JPMorgan Has a Patriotic Quarter

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What can fly higher, Dimon or his company's profits? Photo: Mary-Louise Price; Photos: Getty Images, iStockphoto

After news that the investment bank's profits rose a higher-than-expected 13 percent during the second quarter, Jamie Dimon felt buoyed and ready to give an impromptu civics lesson during JPMorgan's earnings call. When asked whether he might ask the Fed to approve additional capital returns, Dimon sounded his barbaric yawp across the phone lines:

The board is responsible for this company, not just the regulators. It’s still America. Capitalism is still alive.

He later explained that he wouldn't feel great about profiting off of a potential downgrade of U.S. government bonds. "[I]t’s a bad way to win. We want to see the United States happy and growing and adding jobs." Jamie Dimon, great American.

Jamie Dimon Still Lives In America [Dealbreaker]
J.P. Morgan Profit Jumps 13% on Unexpected Revenue Rise [WSJ]