Jamie Dimon doubtful for Treasury Secretary opening


With new cabinet selections yet to be made, the Washington rumor mill is as active as ever.

The notion that JPMorgan CEO Jamie Dimon might be in the running for Treasury Secretary has yet to be put to bed. Policymic has published a profile of Dimon, pegged to the idea that he is a indeed a candidate to take over the department.

This idea has been floated before, and the reaction was somewhat less than enthusiastic. Dimon would likely make a fine Treasury Secretary. He would have no problem goading fellow CEOs into some sort of action if he had too, just as Hank Paulson, formerly CEO of Goldman Sachs, was able to do in the financial crisis.

It remains unclear if Dimon really wants the job. Even if he did, his candidacy would present some real optics issues for the current administration, which has cast itself as a Wall Street reform proponent. It might be that the London Whale fiasco, which tarnished Dimon's reputation, albeit temporarily, might have shut the door on the idea. It would take a lot of explaining on the part of the President.

But what about Lloyd Blankfein? He might be interested in moving into public service and has certainly been acting the part as of late. But he suffers from the same optics issues, though most would agree he has seen his bank through some dark days.

The truth is that any Wall Street executive would be a controversial nomination in today's political climate.

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