Donald Trump Thinks Jamie Dimon Is a Wimp
Donald Trump is not known for being shy on any topic, let alone the topic of litigation.
Generally speaking, the Donald prefers to fight his lawsuits, not settle them. And so, not surprisingly, he has a bone to pick with Jamie Dimon, the chairman and chief executive officer of JPMorgan Chase & Co., who is close to settling civil litigation with the Justice Department for an estimated $13 billion.
"I don't believe in settling cases," Trump told me yesterday. "I'm not Jamie Dimon, who pays $13 billion to settle a case and then pays $11 billion to settle a case and who I think is the worst banker in the United States."
Trump does not have a "lending relationship" with the bank, but, he says, "I do have a lot of money" there.
Trump says it is "horrible" that Dimon is settling instead of fighting the litigation. "What happened to the days when you actually go to trial?" he asks. "I'm from the old school."
(William D. Cohan, the author of “Money and Power: How Goldman Sachs Came to Rule the World,” is a Bloomberg View columnist. He was formerly an investment banker at JPMorgan Chase, against which he lost an arbitration case over his dismissal. He is now involved in litigation with JPMorgan.)