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MSCO CEO Mark Stevens breaks down the PR campaign the J.P. Morgan CEO is on in the aftermath of a massive hedging loss.
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-- for joining the company is image consultant mark schools.
-- I am told that Jamie Dimon is in trouble this pressure on him mark logic from politicians to resign and you say walks -- and that would.
The ridiculously resides but I mean the bigger issue is museum -- this from the appropriate way from.
PR standpoint and the issue that the response I give -- is that he's going by the classic.
Crisis management PR stance which is you'll -- vehicle whose incentives are in balance criminal that.
It's appropriate to admit responsibility as a CEO was -- -- -- wrong.
However.
This is a case that classic is what's going on -- with a story was already written by the media.
They don't wanna hear the answer.
This is not one of those stories -- the media's saying.
Hey what happened -- that the traditional media they wrote story ready Wall Street's terrible Occupy Wall Street capitalism sucks all the stuff is going on here so.
I think he needed to put it in more perspective.
That that the classic book and crisis management has come out there beg for forgiveness that either all wrong -- a right to say what -- did right but then put back a perspective.
Children how many the amount of assets the bank has how profitable bankers but how -- got through the economic crisis almost unscathed I'm not saying this is.
If you've really got -- primrose -- -- horrible that's what's gonna line up.
But once warring a lot of people is a return on to the panic of 2008 when the banks involved in all these crazy derivatives -- Couldn't keep track of the risk and lost their shots in the tax -- have to come and a battleground.
People while -- that -- the same thing all over again because Jamie Dimon have the best reputation as a risk manager.
And suddenly he doesn't manage the risk very well it staring him in the face and he still loses two billion dollars and rising well -- -- You're -- made huge leap that is now sort of I don't think it's fair I mean he made it he made a mistake and it overlooked something on -- thousand people who work for them.
And it was certainly -- a mistake.
However this is not.
And they equivalents.
Know -- I don't make four billion in the same quarters -- -- -- -- -- you have to factor that into the equation but -- -- -- sort of billion dollars on the balance -- All we -- a position to mention the risk of these exotic investments and -- from the JPMorgan experience now.
No but I don't know exactly what but thanks if they -- to function where we have them -- now.
Have to hedge certain risks this is not buying.
A bunch of crap that Barney Frank through on banks if they did the whole traces wrong here so all I'm saying is Jamie.
Needed to put this into perspective and say we employ all these people we make all this money our bank is very safe we're safe haven even during the TARP period.
And then -- admit.
Some book of course is in the simple.
But this is feeding frenzy for people who -- capital would you argue that maybe got into this situation be content they were over regulated so they have to take more risk and not more I think probably read the government always creates things.
And then of people outside the government are always smarter than ago that they have to find a way to do business.
This is -- hedging strategy.
If you did come out -- the said -- -- -- tax -- on knobs on the hook.
And we -- -- you -- will be back would have been good yeah exactly.
And last let me -- either I had to take it because they forced me to take it so let me put it in perspective let me show -- how many people unemployed.
Let me show the -- some racking up.
Not a cavalier way.
But the balance it because these.
PR crisis people tell -- to -- to balance scrapers if you committed a heinous act that's not what happened here and he should never resign.
-- statements we always appreciate -- being with us thank you very much indeed thank you.
