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June 20, 2012

A Note on Jim Cramer and the Jamie Dimon Testimony...

I wanted to take the opportunity to say a few things about the Dimon testimony and Jim Cramer... I'm very disappointed in the comments made by Jim Cramer last week regarding the testimony of Jamie Dimon. They completely lacked substance and did not provide insight on the true issues which were financial regulatory reform, complex trading models, risk management, and too big to fail. As for Jamie Dimon, he is an extremely intelligent and experienced banking professional. He is by no means perfect. We should not dismiss anything he says because he is an "agent of a big bank." His input on matters of TARP and financial regulatory reform are crucial if we are ever going to learn from our mistakes. As for Jim Cramer, I cannot speak on his stock or financial analytical experience. However, he is no economist and he certainly is no expert when it comes to the operation of complex trading models and the execution of commercial trading in the year 2012 (maybe in the 1990s when he worked for GS). He did mention in his rant that the stock was separate from his personal opinion of Jamie Dimon. He should have simply focused on the stock and discussed nothing else.

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