mercredi 11 mars 2015
Jamie Dimon Opens Up About His Cancer Battle: “You Wonder: How Could It Possibly Be Me?”
Posted on 09:07 by nice news
Jamie Dimon, the 58-year-old chairman and C.E.O. of JPMorgan Chase, remembers well the various pieces of the crisis that seemed to climax with the collapses of Lehman Brothers, A.I.G., Wachovia, and Citigroup, then nearly of Morgan Stanley and Goldman Sachs. “There were some breathless moments, like ‘Oh my God, the whole American system is in trouble,’ ” he says in his office high above Park Avenue. “It is important to remember industrial production was dropping 10 percent. People were talking about major layoffs. The market was down.” He believed the government should do everything in its power to stop the hemorrhaging. “I also didn't think that they had an easy answer,” he continues, “but I remember saying to Hank [Paulson] and Tim [Geithner] several times, ‘Just come out punching. Try one thing. Try another thing. It eventually will work because eventually you will win.’ The Federal Reserve is that powerful. They could buy every asset in the world if they had to. They were very courageous and their actions stemmed the tide.”
He says that the critics of TARP and other bailout schemes that benefited Wall Street proclaim “a million different ways it could have been better” and that even Geithner complains about “collateral beneficiaries” of the bailouts—“the people who were saved that shouldn't have been saved or made money that shouldn't have made money”—but Dimon believes these critics fail to see the bigger picture. The decision to rescue A.I.G. and other companies “helped save the system,” he says, and he is unapologetic about how important it was for collateral payments to be made to A.I.G.'s counter-parties, such as Goldman, which got $12.9 billion, and Société Générale, the big French bank, which got $11.9 b
He says that the critics of TARP and other bailout schemes that benefited Wall Street proclaim “a million different ways it could have been better” and that even Geithner complains about “collateral beneficiaries” of the bailouts—“the people who were saved that shouldn't have been saved or made money that shouldn't have made money”—but Dimon believes these critics fail to see the bigger picture. The decision to rescue A.I.G. and other companies “helped save the system,” he says, and he is unapologetic about how important it was for collateral payments to be made to A.I.G.'s counter-parties, such as Goldman, which got $12.9 billion, and Société Générale, the big French bank, which got $11.9 b
Jamie Dimon Opens Up About His Cancer Battle: “You Wonder: How Could It Possibly Be Me?”
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