Did Jamie Dimon Make A Thoughtful Gift — Or Did His Bank Just Turn The NYPD Into Rent-A-Cops?
enlarge What a lovely, thoughtful thing to do, to make such a public minded gift. Of course, the more cynical among us might suspect Jamie Dimon simply hired the NYPD as his company’s own special rent-a-cops. Via Odd Man Out: JPMorgan Chase recently donated an unprecedented $4.6 million to the New York City Police Foundation. The gift was the largest in the history of the foundation and will enable the New York City Police Department to strengthen security in the Big Apple. The money will pay for 1,000 new patrol car laptops, as well as security monitoring software in the NYPD’s main data center. New York City Police Commissioner Raymond Kelly sent CEO and Chairman Jamie Dimon a note expressing “profound gratitude” for the company’s donation. “These officers put their lives on the line every day to keep us safe,” Dimon said. “We’re incredibly proud to help them build this program and let them know how much we value their hard work.” From Naked Capitalism : Now readers can point out that this gift is bupkis relative to the budget of the police department, which is close to $4 billion. But looking at it on a mathematical basis likely misses the incentives at work. Dimon is one of the most powerful and connected corporate leaders in Gotham City. If he thinks the police donation was worthwhile, he might encourage other bank and big company CEOs to make large donations. And what sort of benefits might JPM get? It is unlikely that there would be anything as crass as an explicit quid pro quo. But it certainly is useful to be confident that the police are on your side, say if an executive or worse an entire desk is caught in a sex or drugs scandal. Recall that Charles Ferguson in Inside Job alleged that the use of hookers is pervasive on Wall Street (duh) and is invoiced to the banks. Or the police might be extra protective of your interests. Today, OccupyWallStreet decided to march across the Brooklyn Bridge (a proud New York tradition) to Chase Manhattan Plaza in Brooklyn. Reports in the media indicate that the police at first seemed to be encouraging the protestors not only to cross the bridge, but were walking in front of the crowd, seemingly escorting them across. The wee problem is that the police are in the street, and part of the crowd is also on the street (others are on a pedestrian walkway that is above street level). That puts them in violation of NYC rules that against interfering with traffic. Note the protesters were aware of the rules; they were careful to stay on the sidewalk on the way to the bridge. Over 700 of the marchers were arrested, and the media has a rather amusing “he said, she said” account, with OccupyWallStreet claiming entrapment and the cops batting their baby blues and trying to look innocent. Nothing as crass as an explicit quid pro quo! Just a little something to remind the cops that some people deserve more protection than others, and are likely to be very grateful for it. More here .
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Did Jamie Dimon Make A Thoughtful Gift — Or Did His Bank Just Turn The NYPD Into Rent-A-Cops?
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on October 3, 2011. Filed under