Buffett Makes Eyebrow-Raising Pick for Treasury Secretary

by Christopher Freeburn | November 28, 2012 10:29 am

[1]Billionaire investor Warren Buffett thinks President Obama should tap the head of JPMorgan Chase (NYSE:JPM[2]) to lead the Treasury Department[3].

The chairman of Berkshire Hathaway (NYSE:BRK.A[4], BRK.B[5]) said Jamie Dimon would be an excellent choice to direct fiscal policy in times of market turbulence during a Charlie Rose Show interview on Monday, CNNMoney noted.

In fact, Buffett lauded Dimon as “the best person” for Treasury Secretary.

Current Treasury head Timothy Geithner is expected to step down soon, having previously signaled that he wouldn’t remain on the job long after the election.

The JPMorgan CEO has often been cited in media speculation as a potential candidate to lead Treasury. However, Dimon has recently experienced turbulence of his own at JPMorgan, which revealed a $5.8 billion trading loss earlier this year[6]. Dimon has also publicly frowned on parts of the Dodd-Frank Act, which President Obama supported.

The “Oracle of Omaha” has been increasingly vocal about his political opinions. On Monday, he published an article in The New York Times calling for a mandatory minimum income tax on the wealthy as well as higher capital gains taxes[7].

Representatives of JPMorgan Chase and Dimon declined to comment to CNNMoney on Buffett’s statements.

  1. [Image]: https://investorplace.com/wp-content/uploads/2012/06/Dimon108.jpg
  2. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  3. to lead the Treasury Department: http://money.cnn.com/2012/11/27/news/economy/buffett-dimon-treasury-secretary/index.html
  4. BRK.A: http://studio-5.financialcontent.com/investplace/quote?Symbol=BRK.A
  5. BRK.B: http://studio-5.financialcontent.com/investplace/quote?Symbol=BRK.B
  6. trading loss earlier this year: https://investorplace.com/2012/06/jpmorgan-chase-trading-loss-may-hit-9b-shares-drop/
  7. mandatory minimum income tax on the wealthy as well as higher capital gains taxes: https://investorplace.com/2012/11/warren-buffett-calls-for-30-minimum-tax-on-the-wealthy/

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