Biography: Dimon has served as CEO of JPMorgan Chase since 2005. During his tenure, Chase has become the biggest U.S. bank by assets.
Why he’s a contender: New York Times columnist Paul Krugman calls Dimon “the point man in Wall Street’s fight to delay, water down and/or repeal financial reform.”
Dimon has been a loud critic of the Volcker Rule, a complex set of banking reforms that would limit risk-taking by U.S. banks. Primarily, it would forbid banks from investing in private equity or hedge funds.
What his firm did: JPMorgan Chase announced this year it had lost billions of dollars in hedge fund trades. The final loss isn’t known, yet as of mid-July the bank was expected to take a $1.7 billion tax write off for the losses, according to CNN Money.
“Like any loss, banks are allowed to use trading blunders to offset taxable profits elsewhere in the bank,” senior editor Stephen Gandel wrote.
Chase took bailout money even though Dimon claimed all along that it didn’t need it. It was the first of the big banks to repay the money to the government.
The bank has been the target of several lawsuits alleging it has ripped-off its customers.
In June, Chase agreed to pay $100 million to settle a lawsuit that accused the bank of improperly increasing minimum credit card payments to generate more fees.