Jamie Dimon was supposed to appear on NBC‘s “Meet the Press” this weekend for a friendly chat about his firm’s Global Cities Initiative, a five-year economic growth project the bank is undertaking with the Brookings Institution. The JPMorgan Chase chief was also expected to touch on issues like the European debt crisis, new bank regulation and his firm’s position in the global economy.
Instead, Mr. Dimon will find himself on the firing line.
Mr. Dimon taped an interview with NBC’s David Gregory on Wednesday, the day before he revealed on a conference call that JPMorgan had sustained $2 billion in losses from a series of wrong-footed trades in the firm’s chief investment office. Mr. Dimon knew about the losses when he taped the interview, which was held in Ohio, but because of disclosure rules, he was unable to speak about them at the time.
Mr. Dimon arrived at an NBC studio at Rockefeller Center on Friday afternoon to retape his interview for the show in light of the losses, according to a person with knowledge of the situation who was not authorized to speak on the record.
Friday, May 11, 2012
Jamie Dimon Retapes 'Meet the Press' Appearance
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What's $2bil worth these days anyway? Didn't the banksters get over a TRILLION in overt bailouts, and according to prof. French something like $7.7tril overall (mostly on the hush-hush) since 2008 (http://mises.org/media/6836/How-to-Fix-the-Housing-Crisis)?
ReplyDeleteI for one will be very surprised if this turns out to be "only" 2-3 billion. I believe there is much more to this than meets the eye.
ReplyDeleteIt is also wonderful to see that JPM is following the Volcker Rule /sarc on.
I'm here on NBC to give my opinion. Look at my company's products and how great they are. We are optimistic about this and that. Oh, by the way, I couldn't say that our company is in crisis because of non-disclosure rules. I lie because it's the rules.
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