杰米•戴蒙(Jamie Dimon)即将迎来一个漫长而炎热的夏天。5月10日，摩根大通(JPMorgan Chase & Co.)宣布因对冲活动造成20亿美元(并仍在增加)损失后，该行董事长兼首席执行官戴蒙(Dimon)匆忙改组了自己的投资办公室。而在危机后，在他的竞争对手还没来得及采取同样行动之前，银行恢复了150亿美元的股票回购计划，这无疑被他视为一项伟大的成就——好吧，他别无选择，只能暂时中止。戴蒙可以说是华尔街最知名的金融家，而且直到几周前，他还是唯一一位似乎不会犯错的银行首席执行官。其中有两位投资者，来自加州的私人股东詹姆斯•贝克(James Baker)和投资服务公司萨拉托加优势信托(Saratoga Advantage Trust)，分别对摩根大通董事长和摩根大通本身提起了诉讼。在摩根大通上月召开的年度股东大会上，在戴蒙披露交易亏损后不到一周，40%的股东投票决定拆分首席执行官和董事长的职位，他们的想法是这样做将抑制他的权力，并加强董事会对管理层和戴蒙的监督。加州公务员退休系统、加州教师退休系统、纽约州审计署和佛罗里达州管理委员会都投票赞成拆分。股东们还没有集体呼吁戴蒙辞去首席执行官一职。尽管如此，他们还是有理由感到委屈:该银行的股价从5月9日的40.64美元暴跌18%，至5月31日的33.15美元。即便如此，戴蒙的麻烦并不在于估值。 It’s with Washington. The huge trading loss suggests a flurry of regulations currently being drafted as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act — in particular, the Volcker rule against proprietary trading — will be written stringently to enforce tighter constraints on banks’ activities. The controversial rule allows banks to hold inventory for market-making purposes but not for proprietary trading. Distinguishing the former from the latter is inherently difficult, which is why the rule-writing process has dragged on. Former bank regulator Sheila Bair said at a Commodity Futures Trading Commission hearing on May 31 that if banks receive government support, they shouldn’t make risky trades. A week earlier, at a hearing for derivatives regulators, Senator Tim Johnson, chairman of the Committee on Banking, Housing and Urban Affairs, said, “This trading loss has been a wake-up call for many opponents of Wall Street reform and the need to fully fund the agencies responsible for overseeing the swap trades that appear to be at the core of the firm’s hedging strategy.” To make matters worse, hedge funds aren’t exactly making life easy for JPMorgan. Says one hedge fund manager who spoke on condition of anonymity: “JPMorgan is under huge pressure. Everyone knows their position, so everyone wants to short it.” The bank still plans on paying a dividend. The brouhaha has prompted some to wonder about how deep the problems are in JPMorgan’s investment office. A New York–based senior managing director at Tangent Capital Partners, Christopher Whalen, claims the bank knew it had a problem in the CIO two years ago because executives discussed internally creating a multibillion-dollar reserve for the office. “If you look at the evolution of the strategy, it was always about trying to generate principle returns,” says Whalen. “The lesson for regulators is that when someone tells you they are hedging and they are not, you need to go find out what the hell is going on.” He says he thinks new regulators should be called in; not more in number but more in competence. The Securities and Exchange Commission is reviewing the bank’s first-quarter filing for accuracy, and Dimon must appear before the Senate Banking Committee this summer. He will be required to provide details on the complex derivatives trades in the bank’s chief investment office that resulted in the loss. Dimon acted decisively in a bid to contain the damage. He’s dispatched a trusted lieutenant, Matt Zames, to become the new CIO, replacing Ina Drew, who retired. Zames, 41, not only is well versed in the credit markets, but he also knows about failure: He was a trader at Long-Term Capital Management when the hedge fund firm blew up, in 1998. He also served as point man for JPMorgan’s acquisition of Bear Stearns Cos. in 2008 and has since been on the short list to succeed Dimon someday.
虽然Dimon的声誉因交易损失而玷污，但在某些大型货币管理者方面，他倾向于获得疑问的好处。Marty Mosby是Guggenheim Partners的孟菲斯分析师，“这一切都不会影响明年的展望。”