The capitulation nears completion.

From the New York Times:

Jamie Dimon, the head of JPMorgan Chase, will hold a meeting of his board here in the nation’s capital for the first time on Monday, with a special guest expected: the White House chief of staff, Rahm Emanuel.

Mr. Emanuel’s appearance would underscore the pull of Mr. Dimon, who amid the disgrace of his industry has emerged as President Obama’s favorite banker, and in turn, the envy of his Wall Street rivals. It also reflects a good return on what Mr. Dimon has labeled his company’s “seventh line of business” — government relations.

Though I suspected it is unintended, this is one of  the finest articles I’ve seen that describes the business of big business in this day and age. For a very sage comment on this turn of affairs let me refer you to Clusterstock.