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Jamie Dimon led JPMorgan out of adverse instances final yr, when the biggest US financial institution was concerned in a sequence of lawsuits over its long-standing enterprise relationship with the late convicted intercourse offender, alleged pedophile and intercourse trafficker Jeffrey Epstein. Was.
However JPMorgan settled with the plaintiffs' victims and the U.S. Virgin Islands authorities, and Dimon made the monetary establishment its most worthwhile in 2023, even buying troubled First Nationwide Financial institution.
On the opposite aspect of the PR chatter, CEO Dimon is again on the forefront of financial coverage discussions — and he hasn't shied away from discussing the essential power sector.
Learn: JPMorgan CEO and Dem donor Jamie Dimon criticizes Biden once more – now it's 'Bidenomics'
Dimon now says US delays in liquefied pure gasoline initiatives have been carried out 'for political causes'.
In accordance with him, Biden goals to handle the wants of those that imagine that oil and gasoline initiatives ought to be shut down altogether – a place he calls 'fallacious' and 'extraordinarily naïve'.
Bloomberg reported:
“The pinnacle of JPMorgan Chase & Co. made the feedback in his annual shareholder letter on Monday, through which he referred to as changing coal with pure gasoline as top-of-the-line methods to scale back carbon dioxide emissions for the subsequent few a long time . Dimon referred to as LNG exports a “nice financial boon” for the US in addition to a “actual political aim.”
The Chairman and Chief Government Officer stated in his letter, 'Our allies want safe and inexpensive power sources, together with essential international locations like Japan, Korea, and most of our European allies, who stay depending on america for power. Would love.' Letter.”
Dimon's assist for US LNG exports is in direct distinction to Joe Biden's freeze on all permits imposed in January.
The moratorium prevents new approvals for LNG initiatives pending a research of each the financial and environmental impacts of pure gasoline exploration.
“The power of America's home power manufacturing is a 'energy benefit' for the nation, producing cheaper and extra dependable power for financial and geopolitical benefit,” Dimon stated.
In his shareholder letter, Dimon mentioned a number of different facets of the US and international financial system, resembling his view of a chilly state of affairs with rates of interest rising to eight% as a result of impression of the unprecedented financial coverage taken to fight inflation. .
Forbes reported:
“The chance of a Goldilocks tender touchdown end result for the financial system is 'a lot decrease' than the consensus of 70% to 80% chance.
(…) With Dimon's issues about the potential for 'stagflation', a recession characterised by excessive inflation, he warned that rates of interest may rise to '8% and even larger', already at 22. That's a far cry from yr's excessive charges. “Going in opposition to the standard knowledge of an imminent additional decline in charges past 5%.”
Persistent inflationary pressures will embody the consequences of world navy battle and rampant cash printing by central banks all over the world because of COVID-19 lockdowns.
“Billionaire Dimon additionally warned concerning the potential for carnage for each fairness and debt buyers ought to the next charges state of affairs unfold, noting that inventory valuations are already at their 'excessive finish' and credit score The state of affairs is 'extraordinarily tight'.”
Learn extra:
JPMorgan CEO and Dem donor Jamie Dimon defends Trump and MAGA – calls out Democrats for defaming tens of millions of People: 'Democrats have to develop up'