JPMorgan Chase chief: banking system healthy 10 years after meltdown
Sep 17, 2018 07:30 AM GMT+0530 | 0 Comment(s)
AFP - JPMorgan Chase CEO Jamie Dimon said Sunday the US banking system has returned to full health 10 years after the collapse of Lehman Brothers plunged the world into the worst financial crisis since the Great Depression.
Dimon, who traded barbs earlier in the week with Donald Trump, gave the US president "pretty good" marks for his handling of the US economy, noting that business and consumer confidence "skyrocketed" after his election.
"The banking system is very, very, very healthy. And regulators should actually take a little bit of a victory lap because Lehman would not happen today," he said on ABC's "This Week."
"There will be a recession one day, but it won't be the banking system. It'll probably be something else," he said.
Lehman Brothers, a venerable Wall Street investment bank, filed for bankruptcy September 15, 2008 amid a subprime mortgage crisis, setting off a broader market crash that imperiled the global financial system.
Dimon defended the federal bailouts of the big US banks at the height of the crisis.
But he said he understood why many believe it was unfair that the banks were protected while other Americans were left to suffer the consequences.
"And there's some truth to that. And they didn't see Old Testament justice. So I understand why there is a lot of anger out there," he said.