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Senior Banker’s Cancer: It’s Time to Retire

Written by Gary North on October 14, 2014

Jamie Dimon is the CEO of the largest U.S. bank, J. P. Morgan Chase.  He has cancer.

After three months of absence, he has returned.

If a bank can be run by a man getting cancer treatments, then it does not take much to run it.

If a senior executive in a major outfit gets cancer, he should resign.  Now. He will be distracted. His family may lose him. The customers deserve better. So does he.

Anyone who hangs onto power and money this fiercely has a problem. He is putting the banks’ customers at risk.

We read this:

Dimon has already been seen as both hero and villain, which complicates matters. Once upon a puff-file, Dimon was hailed by the media as “Wall Street’s indispensable man,” the subject of a “lovefest.”

More recently (though pre-illness), Dimon was called immoral. A January story from the same publication that called him “indispensable” was, by the second paragraph, tossing around the phrase “amoral logic,” not to mention the name “Bernie Madoff.” Ouch. Double ouch. The rest of the article hung, drew and quartered Dimon for raking in bonuses while his company suffered fines galore.

We are also told this.

Never inconspicuous, Dimon will, considering, be seen in a new way this week. He will also be viewed more kindly and gently — at least for the duration of this important week — than he had been at the time he revealed his diagnosis.

With its bevy of fines, J.P. Morgan — and , by extension, Dimon — are currently seen as immoral. Yet out of human decency, he deserves respect and has, in disclosing his illness in an apparently forthright manner, earned it. As a result, Dimon will find a good dose of warmth and forgiveness awaiting him this week.

Human decency teaches that victims must be protected. If Dimon is a crook, he deserves his day in court. Human decency has nothing to do with being nice to a cancer victim who may be a crook. It has to do with being nice to the real victims.

But if there are no victims who sue, then we should leave him alone.

If my money were in his bank’s stock, I would sell it. I call this leaving him alone.

If you have cancer, retire. It’s time.

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One thought on “Senior Banker’s Cancer: It’s Time to Retire

  1. “Anyone who hangs onto power and money this fiercely has a problem. He is putting the banks’ customers at risk.”

    Well, this is classic money junkie behavior. These are the same gangsters who crashed the economy in 2008, then whined until they got a taxpayer bailout that they used to give themselves even bigger bonuses.

    Money lights up the same pleasure center in their brains as a cokehead who snorted a line.