Jamie Dimon did not return phone calls after former President Donald Trump was sworn in as president-elect last month.
Also, in some press reports that tried to portray JPMorgan's CEO and other CEOs as if they were world-class suckers for a man ready to unleash divine power if you believe this spin. Despite this, he did not leave a voicemail directly for Donald. He gives hell to those he considers enemies.
Who told me this? Well, I spoke to someone with direct knowledge of this issue who knows what's going on at Dimon's giant bank.
No, there was no call from Dimon to Trump, a JPM insider said.
But someone from the bank's government relations team called someone from the Trump transition team to congratulate the president-elect on Mr. Dimon's behalf, and to ensure that the world's top banker offered advice and counsel as needed. He assured the public that he was ready, the insider said. .
OK, this sounds like an inside baseball story until you understand the backstory.
A few weeks ago, I co-signed an article with the Post's James Franey that struck a nerve with friendly newspapers, business executives, and people who like to disparage Trump himself.
We exclusively reported that Dimon and Trump have a decent relationship fostered through “back channel” communications. We reported that JPM's boss is meeting with President Trump through a transition aide.
Because Dimon is something of an expert in this field, this back channel would allow him to advise the Trump campaign and transition team on regulatory issues involving banks. Both Trump and his people respect Dimon.
Why don't they speak directly? As I first reported in the Post, Dimon has traded favors and some abuse over the years, including backing Kamala Harris in the election and making it clear he would rather work for her. There is speculation that ego may be getting in the way. Even after President Trump put his name forward as a candidate for Treasury secretary, it would be for her if she were elected.
Harris didn't win, but Dimon wisely hedged his bets. That's why the back channel story is that the world's greatest banker, and no less a Democrat, will be aiding the man they hate, the Orange Menace known as Donald Trump. This is not the case with mainstream media coverage.
First, Fortune ran a bizarre report that did not remove our article suggesting that Dimon and Trump spoke directly, which we reported was all wrong. As we noted, they did not do so, leading to explanatory “back channel” arguments.
The New York Times then published an article with the headline, “Financial tycoons rejoice at Trump's return, ignore danger.” According to the article, Mr. Dimon actually called Mr. Trump the day after the election and left a voicemail, but he did not receive a response. The so-called “snub” by the president-elect towards someone who supported Harris during the election.
Fortune said it stands by its “sourcing.”
Emails sent to a Times reporter about this story were not returned.
Let me tell you, reporters make mistakes all the time (and yes, I'm not immune). I've also been doing this reporting long enough to know how easy it is to leak information about who Mr. Dimon left the VM with, especially when there's deadline pressure.
We also see how the drama surrounding Dimon and Trump's coverage reveals an interesting bias in business reporting these days. There is something close to a decent relationship between corporate executives and those who control America's federal regulatory institutions, such as Apple's Tim Cook, Amazon's Jeff Bezos, and Facebook's Mark Zuckerberg. It fits perfectly into the narrative that something fishy is going on when people approach President Trump. And Daimon.
The loud-mouthed rulers claim they are all obsessed with Trump because he is known to be rough with real and perceived enemies. Yes, Donald has a mean personality and corporate America loves big government perks.
But I think corporate ring-kissing reveals something else. From what I hear, the typically left-leaning heads of America's top companies are very happy about the departure of Joe Biden and Kamala Harris.
Despite Trump's rough-and-tumble attitude, they fondly remember the economy of his first term: strong growth and low inflation amid deregulation.
They could not withstand the policies put in place by the Biden-Harris administration's left-wing managers of the SEC, FTC, and FCC, which blocked nearly all mergers and imposed huge regulatory costs.
Moreover, as every meeting at Mar-a-Lago shows, in contrast to Sleepy Joe, Mr. Trump has demonstrated a willingness to engage with business leaders and listen to their concerns. There is. “After the first year, no one even saw Biden,” one bank CEO told On the Money. “He was hidden from the people who were actually running the show.”
So let's get back to the Dimon and Trump bromance that I find fascinating.
Both are street-minded New Yorkers. Mr. Dimon is 68 years old and Mr. Trump is 78. Mr. Dimon did speak to Mr. Trump during his first term. During the tete-a-tete, where President Trump is said to have given Mr. Dimon a personal tour of his new helicopter, the two got along well, but while the two discussed billionaire perks, White House's senior aides sat idly by, fidgeting their thumbs.
Mr. Dimon praised Mr. Trump and his handling of the economy and immigration, and warned Mr. Biden about attacking MAGA Republicans. Dimon, a Democrat, said Biden should have more respect for those who voted for President Trump.
They also trade barbs. Dimon once said he could beat Trump if he ran for president because Trump is “as tough as he is,” adding, “I'm smarter than him.” President Trump reacted as expected. Mr. Dimon later apologized.
Their strange relationship continued during the campaign, with Dimon rescinding his offer to become Treasury secretary after doing a bizarre public kabuki dance at President Trump's offer, and Dimon doing his best to imitate Hamlet before turning it down. did.
My bet is that Dimon will call Trump soon and Donald will pick him up this time to discuss the helicopter paint job and, hopefully, the economy.
