Dimons Are Forever

From New York Magazine: Since JPMorgan first disclosed that Bruno Iksil, a trader in its London office, had lost a whole bunch of money on a bad credit hedge, lots of intelligent people, from James Rickards to Paul Krugman to Simon Johnson, have made the case that Jamie Dimon will (or should) step down in ignominy.

Speculation about Dimon's resignation has intensified today, as JPMorgan revealed the true size of the London Whale's loss ($4.4 billion on the quarter, $6 billion total) and was forced to restate its first-quarter financials while admitting that a few of its traders may have tried to hide the extent of the losses.

So let’s get this out of the way: Jamie Dimon will not resign as JPMorgan Chase’s CEO over the London Whale fiasco. If I owned a farm, I’d bet the farm on it. Most of the people I've talked to on Wall Street agree: Dimon is too proud, too beloved at JPMorgan, too feared by regulators, and too respected by lawmakers to let a couple of chowderheads in London ruin his legacy. After hearing Dimon and his top brass speak at an analyst meeting this morning that was broadcast by conference call, I’m even more confident in Dimon’s resoluteness to make it through this one alive.

Dimon lover?  Check out the full story at http://nymag.com/daily/intel/2012/07/dimons-are-forever-why-jamie-dimon-wont-resign.html