“Please take into consideration when you want to come after us down the road for something that Bear Stearns did, that J.P. Morgan was asked to do this by the federal government.” Those were the words of J.P. Morgan CEO Jamie Dimon, at the time of his bank’s 2008 acquisition of ailing Bear Stearns.
Subsequent to doing what it didn’t want to do, J.P. Morgan suffered an Obama administration that suddenly felt it had the right to dictate how the bank operated and compensated its employees, not to mention the lawsuits faced by JPM for the actions of Bear Stearns that predated its acquisition by JPM. Stop and think about what JPM needlessly endured, and consider it when contemplating what’s being said about large national banks today.
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