Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge.
The U.S. president is wrong to suggest the JPMorgan boss lacks smarts. Dimon is an articulate leader. But his industry’s rude health owes a lot to economic recovery and tax reform. And his narrow name recognition and the state of politics mean he wouldn’t win the White House.
The insurer, rescued with a controversial $182 billion bailout in the 2008 crisis, has sold assets like AIA, rejigged operations, repaid the U.S. government, worked through CEOs and even started making acquisitions again. A new direction is emerging, but investors remain wary.
It’s 10 years since Washington took over Fannie Mae and Freddie Mac, injecting $187 bln to render them undead. Reforms have not touched the supposedly temporary fix. A functioning home-loan market, revenue for the Treasury and inertia suggest taxpayers may be stuck with them.