JPMorgan Chase’s notoriously outspoken CEO, Jamie Dimon, gave a keynote at the South Florida Economic Summit in Miami this afternoon.
Covering a gamut of topics from the economy to regulations, Dimon absolutely crushed it with his speech and Q&A session.
Instead of getting all fired up, he had everyone laughing at his one liners he peppered throughout his talk. It was kind of a stand-up speech.
We’ve included some of the best liners:
On the mistakes the bank makes: “I know we make mistakes. In fact, we will always make mistakes. You may read about the big ones in the press. I assure you there are plenty of others I could describe also if you want me to go through, but I’m not because there’s press in the room. [laughter]
On the main threat for U.S. economy: “What do I see as a main threat for a comprehensive recovery? Honestly it’s us. I mean it’s us. Someone once said, ‘America is safest when Congress is out of session.’ But in this particular case we need congress to do good policy… I think it’s us. I think we’re making it difficult for America to grow.”
On American productivity: “I hear all the time about productivity has caused joblessness. That statement is so misguided. Productivity, which is basically capital investment and intellectual growth over time, is what created this great nation of ours. If it weren’t for productivity and capital investment you all would be living in tents and eating buffalo.”
On ‘too big to fail’: “I agree with people when they say banks shouldn’t be ‘too big to fail.’ I agree with you. We shouldn’t call it a resolution. When we say we’re going to resolve banks they make it sound like we’re going to resolve you and you’ll be OK at the end of it. It should be bankruptcy and the damn bank board should be fired and the management should be fired. Tax payers should never pay and you should believe it. I want to call it ‘bankruptcy for big dumb banks.’ There should be some form of Old Testament justice including clawback comp. A lot of the people walked away and they made a lot of money and the virtually brought this country to its knees.”