How Washington humbled JP Morgan Chase chief Jamie Dimon

From The Washington Post
By Danielle Douglas
May 21, 2013

Jamie Dimon, chairman and chief executive of JPMorgan Chase, on Tuesday won a vote of confidence from shareholders that he deserves to keep both his titles. It was another test for the leader of the nation’s biggest bank, a man once regarded by much of official Washington as the sage of Wall Street and voice of an industry.

But a series of congressional investigations and regulatory actions against JPMorgan has tarnished that reputation and fueled a shareholder uprising that raised doubts about Dimon’s leadership.

“His political capital has been diminished,” said Mark Williams, a former bank examiner who teaches finance at Boston University. “Dimon portrayed himself as the responsible banker through the financial storm, but we’ve learned that he is no better than all the other risk-taking bankers.”

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