As a businessman and financier, Dimon, instead, is in rarefied air. The venerable but underperforming JPMorgan Chase bought Bank One—hemorrhaging after a merger with First Chicago—largely to get Dimon. Even then, in 2006, the first author ran an in-person survey of the leaders of the Financial Services Industry Association as to whom they most admired, and Jamie Dimon came out as their No. 1 choice.
So, what would his policy views be as president?
Dimon’s ability to lead through crucial moments that will affect a diverse stakeholder base as large as JPMorgan Chase’s is a rare trait that has defined his career trajectory. He possesses an appealing combination of resilience, confidence, and sharp intellect, with humility and a propensity for listening. He does not insist upon grandiosity and the servile obedience Trump demands of his cabinet’s “Dear Leader” chorus of homage.
I was standing at a session like this, and a woman was giving a talk saying, ‘Leadership, you always have to have one truth teller that will always tell you the truth, always, or else you will get in trouble.’ And I got up and said, if you have ten around you and only one is a truth teller, you should fire the other nine. You can’t survive in any business if that becomes the norm. Corporate headquarters becomes a place where the people feel like they’re the enemy. If I were ever going to write a book, it would be about the disease of corporate headquarters.”
House Minority Leader Hakeem Jeffries is the first African American to hold his post, and his chances to seize the House Speaker job have quelled speculation he might run for president. The eloquent congressman Ro Khanna has a bright future as a “pro-capitalist progressive,” intriguing many. Maryland Governor Wes Moore has inspired many by his strong performance and forceful rhetoric. However, both are still early in their respective leadership positions, especially compared to Dimon. California Governor Gavin Newsom would present a formidable opponent with his long tenure at the helm of the Golden State, but he’s had hiccups, such as mismanaging the government response to COVID-19 and the wildfire disasters.
Of course, there may be practical reasons for Dimon to decide against a presidential bid in 2028, but even the best candidates with years of political experience carefully consider running for higher office. It is, after all, called “public service” for a reason. The costs, though, are far outweighed by the benefits that the banking executive would bring to Washington, D.C.
Some may say, if Dimon lost an election, he risks prematurely concluding his soaring career on a downbeat note. But he is not unfamiliar with leading a comeback. In 1998, Dimon was fired from Citigroup, but instead of ignoring the issue, he often openly discusses how that moment developed his personal and professional resilience. Look where it led him.
Inexperience with campaigning may be another critique cast against Dimon. He has never run for public office, arduously stumping cross-country to court the favor of key constituencies and powerful figures. Yet that could be a strength, not a weakness, as he would not be beholden to anyone. His campaign could be free to focus on the merits of the issues with a fresh track record that voters can more easily assess on their own.
It may seem foreign in politics to praise the achievements of the other party, but Dimon is not, and would not be, a contemporary politician, nor does he trade insults with adversaries, as he respects rivals. Decrying the politics of vilification, he would likely govern on a bipartisan basis in the best interest of America. Dimon offers the Democratic Party a chance to recapture Reagan and Bush Democrats, and even some Republicans.
Democrats need to learn what Donald Trump realized in 2016. That is, Americans do not hate business success but admire it as long as it is not won through cheating the system. Rather than resenting success as Marx predicted, Americans—as Thorsten Veblen’s “Theory of the Leisure Class” laid out in 1899—seek to emulate the successful. Trump ignites that desire for success and the belief in a fluid American class structure. Dimon could be just the leader to restore domestic faith in responsible capitalism, global partnerships, and balanced trade. Given recent candidate profiles, perhaps the lingering question is whether Dimon, now 69 years old, is too young to run.
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