In a government that boasts of breaking with the establishment, Javier Milei has placed six former executives of JP Morgan, the financial colossus of Wall Street, in positions of power. This concentration of bankers in the Economy, the Central Bank and even the Foreign Ministry generates suspicions that key decisions respond more to the interests of the global elite than to the needs of a country in crisis, perpetuating a model that prioritizes the market over national sovereignty.
These profiles, trained in the mecca of finance, have migrated to strategic roles, fueling criticism for conflicts of interest, especially with foreign debt and adjustments that benefit foreign investors.
Luis “Toto” Caputocurrent Minister of Economy, began his career at JP Morgan as head of trading for Latin America between 1994 and 1998, managing bonds and stocks in the region. His time at the bank positioned him as an expert in emerging markets, but detractors accuse him of prioritizing Wall Street over the local economy, as seen in his previous management under Macri.
Jose Luis DazaSecretary of Economic Policy and Deputy Minister of Economy, was managing director and head of emerging markets research at JP Morgan from 1992 to 2000. Of Chilean origin but with Argentine ties, his experience in global analysis brought him to Caputo’s team, where he promotes liberal reforms that, for many, deepen inequality by favoring large capitals.
Santiago Bausilipresident of the Central Bank of the Argentine Republic, worked for eleven years at JP Morgan, from 1996 to 2007, as vice president of capital markets and derivatives for Argentina, Chile and Peru. His role in the BCRA has been controversial, with deregulation policies that critics link directly to his formation at the bank, questioning the country’s monetary independence.
Pablo Quirnoappointed chancellor on October 23, 2025, replacing Gerardo Werthein, has more than three decades in finance, including his position as director for Latin America at JP Morgan from New York. Caputo’s right-hand man, his promotion to Foreign Affairs raises alarm: an economist at the head of diplomacy could align foreign policy with market agendas, as hinted at in his career in regional mergers and acquisitions.
Vladimir Werningvice president of the BCRA, was executive director and chief economist for Latin America at JP Morgan from 1996 to 2016. His expertise in sovereign research makes him a pillar of the team, but his pro-market vision has been criticized for ignoring social impacts, such as in debt analysis that favors international lenders.
Finally, Demián Reidelpresident of Nucleoeléctrica Argentina since April 2025 and former head of the Presidential Advisory Cabinet, went through JP Morgan in the beginning, focusing on emerging markets before Goldman Sachs. A physicist and economist, his role in nuclear energy and advice to Milei raises doubts about whether his financial background prioritizes private investments over public security.
This “JP Morgan network” is no coincidence: events such as the bank’s CEO’s visit to Buenos Aires in 2025 reinforce the perception of a revolving door between global finance and local power. Critics argue that it compromises Argentine autonomy, favoring a model that aggravates the crisis for the majority while enriching a few.
