said the governance change for one of J.P. Morgan's largest subsidiaries wasn't the result of outside pressure.

 

...

 

The deposit-taking subsidiary once chaired by Mr. Dimon last year had its confidential management rating downgraded from a 2 to a 3 on a scale of 5, a rare score for such a large institution, say people familiar with the move. Since January, that subsidiary's primary regulator has issued public enforcement actions demanding changes to alleged risk-management, anti-money-laundering and debt-collection weaknesses. The bank is working to fix the problems identified by the orders.

 

The J.P. Morgan Chase spokesman said the change in Mr. Dimon's title happened "solely to create a more uniform structure among our subsidiary boards."

 

Read more here...

 

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Thu, 10/03/2013 - 19:07 | 4020783 Running On Bing...
Running On Bingo Fuel's picture

JD's on the bench and Blythe's on the bench... What to do with all this idle time?

Thu, 10/03/2013 - 19:09 | 4020796 Hughing
Hughing's picture

nail her

Thu, 10/03/2013 - 19:15 | 4020809 knukles
knukles's picture

Uh ummmmmmm  ... Ah.....
No I don't smoke, thanks
Did I enjoy that as much as you did?
Nothin' like Timmah, huh?
Where're my cufflinks?

Thu, 10/03/2013 - 19:21 | 4020840 Fukushima Sam
Fukushima Sam's picture

I call the cufflinks after the hanging.

Thu, 10/03/2013 - 20:31 | 4020859 Fredo Corleone
Fredo Corleone's picture

Who better as consigliere to the Banking Syndicate than the Chairman, who carries around all these D.C. politicians in his pocket like so many nickels and dimes ?

Thu, 10/03/2013 - 21:26 | 4021157 old naughty
old naughty's picture

He invited me to play 'ball' with him.

This is my way of saying no.

Fri, 10/04/2013 - 05:36 | 4021709 Badabing
Badabing's picture

Jamie Dimon the next Fed chairsatin!

Thu, 10/03/2013 - 19:29 | 4020866 AlaricBalth
AlaricBalth's picture

I call BS!!
"wasn't the result of outside pressure..."
JPM did not say it wasn't a result of internal pressure.
The list of fines and sanctions against this rogue bank is long and sordid. This was a slap at Dimon for his arrogance and lack of institutional control.

Thu, 10/03/2013 - 19:15 | 4020822 Running On Bing...
Running On Bingo Fuel's picture

Bang the fuck out of the futures in between...

Thu, 10/03/2013 - 19:07 | 4020787 CaptainObvious
CaptainObvious's picture

I read "Jamie Dimon no Longer Chairman" and started to do a touchdown dance, and then I read the rest of the title.  Way to get my hopes up, Tylers.

Thu, 10/03/2013 - 19:08 | 4020789 FieldingMellish
FieldingMellish's picture

"Its a cash generating machine" and its run by someone who is "richer than you". So what if its a corrupt cesspit of the worst of humankind (Corzine and Blankfien excepted)?

Thu, 10/03/2013 - 19:08 | 4020790 Theta_Burn
Theta_Burn's picture

Gov shut down

Twitter taking the money away in dump trucks

Dimon demoted

Are we just waiting for the small nuclear explosion at this point?

Thu, 10/03/2013 - 19:16 | 4020805 TeamDepends
TeamDepends's picture

The black Infiniti failed to detonate.

Thu, 10/03/2013 - 19:40 | 4020905 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

That is what happens when you leave the trigger in the hands of the 3 year old in the back seat.

Thu, 10/03/2013 - 19:08 | 4020793 McMolotov
McMolotov's picture

Jamie Dimon No Longer Chairman Of JPM's Primary Banking Subsidiary

"But I'm still richer than you, and that's why I'm richer than you. Or something." —Jamie Dimon

Thu, 10/03/2013 - 19:20 | 4020835 sudzee
sudzee's picture

You see, he won't be responsible when depositors get bailed in.

Thu, 10/03/2013 - 19:09 | 4020795 q99x2
q99x2's picture

Moving moving moving

Keep those banksters rolling.

Thu, 10/03/2013 - 19:09 | 4020801 Encroaching Darkness
Encroaching Darkness's picture

Using tumbrels, I hope?

Thu, 10/03/2013 - 19:11 | 4020803 docmac324
docmac324's picture

Insulation.  Plausable deniability.

 

Thu, 10/03/2013 - 19:12 | 4020807 knukles
knukles's picture

Confidental Meeting in DC
Transcript
Not to be Released to Public

In part:

OB:  And what can we do to help one another get the economy off the ground and more people employed, Mr Dimon?
JB:  Well, Mr President, you're certainly aware of that massive fine AG Holder is talking about levying on us?  See, if that were to go through, it would severely cripple JP Morgan's profitability and cause us to lay off thousands of employees and may even create a panic in financial markets as the public looses confidence in us and the entire financial sector

(Blankfien, et all nodding heads yes, yes, yes,...)

OB:  I'll take care of that.  Thank you for your inputs and insights.  So nice having you folks here today.

OB  And you, Mr Blankfien, what is it that...

And so it was, another day in paradise....

Thu, 10/03/2013 - 19:18 | 4020816 lolmao500
lolmao500's picture

So on another subject, I just watched the documentary The Act Of Killing... and at least JPMorgan is doing it covertly, so you don't feel it when you're getting fucked. The mafia running Indonesia, they murdered your family, beat the shit out of you and robbed your ass face-to-face... it's much worse that way.

Anyway this documentary is a must watch. These folks are really sick individual and Indonesia is really, really rotten to the very core...

