Photo: C-SPAN Screengrab
JPMorgan Chase’s outspoken CEO Jamie Dimon spoke at the Council on Foreign Relations today. The topics of the talk included the U.S. economy, the fiscal cliff, bank regulations, the eurozone crisis and the London Whale.
Here’s a rundown of some of the points he made:
- He said if Simpson-Bowles had been adopted a year ago the U.S. economy would be booming.
- America has the way but not the will. Europe has the opposite. Either way, we’ll have fiscal discipline. [via @CNBC]
- The U.S. didn’t get banking reform right with Dodd-Frank. He said of course banks made mistakes and bad banks should be punished. It said it would have been better to have a conversation to improve the system. He added that he thinks some of the rules are going to be terrible for small banks.
- As for the London Whale trading loss, Dimon said it was a “stupid error” and he “should have caught it.”
- He said JPMorgan will stay in Italy and Spain and they will be long term investors. “We made a decision. We’re going to stay in Italy and Spain. We know the risks we’re doing right now.”
- Speaking of Spain and Italy, he told the board that JPMorgan could lose $5 billion if things go bad in Europe.
- JPMorgan did the U.S. government “a favour” by taking over Bear Stearns in 2008 during the height of the financial crisis. It would be “real close” if he were faced with the decision of taking over Bear Stearns again.
- He claims that JPMorgan has lost $5-10 billion in litigation and write-downs related to Bear Stearns.
- He said he’s not worried about JPMorgan, but he is worried about the U.S.
Sounds like he’s almost back to his old self again.