The Post claims that Jamie Dimon, the CEO of JPMorgan Chase, has been corresponding with Donald Trump through covert back channels in recent months, helping the president-elect formulate a policy agenda both before and after his resounding win for the presidency.
According to four people close to Trump’s transition team, the 68-year-old Wall Street tycoon, who like the 78-year-old Trump, grew up in Queens, New York City, has acted as a sounding board for the next commander-in-chief’s economic agenda.
A GOP insider claims that the president-elect’s inner circle had a number of candid discussions with Dimon, who was then rumored to be interested in a position with the government.
Another GOP source with knowledge of the matter stated that they have been communicating on a regular basis for months.
Three people close to Trump said that efforts to reduce government spending, banking regulation, taxes, and trade were the main focus of the covert back channel.
A corporate insider claims that Trump’s top aides planned the calls, which persisted after the election, in order to keep the two men somewhat amicable and stop information about their conversations from leaking.
A representative for Trump’s transition team chose not to respond. A representative for JPMorgan also chose not to comment.
Despite the banker’s enigmatic and reserved political inclinations, Trump and Dimon’s discreetly amicable connection has flourished. Despite Dimon’s failure to make a public declaration to that effect, Trump floated Dimon’s name as a potential Treasury secretary nominee in June and later declared that he had received the White House’s endorsement.
Despite their differences, Trump and Dimon have also remained in touch. For example, on November 14, the president-elect announced on Truth Social that Dimon would not be invited to join his Cabinet. “I haven’t had a boss in 25 years, and I’m not about ready to start,” the banker replied promptly.
According to The Post, the CEO of JPMorgan, a registered Democrat who has refused to back either presidential candidate, allegedly contemplated joining a government led by Kamala Harris but decided against it after her polling fell.
The Post revealed on November 22 that Trump was also discussing policy matters with Larry Fink, the CEO of Blackrock, a significant Democratic donor.
However, one source called the former Apprentice star’s love for Dimon—who has been the head of JPMorgan Chase for almost 20 years and is valued at $2.6 billion according to Forbes—a “man crush.”
According to a second source close to the president-elect, Trump was very grateful to Dimon, a frequent reader of the New York Post, who told CNBC in January that the eventual victor was somewhat justified in criticizing illegal immigration and the inadequate security spending of America’s NATO partners.
According to The Post, Dimon’s remarks infuriated left-wing Biden administration officials, who in a fit of wrath banned him from the White House.
The CEO of JPMorgan stated two weeks ago that, if handled properly, Trump’s threat to put tariffs on America’s main trading partners will bring people to the table.
At a recent conference in New York, Dimon, a strong opponent of the present banking regulations in the United States, launched a foul-mouthed diatribe over a list of his most-hated pieces of legislation, criticizing the flood of red tape created by Democratic-backed regulators.
It’s time to defend yourself. To the astonished audience, Dimon declared, “I’m done with this s-t.”
The CEO of JPMorgan singled out rules that require banks to retain more capital on their balance sheets in order to increase their resilience to financial storms. The Basel III proposal would add 9% to the emergency buffers of large bankers.
On Tuesday, October 28, Dimon said, “A lot of these rules are hurting lower-paid individuals, and they are hurting companies. Things are becoming unfair and unjust.”
In his annual letter to shareholders last May, Dimon, who made $34.5 million last year, encouraged the US government to deliver good policy-making and cautioned that a businessman’s nightmare is a politician’s dream.
According to Mike Mayo, an analyst at Wells Fargo, Trump’s second term will be the largest shift in banking regulation in thirty years.
Mayo informed the Post that this is Jamie’s vindication. He is saying enough with the regulatory theater after examining all the red tape and complexity. Having one hand tied behind your back is similar to banking.
Mayo went on to say that borrowers could benefit from better loan rates and customer service as a result of Trump’s possible repeal of strict banking rules.
“It would be foolish for any administration to ignore Jamie Dimon,” the top analyst said. At the very least, everyone should get ideas from him.
Following his appointment of hedge fund tycoon and ardent supporter Scott Bessent as Treasury Secretary, it was revealed that Trump sought counsel from a kitchen cabinet of Wall Street elites.
He has been cooped up at his Palm Beach resort, Mar-a-Lago, putting together his future administration’s staff.
Ahead of his second term in office, which starts on January 20, Trump’s choice to consult with American financial heavyweights outside of his MAGA inner circle informally may give investors more peace of mind.
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