On Breakingviews: JPMorgan chief Jamie Dimon channeled his predecessor by corralling fellow bank CEOs to support First Republic. Financiers band together, even with regulators, when the going gets tough, says AnitaRamaswamy
. These people could have restored confidence in the banks that grease their industry’s wheels.
A few things might explain the lack of cohesion. Silicon Valley is fragmented and built on an individualistic ethos. Unlike banks, there’s less common interest, at least in normal times. Amazon.com and Twitter have different activities, risks and concerns, as do the venture capitalists like Andreessen Horowitz who back young startups., so they aren’t used to working together to appease them, or seeking safety in numbers. Before cryptocurrency exchange FTX fell, Sam Bankman-Fried was lobbying Congress to support laws that would benefit his own business, but there’s no single player in tech who has had enough at stake to play the Pierpont Morgan-Dimon role.
JPMorgan Chief Executive Jamie Dimon orchestrated the deal alongside Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, Reuters reported.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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