JPMorgan’s Jamie Dimon has buyers remorse says if he knew then what he knows now he wouldn’t of bailed out Bear Stearns
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said he did the U.S. a favor by buying Bear Stearns Cos. in 2008 and he might not go through with it again because of how much the deal ultimately cost.
“Would I have done Bear Stearns again knowing what I know today?” Dimon asked today in Washington. “It’s really close. Knowing what I know today, if they called me again to do something again like that, I couldn’t do it.”
The board of the New York-based bank probably would veto the idea because of all the financial obligations that followed, he said. “We’ve lost $5 to $10 billion on various things related to Bear Stearns,” Dimon, 56, told an audience at an event sponsored by the Council on Foreign Relations.
Eric Schneiderman, New York state’s attorney general, sued JPMorgan earlier this month, claiming that Bear Stearns businesses had deceived mortgage-bond investors about defective loans backing securities they bought. The result was “monumental losses” that haven’t been fully identified, he said.