Photo: Bloomberg TV
Jamie Dimon is speaking at the South Florida Economic Summit right now and Bloomberg TV is airing his talk.The JP Morgan CEO hasn’t said anything super surprising —he got to the “widest, deepest, most liquid capital markets” quote and also reiterated his bank’s commitment to Europe — but he did say something in passing that piqued Business Insider’s interest.
It was about a “secret money room” JP Morgan. Here’s what he said:
“We have a great room, I forget the name of it, it’s a money room, at an undisclosed location. It’s in Florida, but it moves, every day, $2-5 trillion around the world. JP Morgan moves a lot of money for corporations and individuals and that room which I took my Board of Directors to, is just very impressive.”
Much of the speech is about what banks do to help companies and individuals, and so his point is that JPMorgan provides a lot of money to a lot of folks every day. He argued out that big banks are the only ones that have the power to bank countries around the world.
“I agree with people who say banks shouldn’t be too big to fail,” he said. “It should be bankruptcy and the damn bank board should be fired..tax payers should never have to 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 clawbacks of comp.”
Dimon also reiterated his concern for the state of education in the United States (especially among minorities and the poor), energy, and immigration.
All that said: If Dimon wants to give another tour of the money room, Business Insider would be happy to join. Thanks.