Jamie Dimon: Inequality is at root of declining trust in U.S. institutions

2 weeks ago 3

JPMorgan Chase & Co. JPM, -0.70% Chairman and CEO Jamie Dimon published his annual letter to shareholders on Wednesday and as usual offered a broad review of the state of the world after a year of a global pandemic, focusing on the role of a corporation, lessons on leadership, and U.S.'s public policy and the widening wealth gap. "Our nation is clearly under a lot of stress and strain from various events: the COVID-19 pandemic, of course, which has taken more American lives than the total lost in World War II, the Korean War and the Vietnam War combined, resulting in acute economic distress for millions more; the brutal murder of George Floyd and the racial unrest that followed; the divisive 2020 presidential election, culminating in the storming of the Capitol and the attempt to disrupt our democracy; and the seemingly inevitable, but nonetheless alarming and unnerving, rise of China, threatening America's global preeminence," Dimon wrote. America has "faced tough times before," he said, adding that the cited problems are fixable. But first the institutions that have lost the trust of the people -- government, schools, media and businesses -- must regain that trust and understand that the underlying problem is inequality. "The enormous wealth of our country is accruing to the very few," he said.

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