Jamie Dimon was never one to sugar coat things, even when it came to pointing out his own mistakes.Dimon, the CEO of JP Morgan was on NBC’s Meet The Press with David Gregory this morning (in a pre-taped interview) to come clean about the shocking $2 billion trading loss announced on Thursday.
During the bank’s earnings conference call in April, Dimon had dismissed concerns over the trading activities in the Chief Investment Office as a “tempest in a teapot.”
Here’s some of what Dimon told Gregory regarding that regrettable statement:
I was dead wrong when I said that. I obviously didn’t know, ’cause I never would have said that. And one of the reasons we came public was because we wanted to say, “You know what? We told you something that was completely wrong a mere four weeks ago.’
So we’ve had audit, legal, risk, compliance, some of our best people looking over that. We know we were sloppy. We know we were stupid. We know there was bad judgment. We don’t know if any of that’s true yet. And of course regulators should look at something like this.
Absolutely. This is a very unfortunate and inopportune time to have had this kind of mistake, yeah.
Otherwise, there wasn’t much more news. We’ll continue to follow this story closely as details emerge.
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