Having already been under selling pressure today, a tweet from Fox's Maria Bartiromo suggesting CEO Jamie Dimon is about to be offered the job of Treasury Secretary, pushed JPMorgan shares notably lower.
Hearing @jpmorgan ceo jamie Dimon will get treasury secy job. Big meeting tomorrow @MorningsMaria @FoxBusiness will discuss tmrw
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
down to jamie Dimon & Steve Mnuchin. will be decided tmrw for Friday announcement…they've now shut down info @MorningsMaria @FoxBusiness
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
Shareholders are not happy…
As we noted previously, if Trump hopes that he can "drain a swamp" by hiring the swamp puppet master, he – and millions of his supporters – will be very disappointed.
As for Dimon (JPMorgan), or Mnuchin (Goldman Sachs); they will be delighted: as a reminder, as Hank Paulson demonstrated so well, the only reason why bankers become Treasury Secretaries, is to be allowed to sell all their corporate stock upon moving to public office, tax free.
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