Posted: 10/10/2012 1:35 pm
EDT Updated: 10/10/2012 2:58 pm EDT
WASHINGTON, Oct 10 (Reuters) – JPMorgan Chase & Co Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.
“I’m going to say we’ve lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category,” Dimon said, speaking at a Council on Foreign Relations event.
Dimon said the losses come from litigation and writedowns, among other expenses.
Last week, JPMorgan was hit with a fresh civil lawsuit from the New York attorney general, seeking to hold the bank accountable for allegations that Bear Stearns deceived investors buying mortgage-backed securities.
“Would I have done Bear Stearns again knowing what I know today? It’s real close,” Dimon said.
“Dimon said the losses come from litigation and writedowns, among other expenses”
Ah! Litigation is regarded as an “expense”! There’s an obvious way to cut down on this expense!!!
What? Are the rest of us supposed to cry? This is the International Banker who, together with his pal, Blythe Masters, rigged the world’s markets so that nobody made any money trading anything let alone investing. Now we’re supposed to prepare ourselves for “Too-Big-to-Fail” bailout number two? It ain’t gonna’ happen, Jamie. There’s no more money in the cookie jar.