NEW YORK, Oct 17 (Reuters) - The chief of JPMorgan Chase & Co Inc (JPM.N), which is helping create a roughly $100 billion fund to bail out risky, illiquid investments, said there may be some of these investment vehicles that will not be helped.
JPMorgan Chief Executive Jamie Dimon said on Wednesday the so-called super fund for structured investment vehicles, or SIVs, won’t help every SIV equally. Dimon made his remarks on a conference call.
“No one ever said every SIV is going to be helped,” Dimon said.
There is more than $400 billion invested in SIVs, which use short-term debt such as commercial paper to buy assets with longer maturities, including risky subprime loans. Some SIVs invested in lower quality assets than their peers.
“There may be some SIVs that it’s not going to help, and that’s life in the fast lane,” Dimon said. (Reporting by Tim McLaughlin, editing by Gerald E. McCormick)