Dimon says JPMorgan has lost up to $10 bln on Bear Stearns buy

WASHINGTON Wed Oct 10, 2012 1:35pm EDT

WASHINGTON Oct 10 (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.

"I'm going to say we've lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category," Dimon said, speaking at a Council on Foreign Relations event.

Dimon said the losses come from litigation and writedowns, among other expenses.

Last week, JPMorgan was hit with a fresh civil lawsuit from the New York attorney general, seeking to hold the bank accountable for allegations that Bear Stearns deceived investors buying mortgage-backed securities.

"Would I have done Bear Stearns again knowing what I know today? It's real close," Dimon said.

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Comments (1)
mick68 wrote:
Don’t listen to this lying SOB.

JPM bought Bear for two reasons: One was of course to clean the corpse of meat, the other was to stuff all of JPM’s dead bodies(deceptive mortgage backed securities)into Bear and then bury them with the body of Bear, laying the blame on Bear.

May you burn in hell Mr. Dimon, you have a very special place waiting for you down there, rest assured.

Oct 10, 2012 1:52pm EDT  --  Report as abuse
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