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07-08-2008, 07:47 PM #1
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JPMorgan Chief: Investment Banks Not Too Big to Fail
JPMorgan Chief: Investment Banks Not Too Big to Fail
Tuesday, July 8, 2008 2:13 PM
WASHINGTON -- JPMorgan Chase Chief Executive Jamie Dimon Tuesday said investment banks are not too big to fail, and said the U.S. regulatory response to the credit crisis was appropriate.
Dimon, speaking to a mortgage lending forum sponsored by the Federal Deposit Insurance Corp in Washington, also said that simply because some problems in the credit markets have been resolved does not mean they can not get worse.
He said an accounting rule known as FAS 157 mark-to-market makes bank mergers and acquisitions difficult.
In March, the Federal Reserve assisted a takeover of failing investment bank Bear Stearns by JPMorgan, guaranteeing a $29 billion loan facility.
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