Thursday, May 17, 2012

Fr. Seamus Finn, OMI questioned the CEO of JP Morgan Chase on Tuesday during their Annual Meeting in Naples, Florida. He raised concerns about the recently announced $2billion trading loss, as well as Jamie Dimon’s strong opposition to the Volcker rule. Finally, Fr. Fin sought clarity and transparency around the firm’s lobbying against needed financial reform set forth by the Dodd-Frank legislation.

Two noteworthy news items may be found below from the BBC and the New York Times.

Shareholder Priest Challenges Jamie Dimon

Two separate shareholders are suing, and at the annual shareholder meeting in Tampa last Tuesday, a lot of the pushback came from one outspoken shareholder who is also a priest: Father Seamus Finn, who has been an activist shareholder for years.

To listen to the recording, visit: http://www.thetakeaway.org/people/seamus-finn/

Dancing With Derivatives

In addition, Fr. Finn was quoted today by Maureen Dowd in her NY Times column:

“The Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate, did gently press the boss: “We’re wondering, Mr. Dimon, given what we’ve learned, do you still believe a company can self-regulate when trading on their own accounts?” He added: “Furthermore, should our company really be spending shareholder funds on, some $7 million last year alone, on lobbying efforts to thwart the Dodd-Frank legislation and the work of regulators to write the rules stemming from that legislation?”

The priest concluded that the shareholders, “weary of mistakes” and pledges to reform, wonder if Dimon is listening”.

Fr. Finn was also quoted in The Guardian, on CNBC.com, The Telegraph, Crain’s New York Business, and the timesfreepress.com