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The Jamie Dimon piece in today’s Washington Post is a must-read. Dimon, head of behemoth JPMorgan Chase makes the best case for not breaking up large too-big-to-fail financial institutions. His idea: set up a robust resolution process and let reckless lenders fail regardless of size.
Now, back in September, I attended a meeting at the Clinton [...]
Jamie Dimon's tag archives
Jamie Dimon makes the best case for not breaking up banks
Nov
Quote of the day: “Jamie is always hanging around the hoop”
Oct
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In a 9-page Vanity Fair article “Wall Street’s Near-Death Experience,”giving us a sneak peek into the lives of bankers during the global meltdown last Autumn a hilarious quote of great significance was buried.
At issue was the near-death experience that Lehman’s demise caused for Morgan Stanley and Goldman Sachs. After receiving a mysterious call from JPMorgan [...]
The failure to address the looming too-big-to-fail issue
Oct
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Last week I was at the Clinton Global Initiative Annual Meeting to listen to their ideas on how to solve some of the world’s most pressing problems like poverty and education. I may have more to say about this topic in a later post, but I wanted to first address the too-big-to-fail issue which became [...]
Jamie Dimon: ‘we don’t need’ your money
Apr
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On the back of a decent quarter at JPMorgan Chase, CEO Jamie Dimon has signalled his desire to repay government money as quickly as possible and remove the strings attached to that money. Dimon has often said that JPMorgan Chase did not need the TARP bailout money it has received and only accepted because it [...]
Jamie Dimon on the economy
Dec
It’s interesting to hear a chief executive of a major Wall Street firm speak openly and on the record about the economy. So, it’s refreshing to watch this video and see Jamie Dimon’s take on a number of economic issues ncluding house prices and infrastructure spending.
A few days ago, I showed you a video from a long session he did with Erin Burnett of CNBC. This is another segment of that session. On the whole, he sounds very reasonable. Take a look.
Jamie Dimon on the Economy
Jamie Dimon: November was terrible, December is terrible
Dec
Jamie Dimon tells it like it is. When asked by CNBC’s Erin Burnett’s how business is going, Dimon replied “terrible.” Here’s how Reuters describes his comments: “November itself has been a terrible trading month … (and) December so far is pretty terrible,” Jamie Dimon told CNBC. “It will be a tough quarter.” Dimon said he was referring to the trading, loans and mortgage segments of the largest U.S. bank.
JPMorgan Chase: Large exposure to real economy downturn
Nov
The financial services sector has been the hardest hit sector in the credit crisis so far. Banks with large exposures to mortgage-backed securities like Citigroup, UBS and Merrill Lynch have suffered the most. This is largely because the crisis has been in asset prices — chiefly home prices. However, as credit has become severely restricted, the credit crisis has become a global recession and that means the real economy will be impacted. This spells trouble for JPMorgan Chase.
Jamie Dimon: “If You Are Not Fearful, You Are Crazy”
Oct
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I love Jamie Dimon, JPMorgan Chase’s CEO. He really tells it like it is. At last quarter’s earnings call, he called a spade a spade and said “prime looks terrible” in reference to prime mortgage loans.
This quarter his quote is even more to the point:
“If You Are Not Fearful, You Are Crazy.”
-Deal Book
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- “Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets. We can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? And how do we factor that assessment into monetary policy? We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs, and price stability. Indeed, the sharp stock market break of 1987 had few negative consequences for the economy. But we should not underestimate or become complacent about the complexity of the interactions of asset markets and the economy. Thus, evaluating shifts in balance sheets generally, and in asset prices particularly, must be an integral part of the development of monetary policy.”
-- Alan Greenspan, American Enterprise Institute, Dec. 1996 Federal Reserve
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