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Product Description
Review
"It is easy to read and brings together events in the financial markets over the past 40 years that are helpful to review and reflect upon" (Seeking Alpha)
"Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon′s career" (CEO Middle East, April 2009)
"…anyone who reads Ms. Crisafulli’s fiduciary love letter will take away some valuable lessons in running a bank—or, for that matter, a business." (The Wall Street Journal, April 10, 2009)
"Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon′s career" (CEO Middle East, April 2009)
Product Description
A behind–the–scenes look at Wall Street′s top banker
Following the eleventh–hour rescue of Bear Stearns by JP Morgan, Jamie Dimon′s profile reached stratospheric levels. And while the deals and decisions he′s made have usually turned out to be the right ones, his journey to the top of the financial world has been anything but easy.
Now, in The House of Dimon, former business journalist Patricia Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon′s career, from his rise to prominence as Sandy Weill′s protŽgŽ at Citigroup to the drama surrounding his purchase of Bear Stearns and Washington Mutual. Each step of the way, this engaging book provides insider accounts of how Dimon successfully acquired and integrated companies, created efficiencies, and grew bottom–line results as the consummate hands–on manager.
- Includes interviews with Dimon himself, Sandy Weill, and colleagues who′ve known Dimon over the course of his career
- Shows how Dimon′s management style and talent for taking calculated risks have allowed him to excel where many others have failed
- Places Dimon in the context of contemporary Wall Street, an environment that has destroyed several top CEOs
During one of the most difficult and tumultuous periods in Wall Street history, Jamie Dimon has survived and thrived. The House of Dimon reveals how he′s done it and explores what lies ahead for Dimon, as he attempts to grow JPMorgan in the face of the unrelenting pressures of Wall Street.
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Customer Reviews
Most Helpful Customer Reviews
7 of 7 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
There are a number of reasons why I didn't enjoy reading this book. I am sure Jamie Dimon is a very talented and clever man but this book doesn't really tell us why.
Firstly it is very repetitive. The author seems to think that by telling us numerous times that Jamie Dimon was fired by his long time boss Sandy Weill when he was at Citigroup reinforces the message but it is just annoying. There are many other instances of repetition over certain messages, i.e. the purchase of Bear Stearns over a weekend.
The author is very keen to remind us of who is being quoted so sometimes we are told that someone's job titles or where they worked with Jamie with a gap of just 6 pages. This starts to get very irritating as it's the same people being quoted time after time. The book has an index so if you can't remember who someone is you can just look back to the page where they first appeared.
It is not very balanced. The only people who have contributed have either worked for him for a long time, or alongside him. There are a number of quotes from people who continue to sit on the same boards as Jamie, so these are very very unlikely to say anything controversial. There are no quotes or comments from Jamie's peer group competition. The authors web site (which obviously hasn't been updated since the book has obviously now been published) says the book will feature "interviews with JPMorgan Chase CEO Jamie Dimon, former Citigroup Chair Sandy Weill, and many more prominent Wall Street executives and insiders." Well it obviously wasn't a long interview with Sandy as he is just quoted 2-3 times. Whilst Jamie seems to be a very talented man, it is hard to know just how good he is when there is nothing even slightly bad written about him. The author does quote him when he admits to making mistakes but these seem to be few and far between. The book is so one sided that it would not surprise me if Jamie paid the author to write it, but the way she describes him as being so brilliant and flawless he would have had no reason to do this!
It is a very short book (less than 220 pages of actual content) and whilst that's not necessarily a bad thing if the content is focussed but with the repetition of some of the events and peoples job or titles it doesn't feel like there is actually much content. Much is made of what a brilliant job Jamie made of turning round Bank One, where he worked after leaving Citigroup. There is some description of how he starts the job but there is a period of 2-3 years before Bank One is taken over by JP Morgan which is covered in the space of 1-2 pages most of which is the financial data.
2 of the reviews on the back of the book are by people who have contributed significantly to the book, who are long time friends and colleagues of Jamie, so the chances of them saying anything but glowing praise are fairly limited!
I am not sure how well researched the book was. It suggests that the reason why JP Morgan increased it offer for Bear Stearns from $2 to $10 was simply to keep the shareholders happy but another book I read on the demise of Bear Stearns House of Cards: How Wall Street's Gamblers Broke Capitalism: The Fall of Bear Stearns and the Collapse of the Global Market suggests that the reason was there were problems in the wording of the guarantee agreement.
If you are looking for an interesting, well researched, easy to read, balanced book about a leading Wall Street figure then I don't think this will be for you. If you are looking for a short, repetitive book that is a one sided fawning view from a sycophant, look no further.
Firstly it is very repetitive. The author seems to think that by telling us numerous times that Jamie Dimon was fired by his long time boss Sandy Weill when he was at Citigroup reinforces the message but it is just annoying. There are many other instances of repetition over certain messages, i.e. the purchase of Bear Stearns over a weekend.
The author is very keen to remind us of who is being quoted so sometimes we are told that someone's job titles or where they worked with Jamie with a gap of just 6 pages. This starts to get very irritating as it's the same people being quoted time after time. The book has an index so if you can't remember who someone is you can just look back to the page where they first appeared.
It is not very balanced. The only people who have contributed have either worked for him for a long time, or alongside him. There are a number of quotes from people who continue to sit on the same boards as Jamie, so these are very very unlikely to say anything controversial. There are no quotes or comments from Jamie's peer group competition. The authors web site (which obviously hasn't been updated since the book has obviously now been published) says the book will feature "interviews with JPMorgan Chase CEO Jamie Dimon, former Citigroup Chair Sandy Weill, and many more prominent Wall Street executives and insiders." Well it obviously wasn't a long interview with Sandy as he is just quoted 2-3 times. Whilst Jamie seems to be a very talented man, it is hard to know just how good he is when there is nothing even slightly bad written about him. The author does quote him when he admits to making mistakes but these seem to be few and far between. The book is so one sided that it would not surprise me if Jamie paid the author to write it, but the way she describes him as being so brilliant and flawless he would have had no reason to do this!
