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Dimon says JPMorgan has lost up to $10 bln on Bear Stearns buy
October 10, 2012 / 5:35 PM / 5 years ago

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

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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