I get the feeling Jamie Dimon doesn’t mind all the attention. See his smile and little dance number for the cameras towards the end of the video. I wonder if he was singing the lyrics to that Beck song:
“Soy un perdedor/I’m a loser baby, so why don’t you kill me?”
That said, Jim Cramer made it clear that he thinks Jamie Dimon is a loser despite the fact that he “performed” well in front of the Senate Banking Committee. Dimon was cool and calm and didn’t make any statements that would bring more negative attention to JP Morgan. However, Cramer said Dimon went into the the hearing a loser and comes out a loser – there’s no way to spin it was what Cramer was trying to say, I think. Dimon’s bank lost over $2 billion (perhaps much more) on a bad trade and there’s no changing that.
But, if you’re talking about the stock, as in shares of JP Morgan, Cramer said they are cheap and the mentioning of claw backs by Dimon was a good thing. See Jamie, Cramer doesn’t really think you’re such a loser after all. Just don’t give out big bonuses and make the traders who lost the $2 billion, and counting, give back their previous years bonuses. Oh yeah, in another interview Dimon said he won’t say just how much was lost on the bad trade until JP Morgan reports earnings – can’t wait for that one.