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Embattled JPMorgan Chase boss Jamie Dimon has hinted at a potential run for office, and has already gained the support of at least one fellow Wall Street executive.
‘I love my country, and maybe one day I’ll serve my country in one capacity or another,’ the 67-year-old CEO told Bloomberg Television from JP Morgan Chase’s annual Global China Summit in Shanghai on Wednesday.
‘Everyone knows I am a patriot,’ he added. ‘I am a red-blooded, full-throated, free-enterprise capitalist.’
His remarks on Wednesday came in stark contrast to Dimon’s previous statements, repeatedly denying that he is considering a run for president and saying he plans to stay at the bank for five more years.
The billionaire’s remarks have now set off a fervor on Wall Street, with hedge fund manager Bill Ackman tweeting a lengthy endorsement for Dimon to take on President Joe Biden in a primary election.
But Dimon’s message comes as he faces two separate civil lawsuits alleging that JPMorgan executives allowed and benefitted from Jeffrey Epstein’s child sex trafficking.
JPMorgan Chase CEO Jamie Dimon told Bloomberg Television he may ‘serve my country in one capacity or another’
Still, the 67-year-old billionaire claimed he is ‘quite happy’ to remain CEO of the United States’ largest bank
Dimon has waded into politics in the past, admitting in 2019 he was considering a bid for president but decided against it.
The year before, Dimon also said he could beat Donald Trump in an election, claiming he was ‘as tough’ and ‘smarter’ than the former president.
But later that day, he said he should not have picked the fight against Trump, and said he was not running for president.
He said at the time that his comments ‘proves I wouldn’t make a good politician.’
There had also been speculation after Trump took office in 2016 that Dimon would join the administration as the Treasury Secretary, but he said at the time he did not think he was suited for the role.
That may have changed, though, with Dimon speaking about the current debt ceiling negotiations.
He remained optimistic that a deal would be reached, telling Bloomberg Television: ‘I think it’s going to happen.
‘If I thought it wasn’t going to happen, I probably wouldn’t be here right now,’ he said.
Still, Dimon said, he is currently focused on running the largest American bank, a role he is ‘quite happy’ in.
‘I love what I do,’ the billionaire said. ‘JPMorgan does a great job or helping Americans, for helping countries around the world.’
He then reiterated his view that ‘business can be a force for good.’
His announcement on Wednesday has seemed to invigorate some business-minded individuals encouraging him to run for president in 2024
Bill Ackman, the CEO of Pershing Square, published a lengthy endorsement of Dimon
But his remarks on Wednesday have seemed to invigorate some business-minded individuals, with billionaire Bill Ackman encouraging Dimon to run for president.
In a lengthy endorsement, Ackman, the CEO of Pershing Square, called Dimon ‘one of the world’s most respected business leaders.
‘Politically he is a centrist,’ Ackman explained. ‘He is pro-business and pro-free enterprise, but also supportive of well-designed social programs and rational tax policies that can help the less fortunate.
‘He is extremely smart, thoughtful and pragmatic and he knows how to bring opposing parties together. He is highly respected by the right, the left and the center.’
Ackman then went on to claim that Dimon is uniquely situated to tackle economic problems facing the nation, saying: ‘Our country is at risk with $32trillion of debt with no end to massive deficits in sight, heading into a recession at a time of great political uncertainty.
‘We need an exemplary business, financial and global leader to manage through what is likely to be a critically important decade for our country in determining our destiny,’ he continued. ‘Jamie Dimon is that leader.’
Ackman also claimed that Dimon could beat President Joe Biden in a primary and Donald Trump in a general election, ‘but he needs to start now and build name recognition among the broad electorate.
‘He will easily raise billions of dollars from Democrats and Republicans to fund his campaign, and he knows how to build support.’
The Pershing Square CEO concluded by saying: ‘There is only one better job for Jamie than CEO of [JPMorgan Chase] and that’s POTUS.
‘Jamie just needs a push from people he respects and from the broader electorate,’ Ackman said, as he encouraged others to speak out in support of a Dimon presidential run.
‘This will be one of the most important elections in our country’s history,’ Ackman said. ‘Jamie is more likely to run if we build a groundswell of support for him.
‘Let’s do our civic duty and make it happen.’
Dimon is currently facing two separate civil lawsuits alleging JPMorgan Chase enabled sex pest Jeffrey Epstein to transfer large sums of money to be used for the sex trafficking of young women
But Dimon is currently facing two separate civil lawsuits alleging JPMorgan Chase enabled sex pest Jeffrey Epstein to transfer large sums of money to be used for the sex trafficking of young women.
Dimon has repeatedly denied any knowledge of Epstein’s illegal activities despite other bank executives’ claims that he was directly involved in conversations about whether to keep Epstein as a client.
In a sworn deposition for a case brought by the US Virgin Islands and an unnamed woman who claimed to have been a victim of Epstein’s sex abuse on Friday, Dimon said he was not informed Epstein was indicted in Florida for sex crimes in 2006, or of other concerns about him raised by other bank executives.
‘I don’t recall knowing anything about Jeffrey Epstein until the stories broke sometime in 2019,’ Dimon said, referring to when Epstein was arrested on federal child sex trafficking charges.
‘I was surprised that I didn’t even — had never even heard of the guy, pretty much,’ he claimed. ‘And how involved he was with so many people.’
Dimon also suggested that Mary Erdoes, another top executive at the bank, had the power to boot Epstein out as a long-term client.
He also claimed that JPMorgan’s then-general counsel Stephen Cutler had ‘the ultimate authority to kick [Epstein] out’ if issues surrounding the sex pest had ‘gone too far.’
