Donald Trump's once-friendly relationship with Jamie Dimon, the CEO of JP Morgan Chase, has soured irreparably. What was once seen as a mutually beneficial partnership between the billionaire businessman and the banking giant has disintegrated into bitter recrimination.
It all began when Trump took office in 2017 and promptly withdrew the US from the Paris Climate Agreement, an action that drew criticism from Dimon, who had expressed support for the accord. However, Dimon's unease was short-lived, as he tolerated Trump's decision. But things came to a head after the Charlottesville white supremacist rally in 2017, when Trump's failure to condemn the violence sparked outrage among many Americans.
In response, Dimon announced that he would be stepping down from his role on the economic advisory council formed for Trump's administration, citing the importance of unity and cooperation. His decision was seen as a significant blow to the president's efforts to build support among business leaders.
However, the cracks in their relationship began to show even earlier. In 2018, Dimon was overheard disparagingly comparing himself to Trump, suggesting that he could potentially beat the president in an election due to his perceived toughness and intelligence. Trump, not one to take criticism lightly, responded with a series of scathing tweets, accusing Dimon of being "nervous" and a "poor public speaker".
The tension between them only intensified as Trump's presidency wore on. Despite his generally positive comments about Trump's tax cuts and China trade deal, Dimon drew a line in the sand when it came to issues like interest rates and regulation.
So how did things come to this? According to Dimon, Trump's sustained attacks on the Federal Reserve, led by Jerome Powell, were the final straw. In an interview earlier this month, Dimon publicly backed Powell, warning that any move to chip away at the central bank's independence would be a "bad idea" with potentially disastrous consequences.
It seems that the gloves are finally off between Trump and his former ally. The war of words between them has reached a fever pitch, with Trump launching a $5 billion lawsuit against JP Morgan Chase and Dimon personally last week.
In the end, it appears that Trump's relentless attacks on the banking industry and its leaders have finally come home to roost. For Jamie Dimon, at least, there can be no going back now.
It all began when Trump took office in 2017 and promptly withdrew the US from the Paris Climate Agreement, an action that drew criticism from Dimon, who had expressed support for the accord. However, Dimon's unease was short-lived, as he tolerated Trump's decision. But things came to a head after the Charlottesville white supremacist rally in 2017, when Trump's failure to condemn the violence sparked outrage among many Americans.
In response, Dimon announced that he would be stepping down from his role on the economic advisory council formed for Trump's administration, citing the importance of unity and cooperation. His decision was seen as a significant blow to the president's efforts to build support among business leaders.
However, the cracks in their relationship began to show even earlier. In 2018, Dimon was overheard disparagingly comparing himself to Trump, suggesting that he could potentially beat the president in an election due to his perceived toughness and intelligence. Trump, not one to take criticism lightly, responded with a series of scathing tweets, accusing Dimon of being "nervous" and a "poor public speaker".
The tension between them only intensified as Trump's presidency wore on. Despite his generally positive comments about Trump's tax cuts and China trade deal, Dimon drew a line in the sand when it came to issues like interest rates and regulation.
So how did things come to this? According to Dimon, Trump's sustained attacks on the Federal Reserve, led by Jerome Powell, were the final straw. In an interview earlier this month, Dimon publicly backed Powell, warning that any move to chip away at the central bank's independence would be a "bad idea" with potentially disastrous consequences.
It seems that the gloves are finally off between Trump and his former ally. The war of words between them has reached a fever pitch, with Trump launching a $5 billion lawsuit against JP Morgan Chase and Dimon personally last week.
In the end, it appears that Trump's relentless attacks on the banking industry and its leaders have finally come home to roost. For Jamie Dimon, at least, there can be no going back now.
. I get why Dimon felt the need to step down from that economic advisory council after Charlottesville - it was a pretty low point for Trump's presidency. And yeah, Dimon did sound a bit salty when he compared himself to Trump back in 2018 
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. Dimon's like "hey, we need an independent central bank to keep things stable" and Trump's all "nope, I'm gonna make banking great again"... it just wasn't meant to be 
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. It's clear that Trump's not gonna let this one go anytime soon... but I think Dimon's done enough to protect himself for now 
. The gloves may finally be off, but it's just too late for that 
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. Newsflash: just because you're rich and powerful doesn't mean you get to be a jerk 
.
Maybe it's because Dimon isn't afraid to speak his mind and tell Trump that some of his policies are shady. I don't think anyone likes being lectured on what's good for business...and let's be real, that's kinda how a democracy works: disagreement and all that 
. But I guess he underestimated just how far Trump would take things. Now it's war 
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He started out as this moderate banking CEO and then became a Trump critic for basically being a good sport about Trump's climate change withdrawal thing. Now he's got his head on a platter and it's kinda sad because you can tell he used to be friends with the guy 
Anyway, I think Dimon's decision to back Jerome Powell was a total smart move and shows that he's not willing to cave in to Trump's demands. Maybe now he'll get some respect for standing up for what's right 
I'm not surprised by this turn of events... it was only a matter of time before Trump's words turned into actions 
. Now we're seeing the full extent of Trump's power play - trying to control the banking industry through lawsuits and intimidation tactics 
. It's a shame, because I thought Dimon was better than this 
his decision to step down from the economic advisory council was a huge blow to trumps efforts to build support among business leaders, but honestly, he didn't exactly cover himself in glory either 
. I mean, I knew they weren't always going to agree on everything, but I didn't think it'd get this messy. It's weird that something as simple as a tweet can escalate things like this...imo 
. I guess you could say it's a bit of a "it takes one to know one" situation 
. And yeah, who can blame him for calling out Trump on the Charlottesville thing? That was some seriously messed up stuff 
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. I mean, when you're getting taken down by someone who can't even be bothered to do their homework on the economy 
... that's some serious karma right there! And let's be real, if Dimon was nervous or intimidated by Trump, he should've spoken up sooner 
. Can't we all just talk about this stuff like adults?