JP Morgan’s Dimon: ‘I Understand The Frustration’
Published: May 12, 2012
JP Morgan’s Dimon: ‘I Understand The Frustration’, JP Morgan Chase CEO Jamie Dimon, suddenly in the spotlight over billions of dollars in trading losses, said he understands the frustration of protesters who blame Washington and Wall Street for the nation’s economic woes.
“I understand that frustration,” Dimon told NBC’s David Gregory in an interview taped for Sunday’s “Meet the Press. “I understand the frustration at inequity. We’ve become a little more inequitable, and I don’t think that’s a good long-term thing for society.”
The blunt-talking bank CEO has been widely admired for his ability to steer the nation’s largest bank through the worst financial industry meltdown since the Great Depression. But Dimon slipped off his pedestal this week when he disclosed that the bank had lost at least $2 billion over the past six weeks in what he called a “flawed” hedging strategy that could lead to even bigger losses as it unwinds over the coming months.
“These were egregious mistakes,” Dimon said in a hastily called conference call Thursday. “This is not how we want to run a business.”
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