Being Accountable

Jamie Dimon discussed what it means to be accountable in his commencement address at Syracuse University

Jamie Dimon delivered the commencement address to an audience of more than 17,000 people at Syracuse University in upstate New York.

In his remarks, Dimon focused on accountability-and began by discussing the protests that followed when he was named the commencement speaker.

Dimon actually called one of the students leading that protest.

"I heard her concerns about me, about our nation's banking system and about capitalism itself-some I thought were legitimate, others I disagreed with," Dimon said.

"But whether I agreed with her or not, I say, 'Good for her,'" said Dimon, who admired the protestor for speaking up.

"In fact, it is completely appropriate to hold me accountable for those things that I am responsible for," Dimon continued. "We all should be held accountable."

Being accountable takes courage
It "takes courage" to be accountable, Dimon told the students, more than 5,000 of whom were receiving diplomas.

"Throughout my life and throughout this crisis of the past few years, I have seen people embarrass themselves by failing to stand up, being mealy-mouthed and acting like lemmings by simply going along with the pack.

"But I also saw plenty of people under enormous pressure who consistently did the right thing."

As the newly minted graduates leave the university and venture into a new world, they "will face a lot of pressure. Pressure to go along to get along... to toe the line... to look the other way when you see things you know aren't right... and pressure to do things simply because everybody else is doing them."

Never give in to that pressure, Dimon advised.

"Have the fortitude to do the right thing, not the easy thing," Dimon said. "Don't be somebody's lapdog or sycophant. Have the courage to speak the truth even when it is hard, even when it is unpopular.

"And have the courage to put yourself on the line, to strive for something meaningful-and even to risk what could be an embarrassing failure."

Accountability takes knowledge
While having the ability to speak up is important, it isn't sufficient, Dimon said. If students have the guts to take a principled stand, "then have the brains to base it on facts and analysis and critical thinking.

"In some cases, it's immediately clear what the right thing to do is, but in many other situations, it is much more complex.

"There is a temptation to come up with simple and binary answers-especially when they couldn't possibly apply. We should remember what Einstein once said, 'Be as simple as possible, but no simpler.'

"Acquiring knowledge must be a life-long pursuit. It will lead to wisdom and judgment, and it should never end. You learn by reading-read everything, all the time-and by talking to and watching other people. And you especially learn by listening to the arguments on the other side.

"It's your job to constantly learn and develop informed opinions as you move forward in your lives. There are some very thoughtful people out there, and reading their views and analysis will help educate you.

"If you think you are a socialist, read Milton Friedman, the famous capitalist. If you think you are a capitalist, read Karl Marx. If you think you are a Republican, listen to the Democrats, and vice versa. Look for the kernels of truth in what they have to say. Don't reject it all out of hand-and be willing to change your mind.

"Don't fall into the trap of being rigid and simplistic. It's OK for all of us, at times, to blame and to be dissatisfied with others and to hold them responsible, but it's not OK to oversimplify and paint everyone with the same brush. It should not be acceptable to denigrate entire groups-not all companies, not all CEOs, not all politicians, not all media, and not all students.

"Among these groups, there are some terrific people, and among these groups there are some terrible people. To categorically and indiscriminately judge them is simply another form of prejudice and ignorance. It is not fair, it is not just; it is simply wrong.

Being honest with yourself
"If you want to be a winner, then compare yourself to the best, and acknowledge that it will never happen without hard work," Dimon continued.

"As Abe Lincoln used to say, 'Good things may come to those who wait, but only those things left by those who hustle.'

"If you want to be a leader, then act like a leader. If you want to be respected and trusted, then demonstrate you deserve it by earning it every day.

"If you want to be known as honest, then not telling lies is not sufficient. Don't even shave the truth. And make sure your friends and colleagues will always bring you back to earth when you-like we all do at times-are deceiving yourself."

Capacity to overcome failure
"Throughout your lives, you are going to have to face tough times and failure, both personally and professionally," Dimon told the graduates. "How you deal with failure may be the most important thing in whether you succeed."

Over the past couple of years, a lot of attention has been paid to the mistakes made by those who helped bring on the financial crisis.

"The first step to dealing with mistakes is to actually acknowledge them," Dimon said. "And it is true that many in this crisis denied any responsibility."

But Dimon also saw many behave very differently.

"At the darkest moments, when it seemed like the whole system was unraveling, I saw men and women in my company, at other companies and in government who took action in extraordinary ways. They didn't whine or complain, and when they got knocked down, they got up and did something about it.

"They worked for days, for weeks on end without much sleep, sacrificing time with their friends and families, all so that the crisis could be contained-all the while knowing that they could actually fail at what they were trying to do.

"They weren't driving themselves so hard just for the money, or to score points with the boss-they understood that the well-being of millions of people depended on getting the situation under control. They didn't lose their nerve when things seemed bleak; they showed the fortitude that is necessary to handle a tough situation and to deal with life's inevitable setbacks."

A healthy amount of humility-and humanity
We all stand on the shoulders of those who came before us and paved the way, Dimon said.

"Never fool yourself into thinking that your success is just your own," he warned. Instead, grads' success is the result of their parents and family and many others who helped shape and support them along the way.

"In fact, this wonderful country whose bounties we benefit from was built by so many people who made endless sacrifices, often the ultimate sacrifice, before most of us were even born. It is important to respect what they have done and to be grateful for it."

Accountability also means respecting others who are less advantaged.

"Throughout your lives, you will meet people who may not be as smart, talented and skilled as you," Dimon observed. "They may not have had all of the benefits that you have had, but many are doing the best they can possibly do-and they take great pride in doing their part well."

Being accountable means "treating them all with the respect they deserve, whether it's a CEO or a clerk," Dimon said. "It requires a grace and generosity of spirit-and it requires giving back. To me, that is humanity's highest form of accountability. Our survival and success depends on it."

Opportunities and obligations
In conclusion, Dimon said everyone present at the ceremony was truly blessed.

"We are very lucky to live in this country and to have the opportunities we have been given. But that brings obligations, too.

"As you go about your life, remember your country. And regardless of what you do and what you achieve in life, try to leave everything and everyone that you touch a bit better than they were," Dimon said.

"Be true to yourself and your values. Be resilient. Be honest. Be humble. And never stop holding yourself and others accountable.

"And you will not only have the kind of life you wish for and deserve-you will also do your part to make this country and the world a better place for the generations yet to come."

Related Links:

• Full Remarks