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"There are huge benefits to size," says Jamie Dimon (JPM), trying to wrap up in a ball and toss...

"There are huge benefits to size," says Jamie Dimon (JPM), trying to wrap up in a ball and toss out arguments to break up the TBTFs. "We bank CAT in 40 countries. We can do a $20B bridge loan overnight ... invest billions in ATMs and apps ... (the benefits) accrue to the customer. That's what capitalism is."
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Comments (21)
  • pigeonguy
    , contributor
    Comments (111) | Send Message
     
    My recollection is JPM and Diamond did not want the bail out money. Paulson said you are taking it and that is it.
    13 Aug 2012, 09:36 AM Reply Like
  • Clayton Rulli
    , contributor
    Comments (2623) | Send Message
     
    The benefits accrue to his paycheck
    13 Aug 2012, 09:38 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    Dimon's credibility is on the line and all he can say is we're too big to fail? #FAIL
    13 Aug 2012, 09:41 AM Reply Like
  • Briar
    , contributor
    Comments (1336) | Send Message
     
    Dana, you obviously have only been listening to what you want hear and not to Jamie Dimon. He has repeatedly said he is against TBTF, that banks should be allowed to fail. He has backed this up with what he calls a fortress balance sheet. This FBS made JPM the go-to rescuer when the Fed needed someone to take over Bear Stearns and later WaMu. As another commenter noted, JPM did not need nor want TARP money but was forced to take it (for the good of the country, that is, taxpayers. Further all of TARP, except for the auto money, has been paid back AT A PROFIT TO TAXPAYERS! Even the Bear debts the Fed took over have been sold at a profit, again, at a profit to taxpayers.

     

    If you want to direct your wrath usefully, direct it at your elected members of congress who not only aided and abetted Freddie and Fannie but still have not been willing to fix the mess, which has caused you far more money than the targets of your mis-directed rant.
    13 Aug 2012, 10:10 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    Yes, I will always obey my Galtian overlords. (Not) Ever wonder why Fannie and Freddie did all that? Because the industry told them to. Congress doesn't act in defiance of business, and only ideologues think differently.
    13 Aug 2012, 11:47 AM Reply Like
  • anonymous#12
    , contributor
    Comments (552) | Send Message
     
    Dana, let's give our Galtian Overlords another big tax cut, while our structures decay....that worked last time.....

     

    Those who want bigger banks, or believe that somehow it helps our economy are just delusional. These guys are always crying about "free markets". But why do they took a bailout? If banks were saved why the abididing citizens can't get one bailout?
    13 Aug 2012, 01:30 PM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    I don't understand how a TBTF bank is the free market in action. Looks more like an oligopoly to me. I think it would have looked that way to John Sherman as well. You know, William Tecumseh's brother? Author of the Sherman AntiTrust Act?
    13 Aug 2012, 06:07 PM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    The point of too-big-to-fail is that, despite all the financial marvels the bank can produce when the going is good, if the country can't afford to have it bite the dust Lehman-style without touching off a ruinous panic and a depression, then the bank is too big and should be broken up. The 20 Billion bridge loan will just have to be a 10 billion bridge loan and done with another bank in 36 hours rather than 24.
    13 Aug 2012, 09:47 AM Reply Like
  • frosty
    , contributor
    Comments (697) | Send Message
     
    Capitalism is also about the biggest land grab in history through foreclosures. Capitalism doesn't always have positive rewards.
    13 Aug 2012, 09:53 AM Reply Like
  • marketnews09
    , contributor
    Comments (97) | Send Message
     
    You must know by now, that the banks are under attack. They have been for a few years and will continue to be under attack as long as we have this current administration. It was Fann and Feddie that caused the housing problems.
    I guess the attach will stop when the banks are socialized like the rest of the industries that are on their way to gov't regulation. Regulation will come to the point where businesses can't move until the gov't tell them to.
    There's not one senator that can hold a candle to Jamie Dimon.
    Also, It's been said, that Sen. Reed is the richest senator in the senate. The richest, being a millionaire. What's his salary?
    13 Aug 2012, 10:03 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    The poor banks.

     

    They are worth half of book value for a reason, and that reason has nothing to do with the President, the Congress, or Fannie Mae.

     

    There is no an economic case for breaking up JPM. I thought Dimon believed in economic cases, not political power. Well, does he?
    13 Aug 2012, 11:49 AM Reply Like
  • marketnews09
    , contributor
    Comments (97) | Send Message
     
    There's not much to tell. Just an average guy who is seeing the constitution dismantled.
    13 Aug 2012, 10:04 AM Reply Like
  • freemarketcap
    , contributor
    Comment (1) | Send Message
     
    To the dissenters: what kind of credentials do you have to legitimize your statements regarding whether or not JPM should be broken up? Any direct manipulation of free market would set back potential growth and innovation many years. We can't risk stunting growth.
    13 Aug 2012, 10:18 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    Mr. freemarketcap: I have an advanced degree from the Madoff School of Finance and I once had a savings account in a bank--so there!
    13 Aug 2012, 10:45 AM Reply Like
  • anonymous#12
    , contributor
    Comments (552) | Send Message
     
    Wall Street banks are rotten by the attraction of short term profits at the expense of the productive sector. Without excess of production, Wall Street wouldn't exist. If they could sell their mothers for a profit they would do it.
    13 Aug 2012, 10:52 AM Reply Like
  • Venerability
    , contributor
    Comments (3048) | Send Message
     
    There are huge benefits to size: How else could we bat Paper Silver Shorts around like volleyballs among our various overt and hidden entities?
    13 Aug 2012, 11:37 AM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    The fact that folks like Marketnews09 and Freemarketcap are getting so much pushback on an investors' board is fascinating. And instructive. Or would be if people like Jamie Dimon actually listened to the market, as opposed to their own egos and will-to-power.

     

    When y'all storm the castle with pitchforks, I'm bringing the popcorn. (At $1/bag I'll make a fortune!)
    13 Aug 2012, 11:51 AM Reply Like
  • surfnspy
    , contributor
    Comments (415) | Send Message
     
    Banks don't kill people. People kill people.
    13 Aug 2012, 12:30 PM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    Bankers are people, my friend.
    13 Aug 2012, 12:31 PM Reply Like
  • surfnspy
    , contributor
    Comments (415) | Send Message
     
    I know, I was just being silly :-)
    13 Aug 2012, 01:43 PM Reply Like
  • Dana Blankenhorn
    , contributor
    Comments (6014) | Send Message
     
    Likewise :-]
    13 Aug 2012, 06:08 PM Reply Like
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