Jamie Dimon is the CEO of the world's largest bank, with assets of greater than $4 trillion. He also has deep political connections to what's happening in the government and Wall Street. Let's just say that he probably has a seat at the table when it comes to anything financial or market-related involving the Federal Reserve Board and/or Congress.
Last year, First Republic Bank was taken over by the FDIC. This bank failure was the second largest bank failure in history, second to Washington Mutual during the financial crisis. This was looking like a very critical situation, considering that two other banks were to fail within just two days. So, who did the government call to clean up the mess? Jamie Dimon had taken over the failed bank within two days and business as usual the following Monday following a Friday takeover by the FDIC. If you are a Washington insider, you're going to call the best when it comes to fixing major problems.
Just recently, Jamie Dimon did something he had never done before. He sold $150 million worth of JP Morgan Chase bank stock. He has been the CEO for almost 18 years and never liquidated stock as he did this past week. In an interview, he said he is "cautious about everything."
Yet, this is not the end of this story. Jeff Bezos, the CEO of Amazon, Leon Black, former founder and CEO of one of the largest private equity firms in the world, Jamie Dimon (see above), and the Walton family (Walmart), combined to sell $11 billion in company stock this month. It is being referred to as the "The Great Cashout."
These are the titans of industry. Do they know something that is motivating them to sell company stock?
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