Jamie's Happy Accident
Jamie Dimon, the CEO of JPMorgan Chase, may be the "accidental media mogul," in the words of Keith Kelly. But it's also fair to say he's done a good job establishing himself as the "accidental beneficiary of fraud," too. According to a finance professor who's been poring over documents in the Bernie Madoff case, JPMorgan Chase racked up $483 million in profits between 1992 and 2008 thanks to the fact Madoff was a loyal JPMorgan Chase customer for all those years, and he used his various accounts with the firm to store billions of dollars. Sadly, Madoff's unwavering loyalty to the bank has yet to result in Dimon renaming the Chase branch at Madison and 64th Street in Madoff's honor. But if you stop by and you feel the ghost of Bernie in the air, let us know. [FT Alphaville]