Dimon Would Be Best to Lead Treasury in Crisis, Buffett Says

[xchrom]

http://www.bloomberg.com/news/2012-11-27/dimon-would-be-best-treasury-secretary-in-crisis-buffett-says.html

JPMorgan Chase & Co. (JPM) 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.

“Obviously, you know, there was a failure of control,” Buffett, 82, said to Rose about the trading loss. “If you run an army, if you run a church, if you run a government, any large institution, people will go off the reservation sometimes.”


***FUCK buffett is not one of 'the good guys' -- except in fairy tales.

[DonCoquixote]

1. W---T-----F

I may admire some things Buffett says, but he is off his rocker here,especially when Obama has a Stiglitz and a Krugman to pick from.

[banned from Kos]

19. Buffett is correct again. He said during a crisis.

A crisis is all about confidence as Geithner proved in March 2009 with his bank stress tests that forced weak banks to raise capital and that was a big factor in ending the Credit Crisis.

[BeyondGeography]

2. Why not Blankfein?

[hobbit709]

3. Fox-henhouse.

[WinkyDink]

4. Can anyone be worse than Geithner?

[sarcasmo]

20. I don't think anyone could be worse than Geithner.

[Angry Dragon]

5. shaking my head ......... perhaps they will go away

[ProSense]

6. Warren Buffet amazingly

goes from hero to goat in days.

WARREN BUFFETT: Here's The Thing Grover Norquist Doesn't Understand About Business And Taxes
http://www.democraticunderground.com/10021883198

Warren Buffet is a genius, this was just posted on facebook by a friend
http://www.democraticunderground.com/10021849183

Jamie Dimon is a predator.

Warren Would Have Asked Dimon If He Changed His Mind On Wall Street Reform

Senate hopeful Elizabeth Warren said that if she had been a Senator in the hearing room Wednesday, she would have asked JPMorgan Chase CEO Jamie Dimon if his firm’s enormous trading loss had changed his mind on the need to regulate Wall Street. Warren has been using JPMorgan’s billions in trading losses as a campaign issue, calling for accountability and tougher Wall Street reforms.

“I have had a lot of questions for him but what I would have started with is, after you managed to lose $3 billion in just a matter of weeks, does this make you change your view at all on all of the cheerleading that you’ve done to fight against regulation and to weaken regulations?” Warren said on MSNBC’s “Morning Joe” Thursday. Warren also predicted Dimon’s answer, “no.”

Watch the question Warren would have asked Dimon:

http://livewire.talkingpointsmemo.com/entries/warren-poses-question-for-dimon-on-whether-he

[banned from Kos]

21. Dimon is on record supporting Wall St reform.

And he was asked exactly that by a Senator when Morgan lost $5 billion (Levin maybe?).

[OKNancy]

7. Dimon is a Democrat

so don't be shocked if he ends up in the administration.

[truebrit71]

8. Sorry, but not just no, that'd be a FUCK no...

Dimon is a fucking scumbag and a keep part of Too Big to Fail.

That would be as bad as putting Sarah Palin in charge of...well anything really...a recipe for disaster...

[xchrom]

9. +1

[MrScorpio]

10. Billionaires are only good for one thing: Making godless amounts of money for themselves

That doesn't make them qualified at all to know how to run a government.

[forestpath]

11. Wall St. already owns the government. He'd be no different than Geithner.

[spanone]

12. you really shouldn't drink so heavily at your age, warren.

[Romulox]

13. You have to look at it from JP Morgan Chase's per$$$pective! nt

[xchrom]

14. OOOPS -- MY BAD!11

[PETRUS]

15. The 0.1% Circles the Wagons: Buffett Pumps for Dimon as Treasury Secretary Read

"... the real reason for Buffett’s enthusiasm is really simple. Dimon is the loudest mouthpiece of the utterly shameless banking industry bullshit. He’s rejected the idea of international capital rules, calling them “anti-American.” That’s code for “American banks [along with international banks] might make less money, can’t have that.” And he’s ranted about journalists being overpaid."

Read more: http://www.nakedcapitalism.com/2012/11/the-0-1-circles-the-wagons-buffett-pumps-for-dimon-as-treasury-secretary.html

[xchrom]

16. it's all very incestuous. nt

[librechik]

17. The Sage from Omaha displays some un-common "sense"

WTF is this? One minute you think he's a shrewd and decent guy, the next we get a scripted non sequitur.

I suppose the hidden words here are "except for myself, Warren Buffett, Jamie Dimon is best..."
Maybe he's too goshdarned self deprecating to mention himself)

Not that I'm nominating him. We need a progressive liberal in that spot, need one badly. Too bad that'll never happen with all the antiObam warfare in the Senate. Our economy will sag until somebody has the guts to put a Krugman or Stiglitz in that position.

[Odin2005]

18. If he really were on our side he would not have went into Finance.