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"I'm as tough as he is, I'm smarter than him," said Dimon at the time. "He could hit me the way he wants, it would not work with me, I would fight right away."
In the end, just like his New York compatriot and billionaire businessman Mike Bloomberg, Dimon decided he could not win in the current political climate. It is not clear if Dimon hired consultants or pollsters to determine his chances of winning. Dimon says "hardly a democrat". At this September event, he declared that he could not "beat the liberal party of the Democratic Party".
Thus, Dimon, who identifies himself as a "proud American" and a "total patriot", seeks to influence politics to the extent possible. As president of the largest US bank of assets and chairman of the Business Roundtable, he announced several important efforts to combat urban decline and improve the employment prospects of minorities and ex-inmates .
And showing what he held in his head in recent months, Dimon released Thursday a 51-page letter on ways to improve education, health care and other declining institutions. In this document, he encouraged Democrats and Republicans to understand their grievances and compromises for the good of the nation.
"If I were king for a day, I would still have a competitive corporate tax system and invest in infrastructure and education," he wrote. "I would not want to exchange these problems, I would find a way to pay them properly."
WATCH: Dimon defends capitalism in his annual letter
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