Some Final Thoughts on JPM News of the Day

Like many of you I also watched some of Sunday shows where the events of the week were discussed. What I found absolutely fascinating was the spin in both directions of the debacle at JP Morgan. Both sides of the argument was bandied across with both sides trying to make their cases why they were right in their conclusions. But once again what would surely be important was not even hinted at as to be noticed by any of them. Anywhere!

I watched Jamie Dimon the CEO of JP Morgan being splashed across the television screens all morning with his statements of so called candor. He basically said this one should be fired, that one should be fired, this should be done, that should be done, and in the end the institution’s name itself should be buried in disgrace. Hey great, but what he never once uttered anytime, anywhere, was that he should be fired. Oh no not that! That would be heretical to any CEO doctrine of the last few decades. If the two most important rules about money are #1 Don’t lose it. #2 Refer to rule#1. then the unwritten addendum to rule #1 is #1.A, “and never should the CEO be blamed.”

As I was sitting there in absolute amazement on how he was leaving himself out of any out-rite recourse except for the self-imposed tongue lashing he was giving himself (Oh the humanity!) was the abject failure of a single so-called “Smart crowd” anchor to call him on it. This is why so often people get confused or just fed up. They believe many on television are smarter than they are. They’re not. Anyone with any credible knowledge of management will tell you. If he was in charge of everyone who is to blame, then the first one escorted to the door along with everyone else is him regardless of title. But then one must refer to rule #1.A to understand the sorry state of management at some of the highest levels.

The part of this story for someone like myself is just when I think I’ve seen enough a better punch line will come along to really put a cap on this tale.

This morning we were enlightened that the person in charge of the department that is causing the bank all this distress retired. Yes, you read that correctly. She wasn’t fired, yet everyone else in that division seems will be dismissed as fast and with the same dignity as the refuse from a cruise liner if the press stories are true. It seems when she tendered her own resignation to Mr. Dimon he at first rejected it. Why? Because he wanted her to face the same dispatch as her department? No don’t be foolish, he felt she should stay! But alas she thought it was best to leave and so she’s leaving with a full golden parachute. She will retire and not have to face that terrible indignity so many of what I guess must be referred to as “the underlings” will have to face. The unemployment line with the scarlet letter of having worked under her direction.

This self protecting nature of living under the unwritten rule of 1A is the scourge of modern day management and must be mediated for the betterment of all of us.

© 2012 Mark St.Cyr