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Bankster Dimon Rewriting History at Davos: "We didn't need bailout"

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rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 07:20 AM
Original message
Bankster Dimon Rewriting History at Davos: "We didn't need bailout"
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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Indydem Donating Member (866 posts) Send PM | Profile | Ignore Thu Jan-27-11 07:32 AM
Response to Original message
1. He is telling the truth.
Bush forced Chase and Wells Fargo (among others) to take Tarp to create the appearance that all banks were in trouble, to avoid a run on those banks who really did need it.
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rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 10:25 AM
Response to Reply #1
2. But they put the money to good use...
According to Bob Evans of Information Week, the JP Morgan Chase deal with India stems from JP Morgan Chases acquisition of Bear Stearns and Washington Mutual, which JP Morgan Chase used government bailout funds to acquire:

JP Morgan Chase is reportedly planning to increase its use of Indian outsourcers by 25% to handle the IT integration of Washington Mutual and Bear Stearns and other projects. The moves are expected to cut overall IT costs for JPMC even as it raises its volume of Indian outsourcing business to a reported $400 million.

JP Morgan will use Indian outsourcers to integrate IT systems from its recent Washington Mutual and Bear Stearns acquisitions, pushing its 2009 Indian outsourcing contracts to almost $400 million, according to a news report out of Bangalore.

http://deathby1000papercuts.com/2009/03/jp-morgan-chase-25-billion-bailout-recipient-to-spend-400-million-to-outsource-thousands-of-jobs-to-india-page-2/

For this alone they should be tarred and feathered.
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