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States don’t need to take loans from JP Morgan
Jamie Dimon, the CEO of JPMorgan Chase, made headlines this week for an interview at the Council on Foreign Relations in which he said that buying Bear Stearns in March, 2008 was a “favor” to the Federal Reserve, and that JPMorgan had lost money on the deal. But there was another part of his interview where he talked about lending to states that caught my attention:
DIMON: OK, so — (laughs) — this company, JP Morgan and Chase — (inaudible) — went through ’06, ’07, ’08, ’09, 2010, 2011, 2012, never lost money in a quarter, didn’t need TARP and was there for a lot of people when others weren’t. California, New Jersey, Illinois, hospitals, schools, businesses.
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