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JPMorgan Chase’s outspoken CEO Jamie Dimon is speaking at the Council on Foreign Relations today. During a question and answer session, Dimon was asked about the Bear Stearns acquisition during the height of the financial crisis.
Remember, this acquisition is now the source of a civil lawsuit over mortgage fraud.
“Let’s get his right,” he began, saying JPMorgan did the U.S. government “a favour” by taking over Bear Stearns.
Would he buy Bear again today?
“It’s real close,” he said.
What’s more is Dimon claimed that JPMorgan has lost $5+ billion in litigation, write downs etc. related to Bear Stearns.