Dan Loeb Says Jamie Dimon's Being 'Used As A Pinata To Satisfy Some Kind Of Bloodlust'

Hedge fund manager Daniel Loeb, who's known for sending vitriolic letters to company CEOs, is defending JPMorgan's CEO Jamie Dimon, Andrew Ross Sorkin reports.

There have been a lot of demands lately from various people for Dimon to resign as CEO. JPMorgan just suffered its first quarterly loss under Dimon and it continues to face a mountain of legal costs.

From Andrew Ross Sorkin:

Daniel Loeb, the activist investor who has made a career out of targeting troubled companies and ousting their chief executives, also sided with Mr. Dimon. "In my experience, they are meticulously ethical, and nobody has a more rigorous compliance effort." He added, "It's a very large and complex company, and things will happen." But he said that Mr. Dimon was now "being used as a scapegoat and piñata to satisfy some kind of bloodlust."

What's more is it doesn't appear that Third Point is a shareholder in JPMorgan based on the fund's latest 13F quarterly filing with the SEC.