Obama aide declines JPMorgan board invitation

The second-largest U.S. bank is among the nation's healthiest major lenders and reported a 36 percent rise in quarterly profit last week.

The New York Times reported over the weekend that Emanuel, the president's top aide, had agreed to attend the meeting, which was to be held in Washington on Monday, pending a review by the White House counsel.

Emanuel is a longtime acquaintance of the bank’s chairman and chief executive, Jamie Dimon, who previously headed BankOne in Chicago.

Because of his relationship with Dimon, Emanuel agreed to consider JPMorgan’s invitation after the Treasury secretary, Timothy F. Geithner, declined out of concern that he would appear too cozy with a company that has numerous business and regulatory dealings with his department. 

Emanuel first sought advice from the White House counsel’s office about the propriety of meeting with the bank’s board. Emanuel said Sunday evening that the White House counsel held him to the same standard as Geithner when it came to avoiding what might be seen as a conflict of interest.