‘He was delegating reputational decisions to somebody else,’ the CEO said in a transcript of the deposition obtained by CNBC.
During that deposition, CNBC reports, Dimon was shown an email Cutler sent Erdoes about Epstein on July 21, 2011 in which he wrote: ‘I would like to put it and him behind us. Not a person we should do business with.’
Court documents suggest Erdoes had been suspicious of money transfers coming out of Epstein’s accounts since 2006, when he pleaded guilty to sex abuse and had to register as a sex offender.
Still, Epstein was not terminated as a customer until 2013, two years after the email and five years after he pleaded guilty to soliciting sex from a minor.
The suits claim the bank allowed and benefitted from Epstein’s sexual trafficking of kids
One of the suits was brought by the US Virgin Islands, where Epstein had a private residence where he would sexually abuse the children
Other court documents obtained by the Wall Street Journal tell a different story, with a former top executive at the bank claiming that Dimon was lying about his knowledge of Epstein’s bank accounts.
James ‘Jes’ Staley claimed in a lawsuit against the bank by the US Virgin Islands and an unnamed woman who has claimed to have been a victim of Epstein’s sex abuse that the CEO was involved in discussions for years about whether the bank should keep Epstein as a client — even after his conviction of sex abuse in 2006.
He claimed that he and Dimon communicated multiple times about whether they should keep Epstein as a client, even after he was registered as a sex offender and served time in a Florida jail.
Staley’s lawyers even presented evidence indicating Dimon was at some point due to review the situation involving Epstein.
The email, sent by a JPMorgan employee, read: ‘I would count Epstein’s assets as a probable outflow for ’08 ($120mm or so?) as I can’t imagine it will stay (pending Dimon review).’
The employee appeared to be suggesting that Epstein’s account would be unlikely to survive once the situation was reviewed. No evidence was shared by the Journal suggesting the account was indeed reviewed.
A JPMorgan spokesperson addressed Staley’s accusations in a statement to DailyMail.com on Thursday.
‘We believe this is false,’ they wrote. ‘There is no evidence that any such communications ever occurred – nothing in the voluminous number of documents reviewed and nothing in the nearly dozen depositions taken, including that of our own CEO.’
‘The one person who claims this to be true is currently accused of horrific acts and dishonesty,’ they added.
That position is aligned with the bank’s overall defensive strategy in the case – which has been to blame Staley for any connections the bank may have had to Epstein.
An infamous photo taken in Jeffrey Epstein’s Manhattan mansion in 2011 featuring former JPMorgan executive Jes Staley and Bill Gates – three years after Epstein pleaded guilty to soliciting and procuring a minor for prostitution. From left: Staley, Lawrence Summers, Epstein and Gates
Court documents suggest Staley (pictured) was close with Epstein and allowed him to maintain accounts with the bank that facilitated the pedophile’s trafficking ring
Between 2008 and 2012, Staley exchanged around 1,200 emails with Epstein from his JPMorgan email account, it is claimed. In one exchange Staley is said to have written ‘say hi to Snow White’ and asked if ‘Beauty and the Beast’ was free
Emails between Jes Staley and Jeffrey Epstein revealed as part of the lawsuit
November 1st 2009
Mr Staley is on Epstein’s Caribbean island.
He writes: ‘So when all hell breaks lo[o]se, and the world is crumbling, I will come here, and be at peace.
‘Presently, I’m in the hot tub with a glass of white wine. This is an amazing place. Truly amazing. Next time, we’re here together. I owe you much. And I deeply appreciate our friendship. I have few so profound’.
December 4, 2009
Mr Staley to Epstein: ‘I realise the danger in sending this email. But it was great to be able, today, to give you, in New York City, a long heartfelt, hug’.
Epstein: ‘You were with Larry and I had to put up with….’ (picture of young woman attached)
Mr Staley: ‘Don’t tell me, a French wine’.
Mr Staley to Epstein: ‘That was fun. Say hi to Snow White’.
Epstein: ‘(W)hat character would you like next?’
Mr Staley: ‘Beauty and the Beast’
Epstein: ‘Well one side is available
Earlier this year around 1,200 emails Staley exchanged with Epstein uncovered the extent of what the former referred to as a ‘profound’ friendship.
In one exchange, Staley is said to have written ‘say hi to Snow White’ and asked if ‘Beauty and the Beast’ was free.
Epstein replied: ‘Well, one side is available’, seemingly referring to ‘Beauty’.
In another email, Epstein sent Staley photos of a young woman in a ‘seductive pose’, according to US court documents.
The cache of messages revealed that ‘Staley corresponded with Epstein while Epstein was incarcerated’ for 15 months for soliciting an underage girl for prostitution.
Staley ‘visited Epstein’s Virgin Islands residence on multiple occasions’ and ‘Epstein even advised Staley in connection with Staley’s salary negotiations at JP Morgan in July of 2008’, according to court records.
‘Human trafficking was the [principal] business of the accounts Epstein maintained at JPMorgan,’ the Virgin Islands’ lawsuit reads.
The anonymous victim bringing the case with the US Virgin Islands has alleged in a lawsuit that ‘at least one of Epstein’s friends used aggressive force in his sexual assault of her and informed [her] that he had Epstein’s permission to do what he wanted to her.’
JPMorgan, in a crossclaim, said that the ‘powerful financial executive’ not named in her lawsuit is Staley.
A lawyer for Staley, who left JPMorgan in 2013, declined a request for comment by the Wall Street Journal regarding the latest claims.
In a separate suit JPMorgan has sued Staley for misleading executives at the bank about the nature of his own relationship with Epstein.
He has acknowledged he had a friendship with Epstein but denied knowing about the trafficking.