Dimon Positive On The Economy And J.P. Morgan (JPM)
Today, JPMorgan Chase's (NYSE: JPM) Jamie Dimon spoke to the US Chamber in Washington D.C. about the current economic malaise and he did note that he's optimistic about the future of his company, and more importantly, the U.S. economy.
Dimon strongly believes in the government's bold actions to stabilize the financial sector. He said, "I hesitate to think what would happen had they not done it." But, Dimon did say that again that J.P. Morgan did not need the money the government gave his company under the TARP program. He specifically said, "We believed then as we believe now that accepting the money was the right thing to do for the U.S. financial system." Dimon also said, "We did not expect all of the other restrictions in TARP to get added in."
Mr. Dimon did may it clear that he's against the idea of bank nationalization. What a surprise..."I don't think any bank should be nationalized. It doesn't work. It's a mistake. Some need aid and help, but they should stay as private as possible."
Later, Dimon told CNBC that J.P. Morgan was profitable in both January and February.
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