Tags: 2020 Elections | jamie dimon | elizabeth warren | wealth | rich | successful

Jamie Dimon: Elizabeth Warren 'Vilifies Successful People'

By    |   Tuesday, 05 November 2019 04:43 PM

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he thinks Massachusetts Sen. Elizabeth Warren’s constant quest to tax the wealthy “vilifies successful people.”

Warren “uses some pretty harsh words, you know, some would say vilifies successful people,” Dimon told CNBC.

“I don’t like vilifying anybody. I think we should applaud successful people,” Dimon said.

Dimon said that Warren’s proposed Accountable Capitalism Act would change “the complete nature of how you run a corporation.”

“I think we have to look at [how] America was founded on free enterprise; freedom and free enterprise are interchangeable,” Dimon said. “If people have very specific things that we should do different, than we should think about doing them different.”

Warren's platform has included several efforts aimed at Wall Street, including those that would reduce the freedoms of private-equity firms — and she has called for the return of the Glass-Steagall Act, which would break up huge banks.

She has also proposed an "ultra-millionaire" tax that would require households of $50 million to $1 billion to pay 2 percent of their wealth in taxes every year.

Dimon isn't alone in criticizing Warren on the topic.

Leon Cooperman called out Warren for ignoring the charitable and societal contributions made by America’s wealthiest entrepreneurs, escalating his war of words with the Democratic presidential candidate, Bloomberg reported.

“However much it resonates with your base, your vilification of the rich is misguided, ignoring, among other things, the sources of their wealth and the substantial contributions to society which they already, unprompted by you, make,” Cooperman, the son of an immigrant plumber, said in an open letter dated Oct. 30.

Cooperman, a former Goldman Sachs executive, has a net worth estimated at $3.2 billion, The New York Times reports.

The Warren-Cooperman rift began on Oct. 16, when the billionaire predicted to CNBC that stocks would fall 25% if she were elected.

The billionaire, who bootstrapped his way from the South Bronx to become one of the deans of the hedge fund industry, wrote the letter in a response to an Oct. 23 tweet by Warren that said he should “pitch in a bit more” so that others have a chance to succeed at the American dream.

Warren singled Cooperman out after the investor told Politico that while he believed in progressive taxation, he has fundamental disagreements with her approach. In his response, he details his philanthropic efforts and those of other billionaires, quotes Internal Revenue Service data on the higher tax burden of bigger earners, and cites experts who question the feasibility of Warren’s proposed wealth tax, her main means of raising money for the ambitious spending programs she supports.

He closes by asking Warren to “find common ground” rather than “firing off snarky tweets.”

Cooperman is not a prolific political donor, and he has mostly given to Republicans. In 2016, he supported the presidential campaigns of Jeb Bush and Marco Rubio. He also gave $1,000 to Hillary Clinton that January, but her campaign refunded the donation the following month, Federal Election Commission records show.

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Jamie Dimon: Elizabeth Warren ‘Vilifies Successful People’
jamie dimon, elizabeth warren, wealth, rich, successful
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2019-43-05
Tuesday, 05 November 2019 04:43 PM
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