JP Morgan CEO Jamie Dimon slammed critics of Elon Musk’s Department of Government Efficiency amid the group’s aggressive audit of the federal government.
Several major Democratic leaders have spoken out against DOGE, accusing it of acting without proper authority in its mission to cut government waste. Musk this month dismissed those criticisms, arguing they only prove DOGE’s actions are effective.
Dimon also reacted to the backlash facing DOGE in an interview with CNBC, saying Musk’s work is much needed.
“The government is inefficient, not very competent, and needs a lot of work,” Dimon said Monday. “It’s not just waste and fraud, it’s outcomes. Why are we spending the money on these things? Are we getting what we deserve?
“I think doing that needs to be done.”
Dimon also accused federal bureaucrats of fighting to uphold an inefficient system and predicted more resistance to come.
“The bureaucracy pushes back at everything and they will here,” he said. “Every little thing they’ll push back on.
“I’m hoping it’s quite successful,” he added of DOGE.
Musk reacted to Dimon’s comments via X, writing “Thank you, Jamie Dimon!”
The comments come in the wake of Dimon’s feud with Musk after JP Morgan launched a lawsuit against Tesla in 2021. Musk countersued in 2023 before both parties dropped their complaints in November 2024.
Dimon said in January the two had since “hugged it out.”
DOGE last week estimated its actions have saved the federal government $55 billion. Rep. Jimmy Gomez, D-Calif., decried that informationon X, accusing Musk of a “blatant power grab.”
“Elon Musk has been after your personal financial info from day one,” Gomez wrote. “His actions are illegal and a blatant power grab. The GOP majority must join Democrats to stop Musk from stealing taxpayer information. If not, they’ll be to blame for any leak, abuse or theft.”
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