(Bloomberg) Nov 27, 2012 — JPMorgan Chase Chief Executive Officer Jamie Dimon would be the best person to lead the U.S. Treasury Department in a financial crisis, billionaire investor Warren Buffett said.
“If we did run into problems in markets, I think he would actually be the best person you could have in the job,” Buffett said in response to a question about Dimon from Charlie Rose, according to the transcript of an interview that was scheduled to air yesterday on PBS. “World leaders would have confidence in him.”
President Barack Obama is seeking to replace Treasury Secretary Timothy F. Geithner, who had said he planned to step down. Dimon, 56, testified before Congress and shuffled top managers this year after the bank disclosed a loss, now of more than $6.2 billion, stemming from a wrong-way bet on credit derivatives. Buffett has described Dimon’s annual letter to shareholders as a must-read.First of all, advocating for the government to intervene in the markets "if we run into problems". So he is advocating for more bailouts and for a "Government Put" to be put in place in addition to the "Bernanke Put".
Second point is: Isn't Dimon the man under which JPMorgan just announced $6.2 billion losses on speculative positions build in the CDS markets? Does he deserve to be promoted Secretary of the Treasury? Or be fired from the company? I guess, like many things in corrupt institutions, any thing that goes well is his deed, but anything that goes wrong is others deeds...