You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

editorial

Dimon in the rough

Continue reading below

JAMIE DIMON, the CEO of JPMorgan Chase, showed good judgment in his abject apology for the firm’s $2 billion loss on risky trades. “We know we were sloppy, we know we were stupid, we know there was bad judgment. . . . Of course regulators should look at something like this,” he told David Gregory on “Meet the Press.” He then, almost immediately, showed terrible judgment in bemoaning political attacks “on work ethic and successful people.” Actually, the attacks aren’t aimed at those who are successful, but those who are sloppy, stupid, and use bad judgment.

JPMorgan Chase’s trading loss comes amid a battle over the so-called Volcker rule, which bans banks from making proprietary trades. It was included in the Dodd-Frank bill but has yet to take effect. Dimon, as it happens, was a leader in opposing the measure, which he feels would unnecessarily tie the hands of US banks. Supporters say the rule is essential to avoiding bailouts of “too big to fail” institutions.

But Dimon’s own career disproves the idea that supporters of greater financial regulation are merely lashing out at the rich and successful. When Dimon’s bank skated through the financial crisis in far better shape than its peers, he was widely celebrated. As a full recipient of the businessman-hero treatment — magazine covers, photo layouts, A-list party invitations — Dimon made an odd spokesman for those who feel that business leaders have been gratuitously demonized. The broader popular culture honored Dimon when he was up and, even now, is treating him with respect. His willingness to invite an investigation of his firm attests to his instincts; but he shouldn’t tar his critics by suggesting they resent his successes. It’s his failures, and his company’s, that get under their skin.

Loading comments...
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.