The Billionaire Breakup: Trump, Dimon, and the 5 Billion Dollar Tantrum


Ah, romance. There is nothing quite as sweet, or as sickening, as the beginning of a love affair between power and money. Do you remember 2016? I certainly do, though I wish I could forget. It was a time of great confusion, but for the American elite, it was a time of frantic scrambling. Donald Trump had just shocked the world by winning the election. Half the country was crying in the streets, but the people who actually own the country—the CEOs, the bankers, the captains of industry—were doing something very different. They were running to catch the train.
It was a beautiful sight, in a dark, twisted sort of way. We saw the bosses of General Motors and Disney rushing to sign up for President Trump’s new “advisory council.” They wanted a seat at the table. They wanted to whisper in the ear of the new King. And right there in the front row was Jamie Dimon, the head of JP Morgan, the biggest bank in America. He is often called the “King of Wall Street,” a man who thinks he is the smartest person in any room he walks into. He joined the team. He thought, like so many others, that he could handle the chaos. He thought he could be the “adult in the room.”
Fast forward to today, and the honeymoon is definitely over. The divorce papers have been served, and they are expensive. We are looking at a five-billion-dollar lawsuit. That is five billion with a “B.” The President is suing the bank. The relationship has hit rock bottom, crashed through the floor, and is currently digging a hole to the center of the earth. It is a tragedy, but if you look closely, it is really a comedy. A very expensive, very stupid comedy.
Let us look at why this is so funny. In 2016, these business leaders told us they were joining Trump to “shape policy.” They used fancy words like “pro-growth” and “economic stability.” They pretended they were doing a public service. But we know the truth. They were there to make sure their taxes went down and their regulations disappeared. They looked at a populist firebrand and saw a business opportunity. Jamie Dimon, a man who prides himself on being rational and steady, tied his boat to a volcano. What did he expect would happen? Did he think the lava would listen to reason?
Now, the volcano has erupted. The lawsuit itself is almost boring in its legal details, but the meaning behind it is fascinating. It shows us that in the American system, loyalty is a one-way street. You can kiss the ring, you can join the council, you can smile for the cameras, but the moment you stop being useful, or the moment you bruise the ego of the leader, you are the enemy. The “King of Wall Street” found out that he is just another extra in the Donald Trump Reality Show. And in this show, everyone eventually gets fired.
There is a deep irony here. Trump ran as a businessman. He loves money. He loves banks. He loves the idea of being the ultimate dealmaker. You would think he and Dimon would be best friends forever. They both love power. They both love hearing their own voices. But that is exactly the problem. Two massive egos cannot share the same space. It is like putting two male lions in a small cage and throwing in a single steak. Eventually, there will be blood on the floor. In this case, the blood is made of legal fees and bad headlines.
For the rest of us—the normal people who do not have five billion dollars to fight with—this is all just noise. But it is important noise. It reveals that the people running the world have no real plan. There is no grand strategy. It is just personal grievances and petty fights, scaled up to a global level. When the President fights with the biggest banker, it creates instability. It makes the markets nervous. It makes the whole system look like a joke.
We are watching the breakdown of the “deal.” The deal was supposed to be simple: the politicians protect the money, and the money funds the politicians. But Trump broke the rules. He made it personal. He made it emotional. And Jamie Dimon, for all his sophistication and banking wisdom, walked right into the trap. He thought he was playing chess, but his opponent was playing wrestling.
So, as we watch this lawsuit unfold, do not feel sorry for the bank. JP Morgan will be fine. They have more money than God. Do not feel sorry for the politicians. They thrive on the conflict. Instead, just sit back and appreciate the absurdity of it all. The masters of the universe are fighting like children in a sandbox. They are throwing sand—and five-billion-dollar lawsuits—at each other while the rest of the world burns. It would be funny if we didn't have to live with the consequences.
This story is an interpreted work of social commentary based on real events. Source: The Guardian