The main item of business before JP Morgan Chase’s annual shareholder meeting, which will convene today in Tampa, is whether JPM CEO Jamie Dimon will be stripped of his additional post as chairman of JPM’s board of directors. A range of institutional investors concerned about the over-concentration of power atop the nation’s most powerful institutions, and upset by the $6 billion loss JPM took last year at its London trading desk, won roughly 40 percent shareholder support last year to separate the two positions. This year, they hope to do better, even though the bank’s public-relations offensive on Dimon’s behalf has made the prospect of winning a majority more difficult.
Over the last week and a half of scandal-mongering, most people on the left have agreed on the basic contours of the story. Benghazi isn't a "scandal," because tragic as the killings there were, there's no evidence of malfeasance on the part of Obama administration—no crimes, no cover-up. (And no, interagency bickering over talking points does not constitute a cover-up). The IRS, on the other hand, is potentially scandalous, there having almost certainly been inappropriate behavior on the part of some of the agency's employees, but it doesn't seem to reach up to the White House. And the Justice Department's subpoenaing of phone logs from the Associated Press isn't a "scandal" as much as a disagreement over policy.
Over the weekend, the Obamas—both Barack and Michelle—gave commencement speeches to historically black colleges and universities. At Bowie State University in Maryland, the First Lady mixed praise and encouragement with the kind of moral scolding that is familiar to anyone who has spent time with a certain generation of African Americans:
Hillary Clinton campaigning in 2008. (Flickr/pennstatenews)
Breaking news: according to a report in today's Washington Post, Hillary Clinton's chances of winning the presidency in 2016 have increased by approximately a zillion percent, due to the fact that her former chief strategist Mark Penn, quite possibly the most incompetent and generally hackish consultant in U.S. political history, will not be working for her should she run again. Nor will any of her other senior advisers from 2008, which seems just as well.
And did you know there's a Hillary Clinton biopic in the works? Not sure how I missed this news (which appears not to be an April Fool's joke), but the New Republic got hold of the screenplay for "Rodham," and it sounds pretty awful. Anyhow, as we enter the long will-she-or-won't-she period, which should last for another year and a half or so, there's one thing we ought to get straight.
Over the weekend, the New York Timespublished a comprehensive, deeply-reported look at the Internal Revenue Scandal. Far from finding evidence of a White House aiming to undermine its opponents, the Times uncovered a much more banal story—that of an understaffed and under-resourced agency, straining to do its job in difficult circumstances. Here’s the Times with more:
Commonly referred to as "the DSM," the Diagnostic and Statistical Manual of Mental Disorders is often referred to as psychiatry's "Bible." If that's the case, imagine the outcry if an overzealous publisher merged the Gospels of Luke and Mark, and you have a pretty good idea of the controversy surrounding the release of the manual's fifth edition.
Something odd happened to Barack Obama's approval rating last week: nothing. With a bunch of controversies swirling about the administration, one might think Americans would be thinking less of his performance. Yet the latest polls from Gallup and CNN both show his job approval essentially unchanged, at just at or above 50 percent.
So far anyway, these "scandals" are, like most scandals, an almost completely partisan phenomenon. Yes, there are some—Watergate, Iran-Contra—where the facts are so damning and undeniable that even the president's own party can't help but acknowledge them. But Benghazi and the IRS are not Watergate or Iran-Contra. Perhaps they'll turn out to be, if we find out something completely shocking. Perhaps we'll discover that Barack Obama is on tape personally ordering the Cincinnati IRS office to put the screws to Tea Party groups, just as Richard Nixon was on tape ordering his aides to get the IRS to audit his political opponents. But that hasn't happened yet.
So conservatives are trying something new. If you were paying close attention the last couple of days, you saw them bringing up a new charge, one unrelated to the actual controversy: IRS income tax audits.
Tomorrow, Angelenos go to the polls to select a new mayor. Well, some Angelenos – actually, not a hell of a lot. Indeed, turnout is projected to be so low that the winner may actually get fewer votes than Fletcher Bowron did in winning the election of 1938, when Los Angeles was less than half as populous as it is today.
