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Dimon for president? Hedge fund manager Bill Ackman urges JPMorgan CEO to run

Yahoo Finance

Will JPMorgan CEO Jamie Dimon run for president? The CEO has hinted at a run for public office, but Yahoo Finance senior columnist Rick Newman says Dimon winning the White House would be a long shot.

Video transcript

RICK NEWMAN: While respecting in the financial industry. So wouldn't he make a great presidential candidate? That is the Wall Street view of American politics, and it is not correct. I think Jamie Dimon, despite the fact that he's well known, clearly a successful businessperson, I think he would be a long shot if he were actually to announce a run.

Remember, you have to run inside a political party to have a real shot. Presumably, he would run as a Democrat. And here's the problem, he's a banker. Democrats don't love bankers. [CHUCKLES] And many Americans, more broadly speaking, don't love bankers either. So think about what happened when Mike Bloomberg thought he was going to run for the Democratic nomination. He completely flamed out in 2020.

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2020 was also the year that Howard Schultz, who was the former CEO of Starbucks, indicated that he was interested. I think he pulled out for health reasons, but he generated basically no enthusiasm. So this idea that if you are a successful business person, a moderate who can speak to swing voters even on social issues that you're going to be a shoe in for this job, not remotely true.

- Rick, real quick. We've got to go. But what about Treasury Secretary? Do you think that's something that maybe he would consider?

RICK NEWMAN: Oh, I think he has held that door open for a long time. It would most likely be in a Democratic presidency administration. But apparently, Janet Yellen is keeping that job. There were some rumors that she might step out. After two years, she didn't. So he would need a Democrat to win and offer him the job.

- Just details. But you never know. You can never count out Jamie Dimon. We'll see what comes from here over the next several years. Rick Newman, great to have you. Thanks.