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OAN Staff James Meyers
11:00 AM – Friday, November 29, 2024
Multiple reports have revealed that JPMorgan Chase CEO Jamie Dimon has been communicating with President-elect Donald Trump in recent months through secret back channels, helping Trump with advice on his policy-agenda.
One GOP insider said the President-elect’s inner circle held a series of “no-holds-barred conversations” with Dimon, who at the time was rumored to be eyeing a government job himself.
“They have been speaking regularly for months,” said another GOP source briefed on the situation.
Three sources close to the 47th president said the secret back channel focused on plans for cutting taxes, government spending, banking regulation and trade.
A company insider added that Trump’s top aides set up the calls, which continued after winning the election, to “create a bit of daylight” between the two men and stop details of the exchanges being leaked.
The relationship between the two has flourished despite Dimon’s tendencies when it comes to politics. Trump had put out the idea of Dimon becoming a possible treasury secretary pick in June and later on claimed that he had won his White House endorsement, but Dimon did not make any public statement regarding that.
Trump and Dimon also have continued to talk despite bouts of tension, including on November 14th when the President-elect declared on Truth Social that Dimon ”will not be invited” to join his Cabinet. The banker promptly shot back: “I haven’t had a boss in 25 years and I’m not about ready to start.”
This also comes after the JPMorgan CEO, a registered Democrat who declined to back either candidate in the White House race, had reportedly thought about joining a potential Kamala Harris administration but then ruled himself out after her poll numbers crashed.
Another source close to Trump claimed that the President-elect said he “greatly appreciated” it when Dimon, told CNBC in January the winner of the presidency was “kind of right” to criticize illegal immigration and weak defense spending by America’s NATO allies.
As a result, Dimon’s comments angered Democrats within the Biden administration who then blacklisted Dimon from the White House.
Two weeks ago, the JPMorgan boss said Trump’s threat of tariffs on America’s trading partners “will bring people to the table” if “done wisely.”
Dimon has also been known as a vocal critic of current U.S. banking rules.
“It’s time to fight back…I’ve had it with this s–t,” Dimon told a stunned audience at a recent conference in New York.
“Things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,” Dimon said on October 28th.
Additionally, Dimon urged the U.S. government in his annual letter to shareholders last May to deliver “effective policy-making” issuing a warning that “a politician’s dream is a businessman’s nightmare.”
Wells Fargo analyst Mike Mayo stated that Trump’s upcoming term as president will give “the biggest inflection point for banking regulation in three decades.”
“This is Jamie’s vindication,” Mayo told the New York Post. “He is looking at all the bureaucracy and red tape and saying enough of the regulatory theater. It’s like banking with one hand tied behind your back.”
He added that Trump potentially hindering strict banking rules “should mean borrowers get better rates for their loans and better services for customers.”
The top analyst said: “It would be foolhardy for any administration not to hear Jamie Dimon out. Everyone should at least be consulting him for ideas.”
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