Goldman Sachs, JPM Dueling Annual Shareholder Letters


Today’s must read(s) comes to us via two separate WSJ articles — one about Goldie, and the other about JPM’s Jamie Dimon. The heart of each are the dueling shareholder letters from Goldman Sachs and JP Morgan.

The Goldman article is unremarkable, other than providing an excuse to post Goldie’s 8 page SH letter (here). Its absolutely a must read.

The Journal piece on Dimon is much meatier and longer (So too, their SH letter, which runs 36 pages). The Journal focuses on the bank’s lobbying effort in DC, and on Dimon’s unusual visibility versus most of his banking peers:

“As Congress prepares to push finance regulation to the front burner, plenty of bank executives—stung by Washington’s Wall Street bashing—are keeping a low profile.

James Dimon, chairman and chief executive of J.P. Morgan Chase & Co., isn’t one of them. Buoyed by J.P. Morgan’s relative good health, he’s spent the past year launching his own campaign to stave off government proposals that would rein in profits, boost consumer protections and impose new fees.

Mr. Dimon’s bank shelled out more for lobbying efforts last year—$6.2 million—than any of its peers, and the CEO has lately been a regular presence in the halls of Congress. He preaches about how new regulations could force J.P. Morgan to further crimp credit-card lending and raise fees for consumers.”

The article remains mute on the well circulated rumors that Dimon would like Tim Geithner’s job as Treasury Secretary.

Both the Journal JPM piece and the SH letter are worth fighting through . . .


All graphics courtesy of WSJ


Goldman Tells Its Side of ’09
WSJ, April 6, 2010

Shareholder Letter—Firm’s Longest—Defends Client Commitment, AIG Dealings
Mr. Dimon Goes to Washington
WSJ, April 7, 2010

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