Dimon in the rough: Wall Street's reputational problem

, The National Law Journal


Financial firms continue to face heightened scrutiny and inordinate public attention for any misstep.

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What's being said

  • Mike O'Horo

    IMO, the author, a PR guy, is guilty of being the hammer, to which everything appears as a nail. Characterizing this financial debacle as a PR- or reputation problem is naive in the extreme. As Lincoln famously said, "You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time." This time, all of the people, or at least, 71% of them, "believe the federal government has not been aggressive enough in pursuing possible criminal behavior by major Wall Street bankers." Wall Street must deal with the inconvenient fact that they, who through their hubris and reckless gambling brought the entire world to the brink of financial collapse, continue to get paid staggering sums for their incompetent stewardship while those whom they hope somehow to pacify with a PR initiative suffer ruin, lose jobs, homes and savings. This isn't a perception problem; it's a real problem. The perception problem belongs to Wall St (and Corporate America more broadly) who arrogantly think that people can't see how they rig the game in their favor by purchasing the Congress. They concluded that OWS was a fringe faction because they can't believe that the dupes have finally awakened to the game, and that it's spreading throughout the world. Mr. Silverstein's views suggest to me that his article is designed less to inform than to curry favor with potential Wall St. clients, telling them what they want to hear in the hopes they'll hire him.

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