JPMorgan's Dimon Regrets Taking TARP Money (NYSE:JPM)
Submitted by WSN_Staff on Thu, 04/01/2010 - 09:45.
CEO of JPMorgan Chase & Co. (NYSE:JPM), Jamie Dimon, says he regrets taking money from the Troubled Asset Relief Program ($25B) and for using the FDIC’s guarantee program to issue $40 billion in unsecured debt during the height of the financial crisis.
“We didn’t need it. …It just added to the argument that all banks had been bailed out and fueled the anger directed toward banks.”
Dimon explained JPM repaid the $25B TARP money and stopped using the FDIC’s program to avoid the stigma that JPM received for using these resources. He also denounced the “demonization” of big banks by politicians saying, “We have to stop slipping into a cacophony of finger-pointing and blame.”
Check out the video clip from Bloomberg's Erik Schatzker:
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