JP Morgan Analyst’s “edited” report writes about fear of Trump
a jpmorgan chain &Co. The strategist, who Jamie Dimon praised as “one of our company’s great thinkers,” takes an unusual approach to highlight the horrors of Wall Street by making a statement against the Trump administration.
Monday before Donald TrumppivotTariff Michael Senbales, Tariff, concluded his 45-minute client presentation on taxation with warning. After calling the president’s plan a “sledgehammer, brute force” approach, a JPMorgan analyst said he has certain materials in mind with his company and colleagues.
His remarks were built on last week’s report, and he spontaneously blacked out some parts. He titled itEdit: A straight talk from the CEO’s frontline on Liberation Dayevokes Trump branding for the day the tariffs were announced.
“This is the first time I’ve had to make a call where I had to think about what I was saying, rather than how it reflects our views on markets and economics,” Senbales said in his presentation, adding that he had never considered such considerations in his career over 30 years.
“People are responsible for their opinions and what they say in ways they probably shouldn’t,” he said. “So I said most of the things I wanted to say in this call, but not all of that.”
Trump has paused many of his bold tariff plans, but the points about Selmballest’s self-censorship still reverberate on Wall Street. They raise questions that are becoming more relevant by the week. How can you be open about the administration when that policy is widespread?Market turmoil? Even this week, billionaire Trump supporters worry about his tariffsThey made their criticism a padWith praise.
“Michael has covered the administration’s policy goals, opportunities and risks,” a representative for JP Morgan said in a statement. Cembalest, chairman of the market and investment strategy for the bank’s assets and asset management division, declined to comment. BothReportAnd his videotalkIt is located on the bank’s website.
“Expected Submission”
Cembalest did not specifically refer to Trump in his final remarks in his presentation. But they were created against an unmistakable background. The administration targets large law firms, universities and the media that believe they are hostile to its ideals and objectives. In doing so, it overturned long-standing norms, focusing on the relationship between the US government and those institutions.
Nadine Strossen, president of the American Civil Liberties Union from 1991 to 2008, warned of the “predicted submission” environment.
“If we don’t have the opportunity to discuss and discuss accurate information and policies, we can’t have a democratic form of government,” she said. She said these questions are not inherent to Trump and would also apply to the Biden administration’s approach with scientists in the Covid-19 pandemic.
“Every administration is trying to use all the tools it needs to drive the agenda,” says Strossen.
Trump’s team is “trying to eliminate federal waste, fraud and abuse, including law firms and universities that violate federal law,” a White House spokesperson said in a statement.
Corporate abolishment
Large corporations and trade groups appear particularly cautious in ranking their administration. At the Association of Retail Industry Leaders – target Corp. and Home Depot Inc. – Legal CounselEfforts have been suspendedEven if the group decides it is likely to succeed in the merits in order to file a lawsuit against the administration over tariffs.
Major law firms Paul Weiss, Skaden Earp and Wilkie Far agreed to provide tens of millions of dollars.Pro bono workThey shunned Trump’s enforcement actions targeting their industry, following administration priorities.
Banks are also being vetted. March, Trump Organization – currently run by the president’s sons, Eric Trump and Donald Trump Jr. Capital One Financial Regarding Corp.’s claim“Banking”The Washington riots follow January 6, 2021. President Trump has also followed Bank of America Corp. CEO Brian Moynihan inSurprise broadsideAt the World Economic Forum held in Davos earlier this year.
That is, comments by bank employees in public forums were used to adhere to guardrails created by compliance departments, public relations teams, or managers, but are closely monitored.
Mike Mayo, a well-known bank analyst Wells Fargo &Co. has a personal view of what you face when you’re too open.
Mayo added that he had not seen the Cembalest report, “I paid the price several times.” “There’s always a risk of repulsion, whether it comes from individuals, businesses or government.”
On Wall Street, Cembalest is a widely followed senior analyst and is known for his group refusing to invest in funds related to Bernie Madoff as he was unable to reverse how the financial operators made money. Mary Eldos, a leading companion in JPMorgan’s billionaire whispers, he is not embarrassed by the controversial take.
This story was originally introduced Fortune.com