Jamie Dimon has some new best friends, and they live in Washington, D.C.
Sure his J.P. Morgan got a raw deal from the Feds on the Chrysler bailout and had to swallow big losses along with other debt holders.
But now, according to the New York Post, Washington is awarding J.P. Morgan the mandate to do the merger between the financing arms of Chrysler and GM. It has also been tapped as a major player in the restructuring of the car giants.
The fees on those deals aren’t huge, maybe a bit more than $50 million, but it could be the beginning of something wonderful.
Sources told The Post “JPMorgan may be called upon to gobble up smaller regional and super regional banks teetering on the brink of failure — a move that plays right into Dimon’s push to expand JPMorgan into an even bigger national franchise.”