A Jpmorgan Chase Jimmy Damon praised “one of their great ideas for our company” is an extraordinary approach to highlighting the concerns in Wall Street about speaking publicly against the Trump administration.
On Monday, before Donald TrumpAxisA tariff, Michael Cembalest has finished a 45 -minute customer width around the fees with warning. After calling the president’s plan to approach “Hamkhammer, Brute Force”, JPMorgan analyst said he had blocked some materials with his company and colleagues in mind.
His statements were built on a report from last week, when he voluntarily adopted several clips. It is entitled to thatRevenge: a straight talk from the front lines, the executive director on the day of liberationThe Trump brand is called for the day when the customs tariff was announced.
“This is the first time that I had to make a call as I had to think about the things that I was saying, not only about how our views about the markets and economics,” Cembalest said in his presentation as I had to think about the things that I was saying, and not only about how our views about the markets and the economy, “adding that he had never taken into account such considerations in a profession that extends for more than 30 years.
“People are accountable for their views and the things they say in ways that may not be on them,” he said. “So I said most of what I wanted to say about this invitation – but not all.”
While Trump has since stopped to a large part of the bold tariff plan, Cembalest points around self -censorship are still hesitating in Wall Street. They ask a question that has become more important by the week: How can one have to manage at a time when its policies are widely feedingDisorders in the markets? Until this week, billionaire Trump supporters are interested in his definitionsCursedWith praise.
“Michael covered goals, opportunities and risk of management policies,” JPMorgan representative said in a statement. Cembalest, Chairman of the Market Strategy and Investment Strategy for the Bank’s Asset and Resources Department, refused to comment. Both of thema reportAnd a video of himHe speaksIt is located on the bank’s website.
“Pre -Obedience”
Cembalest specifically not referred to Trump in the final notes of its display. But they were made against an unambiguous background. The administration has targeted the large law firms, universities and the media, which it considers aggressive for its same goals and goals. When doing this, it has raised long rules on the United States government’s relationship with these institutions.
Nadine Straussen, President of the American Civil Liberties Union from 1991 to 2008, warned of the climate of “pre -emptive obedience”.
She said, “You cannot have a democratic form of government without accurate information and an opportunity to discuss and discuss politics.” She said that these questions are not unique to Trump, and apply to the Biden administration approach with scientists in the Covid-19 pandemic as well.
“Every administration will use each tool to pay its agenda,” said Straussen.
A White House spokesman said in a statement that the Trump team seeks to “eliminate waste, fraud and abuse in the federal government. This includes law firms and universities that violate federal law.”
Corporate reservations
Large companies and commercial groups appear to be particularly cautious about management arrangement. At the Retail Leaders Association – a group of companies including goal Company and Home Depot Company – General AdviserStopTo file a lawsuit against the administration on the definitions, although the group found it will have a good chance to succeed in merit.
The major law firms, Paul Weiss, Skaddin Arpes and Wilki Var, agreed to provide tens of millions of dollarsFree workIt is in line with the administration’s priorities to avoid Trump’s executive procedures that target their industry.
Banks are also under checking. In March, Trump – now run by the sons of President Eric Trump and Donald Trump Junior – sued Financial capital A company on allegations“Get rid of banking”After January 6, 2021, riots in Washington. President Trump has also gone yet Bank of America Corb Brian Moinhan CEO in A.BroadSide surpriseAt the World Economic Forum in Davos earlier this year.
This means comments in public forums by the bank employees – who are used to adhering to the handrails set by their compliance departments, public relations teams or the classes of managers – are closely monitored.
Mike Mayo, a prominent banking analyst in Wales Vargo & Co. He has a personal experience on what one faces when he is very frank.
“I paid the price several times” for being very straightforward, Mayo, who added that he had not seen the Cembalest report. “The risk of reverse reaction is always present – whether it is individuals, companies or government.”
In Wall Street, Cembalest is one of the largest followers on a large scale, known for his refusal to invest with the funds associated with Bernie Madouf because his group could not reversed the engineering of how to earn the financier. A major partner in JPMorgan’s Billionaire Whisperer, Mary Erdoes, is not ashamed to take controversial.
This story was originally shown on Fortune.com
https://fortune.com/img-assets/wp-content/uploads/2025/04/GettyImages-2208756053.jpg?resize=1200,600
2025-04-10 20:52:00
