In 1982, armed with his Harvard MBA, Dimon hooked up with Sandy Weill, an old family friend, becoming his assistant at American Express. When Weill was forced out of his post as AmEx’s (AMX) president soon thereafter, Dimon followed him into exile, spending more than a year in a suite in Manhattan’s Seagram Building hatching plans to build a financial empire. During their long partnership, Weill was the strategist with the golden gut, Dimon the nuts-and-bolts operator who made the machine work. Citigroup was the culmination of their grand design. Yet Dimon grew increasingly frustrated at sharing power with other executives at Citi, and his natural combativeness got the best of him: He bickered with co-CEOs Weill and John Reed, among others, and in late 1998 found himself reliving the into-the-wilderness experience when Weill showed him the door.
The other reason companies don’t want to speak out on situations like Minneapolis is simple: the danger of retaliation from a president who has shown vengeance to those who criticize him or his actions.
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