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Part of -- let's bring in Dan Schaefer Schaefer asset management CEO and Marty -- -- Guggenheim securities managing director Dan.
JPMorgan -- stock pops up two and a half percent today may -- in reaction to the fact that JPMorgan -- I'm gonna keep his two titles.
Does this kind of deal setback to all the corporate overhaul do goody -- guys who are saying they got a separate those tells -- that the Pope got less -- -- got a year ago.
Yeah that's kinda strange I didn't expect it to get less but what concerns me is this too much power by one person in the banking industry and I don't like to hear when people compare another industry to the dual role vs the banking industry.
This seems to be that the -- Bernanke is head of the Federal Reserve it seems that Jamie Dimon is it done as a representative of the banking industry with a commercial banking industry.
And it just gives -- too much power and that.
-- -- settles back to that six billion dollar loss and one other losses may be lingering in the bank that are on corporate -- -- we don't know about.
So I kinda like the fact -- who should have been split.
I think two sets of eyes on what's going on of the bank one from the chairman point of view to run the bank and the day to day operations to the CEO.
And Marty mostly though I had to wonder really exactly what with a do letters complaining about this company's stock was up over 50% in the past here its earnings are a record even after the whale loss of six billion.
And five of the twenty -- you follow only five have bothered to separate the titles.
Was this a tempest in the teapot.
-- for large agree there was just stuff reaction to the magnitude of the loss in what we had in the Seattle lost last year.
But we put it in context.
Even absorbing that lost JPMorgan had a record year in earnings so there's going to be volatility.
In some of these banks as positions -- -- way -- another it's is that earnings power is a risk management enough.
To be able to catch it early enough -- earning enough to overcome them as you go through it.
This vote is a real statement to say that the long term performance of what Jamie and JPMorgan's done -- well tell the board reacted to the issue.
Was appropriate and has been good for the shareholders.
And again you know the stock is basically back to even from 2007.
To 2008 it's not what the stock is -- -- -- -- stock market well that's true now you -- -- -- lending -- money it's Euro rate I could certainly -- some returns and have a party -- -- yeah diamonds on Q&A good job I did not say that I say there's a tie between the Federal Reserve System the banking system in this country and the commercial bank we're Jamie -- has so much power.
And it's in the news every single night about this leader of one bank what about all the other -- and we're -- yourself you yourself said that they split this title with Jamie Dimon that the profits in the bank could go down -- take less risk and that the share price could go down.
Why would -- board ever vote to then do the thing that's going to send profits and share price down just so that they look good on paper.
Because the future of the bank has many investigations.
And the future the bank is going to be depended on interest rate in the economy.
If our economy starts to go into a slowdown which you and I discussed many times the possibility.
How is the bank can handle that you know rob -- time every day is great but what's gonna happen when the -- let's get Marty -- be a good time for one last bite.
Marty sounds like what he's saying is you got out of the sacrifice -- -- here to get the regulators off your back.
Well a lot of the regulatory pressures coming out of disruptions that occurred in the financial crisis and the recession.
The -- mortgage was handled three all these changes.
-- a lot of these overhanging issues that are just being dealt with across the industry it's not punishment JPMorgan that's doing that.
It sounds like -- morning if you haven't been real reform I got a -- got to -- thank you very much for being with us.
Dan Schaefer and -- mostly appreciate gentlemen.
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