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Bankster Dimon Rewriting History at Davos: "We didn't need bailout" [View All]

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rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 07:20 AM
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Bankster Dimon Rewriting History at Davos: "We didn't need bailout"
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Jan. 27, 2011, 5:27 a.m. EST

Dimon: Dont lump all banks together
Not all banks would have failed without bailout, he says

By William L. Watts, MarketWatch
DAVOS, Switzerland (MarketWatch) Its not fair to lump all banks together when parceling out blame for the financial crisis, J.P. Morgan Chase & Co. Chief Executive James Dimon said Thursday.

In a panel discussion on the ability of the financial system to withstand future shocks at the World Economic Forums annual meeting, Dimon said the widespread notion that all banks would have failed had governments not provided massive bailouts and backstops was incorrect.

Not all banks needed TARP . Not all banks would have failed, Dimon said.


Some banks, he said, acted to help stabilize the financial system, through actions such as J.P. Morgans (NYSE:JPM) purchase of Bear Stearns.

The constant refrain of bankers, bankers, is unfair, he said.

--more whining at link--
http://www.marketwatch.com/story/story/print?guid=CAA6DECC-29F5-11E0-A215-00212804637C

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