It is a very short book (less than 220 pages of actual content) and whilst that's not necessarily a bad thing if the content is focussed but with the repetition of some of the events and peoples job or titles it doesn't feel like there is actually much content. Much is made of what a brilliant job Jamie made of turning round Bank One, where he worked after leaving Citigroup. There is some description of how he starts the job but there is a period of 2-3 years before Bank One is taken over by JP Morgan which is covered in the space of 1-2 pages most of which is the financial data.
2 of the reviews on the back of the book are by people who have contributed significantly to the book, who are long time friends and colleagues of Jamie, so the chances of them saying anything but glowing praise are fairly limited!
I am not sure how well researched the book was. It suggests that the reason why JP Morgan increased it offer for Bear Stearns from $2 to $10 was simply to keep the shareholders happy but another book I read on the demise of Bear Stearns House of Cards: How Wall Street's Gamblers Broke Capitalism: The Fall of Bear Stearns and the Collapse of the Global Market suggests that the reason was there were problems in the wording of the guarantee agreement.
If you are looking for an interesting, well researched, easy to read, balanced book about a leading Wall Street figure then I don't think this will be for you. If you are looking for a short, repetitive book that is a one sided fawning view from a sycophant, look no further.
1 of 1 people found the following review helpful
Format:Hardcover
Poorly written review of non-insightful information about Jamie Dimon.
Nearly all of the information comes from public information (either JPM or Bank One annual reports, Dimon's appearances in business schools almost a decade ago, etc).
It's surprising that it was written by an accomplished journalist. And unfortunate not to be better give the amazing figure Jamie Dimon is.
Nearly all of the information comes from public information (either JPM or Bank One annual reports, Dimon's appearances in business schools almost a decade ago, etc).
It's surprising that it was written by an accomplished journalist. And unfortunate not to be better give the amazing figure Jamie Dimon is.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
39 reviews
4 of 5 people found the following review helpful
Good Guy Gets To The Top
12 July 2009
Format:Hardcover|Amazon Verified Purchase
I enjoyed this book but I rated it a four. I thought the author rambled a bit towards the end and lost my attention. They kept saying basically the same things over and over. There are a few key concepts that Jamie has used to be successful in his career and his leadership at some of the top financial institutions in America. Jamie is a top notch leader and I would recommend that you read this book, if you want to be a better leader or a top executive.
8 of 11 people found the following review helpful
The House of Dimon
22 May 2009
Format:Hardcover
The author has presented to the reader an opportunity to successfully look into the life and character of Jamie Dimon and determine for ones self those actions that are helpful in today's management style.
She clearly and eloquently presents a story in a way that you can step into the shoes of Jamie Dimon and understand how choices had to be made.
It was a pleasure to read from beginning to end.
She clearly and eloquently presents a story in a way that you can step into the shoes of Jamie Dimon and understand how choices had to be made.
It was a pleasure to read from beginning to end.
10 of 14 people found the following review helpful
Sophomoric!
17 April 2009
Format:Hardcover
I would greatly value material that provided insight into Dimon's big-picture thinking and methods (eg. focus for cost-cutting). "The House of Dimon" consists of an ant's level perspective on Dimon's travels. Readers hoping for insight on key strategies and methodology will find none here. What little detail there is on J. P. Morgan thinking under Dimon is so vague as to be useless. Similarly, his turnaround accomplishments at Bank One are also covered so vaguely as to be useless. (Eg. He consolidated 40-some IT systems that were confusing and redundant - an important achievement that is often botched. Absolutely no detail provided on how this was done.)
Much more useful is Dimon's 2008 Report to Shareholders. The following are excerpts: We didn't write option ARMs (adjustable rate mortgages) because we did not think they were a consumer-friendly product. We deliberately avoided the structured collateralized debt obligation (CDO) business because we believed the associated risks were too high. We still follow the financial commandment: do not borrow short to invest long. Perhaps the largest regulatory failure of all time was the inadequate regulation of Fannie Mae and Freddie Mac - they became larger than the Federal Reserve and dramatically increased their leverage. Too many regulators - with overlapping responsibilities and inadequate authorities were ill-equipped to handle the crisis (eg. no resolution process for the failure of large investment banks, large, global financial companies, or large sellers of CDS (eg. AIG). Our $3 trillion trade deficit over 8 years was largely placed into government securities, keeping interest rates too low. We closed down our broker-originated business - losses there are 2-3X that of our own-generated business. We cut back substantially on subprime loans early in the crisis (2006).
Much more useful is Dimon's 2008 Report to Shareholders. The following are excerpts: We didn't write option ARMs (adjustable rate mortgages) because we did not think they were a consumer-friendly product. We deliberately avoided the structured collateralized debt obligation (CDO) business because we believed the associated risks were too high. We still follow the financial commandment: do not borrow short to invest long. Perhaps the largest regulatory failure of all time was the inadequate regulation of Fannie Mae and Freddie Mac - they became larger than the Federal Reserve and dramatically increased their leverage. Too many regulators - with overlapping responsibilities and inadequate authorities were ill-equipped to handle the crisis (eg. no resolution process for the failure of large investment banks, large, global financial companies, or large sellers of CDS (eg. AIG). Our $3 trillion trade deficit over 8 years was largely placed into government securities, keeping interest rates too low. We closed down our broker-originated business - losses there are 2-3X that of our own-generated business. We cut back substantially on subprime loans early in the crisis (2006).
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