Not so long ago, President Obama enjoyed a blossoming relationship with JPMorgan Chase CEO and chairman Jamie Dimon. But now that the bank no longer needs the federal government’s bailout money, Mitt Romney seems to be JPMorgan’s new best friend.
More than three years and $25 billion in bailouts later, Dimon and his colleagues are wooing the GOP candidate with fundraisers and campaign contributions. What is the difference between then and now? In 2008 the bank was lobbying for attention; this year it prefers to be left alone. And despite the bank’s embarrassing loss of $2 billion in a single bad trade, now under investigation by the Justice Department and Congressional leaders, Romney remains supportive of the bank’s deregulatory agenda, promising to repeal the Dodd-Frank reforms.
The banking behemoth’s courtship of Obama seemed to be ending last fall when the bank’s CEO and Romney were spotted in Manhattan having a private, one-on-one discussion before a fundraiser for the GOP candidate hosted by Highbridge Capital, a JPMorgan hedge fund.