WSJ/NYT - On Monday, 5/14/12, the Annual Shareholders' Meeting of J P Morgan/Chase was held in Tampa, Florida. This only four days after announcing the fiasco of losing a plus $2 Billion in investment/trading losses in London mainly by the so-called "London Whale", Bruno Michel Iksil . Shareholders at the Tampa meeting, in person or by proxy, represented majority affirmative totals to (1) retain Mr. Jamie Dimon as CEO and (2) retain Mr. Dimon on the company's Board of Directors where he is Chairman. These two actions swim against the corporate tide of gradually separating the CEO/Board Chairman tie held by the same person.
Mr. Dimon was contrite in his speech to the shareholders, taking full blame for London losses because "the buck stops with me". It was disclosed on Friday, 5/11/2012, a further $200,000,000 (that's million) was lost on that day, large losses were still occurring and total losses could reach a total of $4 Billion. It should be noted the total votes cast on Monday, 5/14 could include proxies exercised BEFORE the previous Thursday's announcement of London losses. Proxies could be recalled in person at the meeting. Mr. Dimon is not off the hook but he has a fine reputation to ride upon.
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