April 6, 2020 Good morning. (Was this email forwarded to you? Sign up here.) Jamie Dimon Jeenah Moon/Reuters Jamie Dimon on ‘an extraordinary crisis’ The JPMorgan C.E.O.’s latest letter to shareholders was just published. The letter is widely read on Wall Street, where Mr. Dimon often expounds, at length, on topics like the bank’s performance, taxes and America’s role in the world. This year’s edition was especially anticipated because it will be the first time Mr. Dimon has communicated publicly since undergoing emergency heart surgery a month ago. He returned to work — remotely — last week. Mr. Dimon expects “a bad recession,” he wrote, “combined with some kind of financial stress similar to the global financial crisis of 2008.” JPMorgan’s “huge and powerful earnings stream” enables it to absorb losses, he wrote. • Halting stock buybacks was “a very prudent action,” but a decision to suspend dividends would be made only “out of extreme prudence” under the bank’s most pessimistic economic scenario. “This scenario is quite severe and, we hope, unlikely,” he wrote. Mr. Dimon wrote of a need for a “disciplined” return to work once the rate of infection slows and the health care system is under less strain. He cites the need for antibody testing that shows who is likely not to get sick again or infect anyone. That makes Mr. Dimon one of the few corporate leaders to speak publicly, if gently, about restarting the economy and “minimize the time, extent and suffering caused by the economic downturn.” He also wrote that JPMorgan won’t ask for “regulatory relief” — but criticized what he views as poor financial regulations. Now isn’t the time to debate any wider overhaul, he wrote. • Generally speaking, “The current pandemic is only one example of the bad planning and management that have hurt our country,” he wrote. “As we have seen in past crises of this magnitude, there will come a time when we will look back and it will be clear how we — at all levels of society, government, business, health care systems, and civic and humanitarian organizations — could have been and will be better prepared to face emergencies of this scale.” He didn’t have much to say about his health, beyond that he appreciated the well wishes while he recuperated from heart surgery. April 6, 2020 Good morning. (Was this email forwarded to you? Sign up here.) Jamie Dimon Jeenah Moon/Reuters Jamie Dimon on ‘an extraordinary crisis’ The JPMorgan C.E.O.’s latest letter to shareholders was just published. The letter is widely read on Wall Street, where Mr. Dimon often expounds, at length, on topics like the bank’s performance, taxes and America’s role in the world. This year’s edition was especially anticipated because it will be the first time Mr. Dimon has communicated publicly since undergoing emergency heart surgery a month ago. He returned to work — remotely — last week. Mr. Dimon expects “a bad recession,” he wrote, “combined with some kind of financial stress similar to the global financial crisis of 2008.” JPMorgan’s “huge and powerful earnings stream” enables it to absorb losses, he wrote. • Halting stock buybacks was “a very prudent action,” but a decision to suspend dividends would be made only “out of extreme prudence” under the bank’s most pessimistic economic scenario. “This scenario is quite severe and, we hope, unlikely,” he wrote. Mr. Dimon wrote of a need for a “disciplined” return to work once the rate of infection slows and the health care system is under less strain. He cites the need for antibody testing that shows who is likely not to get sick again or infect anyone. That makes Mr. Dimon one of the few corporate leaders to speak publicly, if gently, about restarting the economy and “minimize the time, extent and suffering caused by the economic downturn.” He also wrote that JPMorgan won’t ask for “regulatory relief” — but criticized what he views as poor financial regulations. Now isn’t the time to debate any wider overhaul, he wrote. • Generally speaking, “The current pandemic is only one example of the bad planning and management that have hurt our country,” he wrote. “As we have seen in past crises of this magnitude, there will come a time when we will look back and it will be clear how we — at all levels of society, government, business, health care systems, and civic and humanitarian organizations — could have been and will be better prepared to face emergencies of this scale.” He didn’t have much to say about his health, beyond that he appreciated the well wishes while he recuperated from heart surgery.
nothing to new; mostly revisionist history secondary to axiomatic pump; I found the list of 29 food resultants likely to close more informative.