June 17th, 2012
Econintersect: Prof. Amar Bhide (pictured) of Tufts University appeared on Bloomberg Television this week and called for the removal of Jamie Dimon from his position as CEO of JP Morgan Chase (NYSE:JPM). Bhide says that the the losses experienced and the management transgressions by JP Morgan are greater than have gotten other CEOs canned. The two Bloomberg interviewers seemed a little lost at times regarding how to interact with Bhide. At one point, while one interviewer was essentially making the point (although he was phrasing it as a question) that what happened at JP Morgan was simple a bank doing what banks do, the other interviewer was nodding affirmatively with a kind of "gotcha" smile.
Bhide quickly responded with specific examples of why JP Morgan was not doing what banks are supposed to do with reserves. The smirking interviewer changed her expression and interupted Bhide to shift the subject with an unrelated question.
Watch the interview. Be prepared for a rough start (and some other rough patches along the way). Bhide is interupted after five words of his second sentence.
Amar Bhide has been a guest contibutor to Global Economic Intersection.
Hat tip to Naked Capitalism.