Josh, I don’t think I ever told you the story of my initiation into the “we don’t lend money to low integrity people” ethos that you mentioned in this episode. It happened when you were with the group. I had just received a loan request to finance Trump’s acquisition of the Ocean Trails Golf course in Palos Verdes. When I told Tim what I was starting to work on, he said “I don’t think we should be lending money to people whose name begins with The.” He added that people like that just didn’t feel like they had to pay you back.
It seems to me that, though both have the title of "CEO," the type of person who rises to become CEO of one of the largest banks in the country (that is over a century old and named after somebody else) is quite different than the type of person that is the founder of companies that build electric cars and send rockets into space. It's why Mark Cuban acted differently than every other NBA owner who came from old money. I suspect the through of tweeting like Musk has never crossed Jamie Dimon's mind.
It is likely true that JP Morgan Chase's shareholders would prefer their CEO not make fart jokes on Twitter. But this is enforced by not promoting the type of people who make fart jokes on Twitter, not in exercising discipline on them once they are in place.
Josh, I don’t think I ever told you the story of my initiation into the “we don’t lend money to low integrity people” ethos that you mentioned in this episode. It happened when you were with the group. I had just received a loan request to finance Trump’s acquisition of the Ocean Trails Golf course in Palos Verdes. When I told Tim what I was starting to work on, he said “I don’t think we should be lending money to people whose name begins with The.” He added that people like that just didn’t feel like they had to pay you back.
That summed it up succinctly for me.
I wanted to thank you for providing the transcripts for these episodes each week. I've been reading each one ever since you started providing them.
It seems to me that, though both have the title of "CEO," the type of person who rises to become CEO of one of the largest banks in the country (that is over a century old and named after somebody else) is quite different than the type of person that is the founder of companies that build electric cars and send rockets into space. It's why Mark Cuban acted differently than every other NBA owner who came from old money. I suspect the through of tweeting like Musk has never crossed Jamie Dimon's mind.
It is likely true that JP Morgan Chase's shareholders would prefer their CEO not make fart jokes on Twitter. But this is enforced by not promoting the type of people who make fart jokes on Twitter, not in exercising discipline on them once they are in place.