Jamie Dimon is riding to the rescue again. This time, he's poised to come out on top.
on the heels of the collapse of Silicon Valley Bank in March was a familiar one.
JPMorgan also drew ire for its share of questionable mortgages and foreclosures, as well as a $6 billion trading loss in 2012. Soon,was letting it be known to anyone who would listen that he regretted having stepped in to help.Dimon said in October 2012 This time, Dimon appears to be on safer ground. Unlike in 2008 , this banking crisis stands to be one that will benefit JPMorgan financiallyburnish Dimon's image. Already, some are predicting that it could cement his legacy as the most powerful figure on Wall Street — and one of the most powerful figures in the country — almost regardless of what happens to First Republic.
In both cases, the men stepped in to mitigate the contagion, only to be held up as symbols of American greed. Both times, they found themselves at the center of debates over how much government intervention was required to rein in the excesses of bankers. "For a moment in 1907, he was a national hero. Crowds cheered as he made his way down Wall Street, and world political leaders saluted his statesmanship with awe," Jean Strouse wrote in her 1999 biography on him,"Morgan.""The next moment, however, the exercise of that much power by one private citizen horrified a nation of democrats and revived America's long-standing distrust of concentrated wealth," Strouse wrote.
One of his frequent foils was Elizabeth Warren, then a Harvard law professor and the head of an oversight panel for the Treasury's Troubled Asset Relief Program.
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