Treasury Secretary Jamie Dimon? Not Likely

In what could be the most premature rumor of the day, the New York Post is reporting that JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon is being considered as a replacement for Treasury Secretary Timothy Geithner as Geithner's support on Capitol Hill wanes.

The Post reported, "sources tell The Post that a number of policy makers have begun mentioning Dimon as a successor to Geithner, whose standing in Washington has suffered because of the country's high unemployment rate, the weakness of the dollar, the slow pace of the recovery and the government's mounting deficit."

The fact is that Dimon is not on his way in as Treasury Secretary, simply because Timothy Geithner is not on his way out. The calls for his Geithner resignation from pompous, clueless congressmen are ridiculous. Geithner may not be the best man for the job, but he has his head wrapped around the current situation and needs to finish his job for the sake of confidence in the system. In two years maybe a replacement could be considered. Not now.

Also, why would a left-leaning congress replace a Wall Street insider with another more entrenched Wall Street insider?

In addition, why would Dimon want this job? He is sitting on top of Wall Street/Main Street now, a place he longed to be when he left as Sandy Weill's right hand man at Citigroup years ago. Why would he leave this to subject himself to grillings on Capitol Hill from congressman that haven't a clue of what is going on?

So while the "Dimon for Treasury Secretary" talk may be fun Wall Street banter it is not going to happen anytime soon.

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