JPMorgan (JPM) Boss Tells U.S. to Leave Them Alone on Bear Stearns, They Did Them a Favor
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Speaking in front of the Council on Foreign Relations, JPMorgan (NYSE: JPM) CEO, Jamie Dimon, said the bank did the government a favor by buying Bear Stearns in 2008. Last week the bank was hit with a civil suit related to charges Bear Stearns deceived investors. This is a charge Dimon views as unfair.
According to testimony, he told a senior regulator at the time of the deal, "Please take into consideration when you want to come after us down the road for something that Bear Stearns did, that JPMorgan was asked to do this by the federal government.”
He also said the JPMorgan lost up to $10 billion on the deal as a result of various write downs and expenses.
According to testimony, he told a senior regulator at the time of the deal, "Please take into consideration when you want to come after us down the road for something that Bear Stearns did, that JPMorgan was asked to do this by the federal government.”
He also said the JPMorgan lost up to $10 billion on the deal as a result of various write downs and expenses.
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