Published: Fri, September 14, 2018
Markets | By Otis Pena

JPMorgan's Dimon backtracks after saying he could beat Trump

JPMorgan's Dimon backtracks after saying he could beat Trump

President Donald Trump early Thursday scoffed at JPMorgan Chase CEO Jamie Dimon's claim that he could "beat" Trump and is just as tough and smarter than the president. "I can't beat the liberal side of the Democratic Party", he added, in a reference to his status as a top Wall Street banker.

The Republican president, known for his acerbic insults on Twitter, was hitting back at Dimon for saying on Wednesday that he was smarter than Trump and could beat him in a White House race.

Dimon also told the crowd that he "actually earned [my] money". "It wasn't a gift from daddy", Dimon said. I am part of the elite, ' Dimon said. The off-the-cuff outburst "proves I wouldn't make a good politician", Dimon said.

In addition to serving as head of JPMorgan, the biggest U.S. bank by assets, Dimon is also a big player in Washington, serving as chairman of the Business Roundtable, a Washington lobbying organization representing most of the biggest USA corporations.

Following the event, the bank also released a statement from Dimon walking back his comments.

Dimon a year ago called bitcoin a "fraud", later expressing regret about the remark.

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Dimon is now worth more than $1 billion and made $28 million as chief executive of JPMorgan Chase a year ago.

The comments came while Dimon was speaking at an event where J.P. Morgan was outlining a $500 million investment program that would help boost the world economy.

He's been asked repeatedly whether he intends to run for president in 2020, but consistently demurs.

The executive has been CEO of JPMorgan, the biggest US bank, since 2005.

Dimon has always been politically engaged by proposing economic policy solutions, advocating on issues of immigration and infrastructure and sitting on Trump's former advisory board of business leaders.

"You can't take yourself off the playing field", Dimon said.

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