JP Morgan Executive Regrets Joke About Chinese Communist Party

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JP Morgan Chase granted  Jamie Dimon a one-time stock option bonus award to coax him to stay longer as CEO
JP Morgan Chase granted Jamie Dimon a one-time stock option bonus award to coax him to stay longer as CEO

CEO of JP Morgan Chase Jamie Dimon, 65, said Wednesday that he regrets a joke he made about the Chinese Communist Party.

He previously said that JP Morgan Chase would outlast the Chinese Communist Party.

“I made a joke the other day that the Communist Party is celebrating its 100th year - so is JP Morgan. I'd make a bet that we last longer,” Dimon said Tuesday when speaking at Boston College in a series of CEO interviews. “I can't say that in China. They are probably listening anyway.”

“I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” Dimon commented in a statement issued by JP Morgan.

According to Reuters, U.S. banks see China as an opportunity for future growth and normally go to great lengths to please Chinese authorities, and not upset them. Executives have to choose their words carefully or will receive backlash on occasion for perceived offenses.

However, this is not the first time Dimon has said controversial things. He claimed that he would beat Donald Trump in a Presidential election because at least he earned his money on his own, though he later apologized and admitted he would not be a good politician.

He has also been a critic of cryptocurrencies, saying “I personally think that bitcoin is worthless” and that cryptocurrencies have “no intrinsic value.”

Dimon has been the CEO of JP Morgan since 2005 and has a net worth of $1.9 billion, according to Forbes.

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