The Rise of the New Moneycrats: How Jamie Dimon Embodies a Shift in Chicago's Banking Community

Strategic Insights -

The arrival of Jamie Dimon as the CEO of Bank One Corp. marks a significant shift in Chicago's banking community, characterized by his aggressive style and lack of hometown connections. Dimon's background and politics represent the emergence of the New Moneycrats, a group of wealthy financiers who have traditionally aligned themselves with the Democratic Party. This phenomenon, documented in Daniel Gross's book "Bull Run: Wall Street, the Democrats and the New Politics of Personal Finance," highlights a significant change in the traditionally Republican-aligned Wall Street community.

Key Takeaways:

  • The New Moneycrats, a group of wealthy financiers, have shifted their allegiance from the Republican Party to the Democratic Party, attracted by the Clinton administration's fiscal policies tailored to Wall Street.
  • Members of the New Moneycrats include Michael Bloomberg, James Cramer, Alan Patricof, Thomas Lee, Steven Rattner, Jon Corzine, and Robert Rubin, all of whom share a common background, including Ivy League education and Manhattan residency.
  • Jamie Dimon, the new CEO of Bank One Corp., is a 44-year-old Cornell University graduate and a member of the New Moneycrat club, having given over $167,000 in soft money donations to Democratic committees and candidates.
  • Dimon's activism, including a $8,000 donation to Senator Charles Schumer and a fundraiser in 1997, was potentially self-destructive given his company's interests before Sen. Alphonse D'Amato's committee.
  • Dimon's move to Chicago may take him out of the New Moneycrat loop, but as CEO of the nation's fifth-largest bank, he remains a prominent figure in the group.

Statistics:

  • The New Moneycrats, including Dimon, have donated at least $167,000 in soft money to Democratic committees and candidates.
  • Dimon and his wife, Judith, made over $45,000 in donations to individual Democratic candidates for federal office.
  • The Dimons held a fundraiser for Senator Charles Schumer in 1997, raising $8,000.

Sources:

  • Daniel Gross's book "Bull Run: Wall Street, the Democrats and the New Politics of Personal Finance" (no publication date provided)
  • New York Congressman Charles Schumer's campaign contributions (1995-1998)
  • Sen. Alphonse D'Amato's Senate Banking Committee role
  • Jamie Dimon's Bio and career details (no specific source provided)
  • "Bull Run: Wall Street, the Democrats and the New Politics of Personal Finance" is available in bookstores and online.