The consent decree aspect brings up another interesting thought.
If Dimon gets in early and puts up enough money to get the consent decree in place, he is in even more of a catbird seat to get a deal as he is the first in line before the GSE's are released.
It's going to be very difficult for a new administration to put that genie back in the bottle. A new administration will be facing a number of other issues that will be easier to overturn and more of a focus of concentration in the first 100 days.
And actually, with the GSE's then in charge and looking out for the interests of its shareholders, the stage would be perfectly set for higher priced capital raises going into a post-covid 2021 summer.
In that scenario.....which may be worst case with new administration.....I still dont see a need or interest to convert JPS to commons. Dimon wouldnt want his shares diluted early on, and he would know that future capital raises would be at much higher prices.