Thu, 10/03/2013 - 20:48 | 4021084 Lumberjack
Lumberjack's picture

Thanks for the heads up. We have been like keeping track of these folks regarding arms, drugs, and laundering among other things.

http://www.upcrenewables.com/Indonesia.pdf

Also see First Wind, Evergreen and IVPC.

Thu, 10/03/2013 - 19:27 | 4020856 Smartie37
Smartie37's picture

How much longer 'till Jamie's Cryin' ???

Thu, 10/03/2013 - 21:31 | 4021175 logicalman
logicalman's picture

Too damn long.

Thu, 10/03/2013 - 20:01 | 4020959 Yen Cross
Yen Cross's picture

    So now Dimon just sits at the board room table in his "Darth Vader" helmet, and barks out orders to all his 'Mini-Me's'...

Thu, 10/03/2013 - 20:17 | 4021003 WallowaMountainMan
WallowaMountainMan's picture

" A J.P. Morgan spokesman said the governance change for one of J.P. Morgan's largest subsidiaries wasn't the result of outside pressure. "

how could you say otherwise spokeperson?

agree with tyler, outside pressure.

dimon had to have complete control of the deposits. that was what he was (is) wagering with, and to have an independent chairman who has fiduciary responsibility for those deposits may well have stopped their use as ultra bond buying rehypothication based 'investment' strategy.

with that door being closed, dimon indicates that when the shtf, the emptied vaults of the depositors cannot be anything but 'saved' at $250,00 a clip max per account. not that he'll worry about that, 'cause that division is able to be spun off as a 'bad' bank without him.

 

:)

Thu, 10/03/2013 - 20:21 | 4021021 omantrader
omantrader's picture

The governement forced this: the banking subsidiary is completely dependent on the Fed and the FDIC. They let the shareloders decide his fate at the hoding company level.

Thu, 10/03/2013 - 20:28 | 4021035 williambanzai7
williambanzai7's picture

BIZARRE PUNISHER

Thu, 10/03/2013 - 20:36 | 4021054 ToNYC
ToNYC's picture

An offer he couldn't refuse.

Thu, 10/03/2013 - 21:13 | 4021137 gregga777
gregga777's picture

A young black man arrested with a small quantity of crack cocaine receives a mandatory 10-year sentence to Federal prison for his crime joining a multitude of other young blacks who have gone down the same road.

A white, middle-aged banking gangster, named Jamie Dimon, defrauds investors world-wide of billions of dollars in a scheme to obtain AAA-rating for mortgage backed securities filled with subprime loans. His reward is tens of millions of dollars in cash bonuses and stock options, a variety of other perquisites, audiences with the President and other Administration officials, etc.

Is the above scenario fair? Doesn't it clash dramatically with the universal value of fair play? Why do we allow this travesty of justice to persist?

If the United States had a fair and functioning criminal justice system Jamie Dimon would be in prison and his wealth confiscated to send young drug offenders to treatment programs (far better to attend often unsuccessful treatment programs than to be sentenced to prison for 10-years) not to prison.

Thu, 10/03/2013 - 21:42 | 4021189 logicalman
logicalman's picture

You point out the obvious asymmetry in the legal system (there is no justice system, don't kid yourself) which is glaringly obvious to anyone who doesn't have his/her head up their arse.

That's how the bastards stay in power. The legal system has never been about justice, just control of the herd by those who believe they are superior. Lawyers don't give a stuff about their clients, other than how much money they can suck out of them and laws are made by people to benefit themselves and their cronies.

Judges are bought and paid for.

Politicians are mobsters in disguise.

Most cops and soldiers are less than well informed, and will blindly follow orders until the whole thing falls to bits and their own families are threatened.

I think I may be a pessimist, but on the bright side, pessimists are rarely dissappointed.

 

Thu, 10/03/2013 - 23:48 | 4021442 W74
W74's picture

Even if Jamie Dimon isn't a Jew (and I think most people realize that he isn't actually Greek), his wife, and therefore his children certainly are.

He is in with them, he is in the business of raping our culture and way of life.  Here's what Henry Paulson had to say this morning regarding the 2008 smackdown:

http://www.businessinsider.com/henry-paulson-on-jamie-dimon-2013-10

"It took someone with a great deal of courage and confidence and someone with the support of his board (to fuck over America)."

 

Thu, 10/03/2013 - 22:40 | 4021281 The Proletariat
The Proletariat's picture

Wow.....great news, let me bank with the Morgue now.....NOT!!!!!!

Thu, 10/03/2013 - 23:54 | 4021453 screw face
screw face's picture

gives a whole new meaning to linkage.....

Fri, 10/04/2013 - 00:04 | 4021467 Schmuck Raker
Schmuck Raker's picture

"This is why he's richer than me".... he knows how to leave the casino ahead[ of the cops showing up].

Fri, 10/04/2013 - 01:13 | 4021567 Youri Carma
Youri Carma's picture

JP MORGAN SEPT-OCT 2013 SPECIAL FROM 'THE DAILY FRAUD' DEDICATED TO MARIA http://www.youtube.com/watch?v=EuXf9GmQln4

http://forum.prisonplanet.com/index.php?topic=239077.msg1443924#msg1443924

 

Fri, 10/04/2013 - 02:31 | 4021631 traditionalfunds
traditionalfunds's picture

Dimon ought to get a pay cut along with this demotion.

Fri, 10/04/2013 - 04:37 | 4021689 enoch_root
enoch_root's picture

Smells like a bank run on JPMorgan by large depositers?

 

Something is definitely up with JPMorgan Chase, with this much smoke there must be fire somewhere underneath all that rubble.

 

 

Fri, 10/04/2013 - 05:52 | 4021715 geotrader
geotrader's picture

Does this mean a large bonus and annual raise for Mr. I Have More Money Than You?

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