Is JPMorgan's (JPM) Jamie Dimon A Good Liar?
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JPMorgan Chase's (NYSE: JPM) CEO Jamie Dimon is clearly a smart guy, but he may also be a smart liar. On CNBC, and other media, Dimon said that the accusations against the banks that they aren't making loans are unfounded. Dimon said they lent out $100 billion in new credit in the fourth quarter.
Dimon is giving the impression to the market that JPMorgan hasn't slowed down lending. How can this be? It just doesn't make sense.
JPMorgan is now technically three companies combined: JP Morgan Chase, Bear Stearns and Washington Mutual. Granted Bear and WaMu were saved by JP Morgan, but they are still part of JP Morgan now. There is no way in hell that JP Morgan is lending out as much today, as all three of these firms independently were lending out a year ago. NO WAY!
In fact, due to the WaMu acquisition, average total deposits at JPMorgan grew 63% to $339.8 billion, including $126.3 billion attributable to WaMu, yet mortgage loan originations were $28.1 billion, down 30% from the prior year and down 25% from the prior quarter. With that much more in deposits, mortgage loans should be up not down. In addition, mortgage loans are the main problem with the balance sheets of the banks, you would think in an act of 'self-preservation' they would be lending like crazy.
You're not slowing down lending Mr. Dimon? - B.S.
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Governement Monopoly in U.S.
Jamie and Shiela made a deal and let WaMu down at the price of millions of private investors. If this happens in China, people will line up to protest.We blame Chinese goverment for this and that. They certainly does not dare to take over one and give to another one free. This is called socialism, not capitalims. Furthermore Chase was allowed to cherry pick the good from the bad. Even a robbery has no choice inside a house. He has to pick all, not just take the 24 k and drop the dirty laundry.
I don't think so
I don't know whether this article suggests that a good liar is what it takes to avoid the 'not lending' or 'not lending enough' accusations. Unlike many other business men, Jamie is known for his straight talk. He doesn't need any unethical way to explain why he doesn't lend enough or slowed the lending all according to some political agenda's expectations and standards. I'm here to tell, Jamie has been very straight forward to the shareholders & to the general public. May the public and media give credit for that!
Dimon
Your little "article" is both juvenile and uninformed. Jamie Dimon did not say that that lending wasn't slowing down he said that JP Morgan CONTINUES TO LEND. It is unfortunate that they let ignoramuses write at will on matters they have little or no knowledge about. If the banking and financial industry as a whole continued to lend like they did last year and preceeding years we would all be in the same predicament four years from now that we are finally climbing out of presently. Go back and finish high school dimwit.
Absolutely Dimon is a liar
Chase is raising interest rates on credit cards to outrageous levels. We have a business account with them and out rate is being doubled from 7.99% to 14.99%. I contacted Chase about this and was told that they're doing this across the board to "discourage customers from maintaining large balances" - in other words, to discourage borrowing/reduce lending. Furthermore, our rates are looking pretty good. Chase is raising the rate on the AARP (American Association of Retired People) cards from 14.99% to 29.99%! Small businesses and consumers rely on credit card for spending because we can't get other forms of credit. Doubling the interest rate will at best cause a small business to cut spending, and at worst force a retired person on a fixed income into bankruptcy. Way to go Chase and Dimon!
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Impartiality?
PlaneSpeak on Aug 14, 2009 07:33 PMWhat happened to the days when journalists reported the news and did not try and make it, or for that matter make it up? You ramble on about Chase this and Dimon that, without commenting on the fact that every financial institution raised the interest rates. So apparently, in your opinion, if you get to the top of the financial world, you must have cheated, lied, distorted the facts. Sound familiar to you? It should, this is what you article is based on, not facts, but the idiotic rantings of a moron who could not put together a fair and balanced story with a scale and an ink pen. Bravo for shooting the rest of the well-versed journalists in the foot! Great job!