“Socialism inevitably produces stagnation, corruption and often worse,' Jamie Dimon said, defending capitalism in his annual letter.
J.P. Morgan Chase CEO Jamie Dimon released his annual must-read letter to shareholders on Thursday, bashed socialism, defended stock buybacks and talked about some potentially dangerous days ahead.
Dimon in his annual letter, which is required reading every year for Warren Buffett and others on Wall Street, acknowledges there are flaws with capitalism and that it should be combined with a strong social safety net. A Democratic faction led by presidential candidate Sen. Bernie Sanders and echoed by freshman upstarts including New York Rep. Alexandria Ocasio-Cortez — both of whom identify as democratic socialists — have called into question the fundamental pillars of the U.S. system and have advocated new program that echo socialist ideals.
The letter featured both a look to the future and the challenges ahead, as well as a look back at the financial crisis and what lessons have been learned.
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