Warren Buffett: JPMorgan’s Jamie Dimon Has a ‘Gun to His Head’

‘This country is a lot better off because Jamie Dimon has been running JPMorgan’

BUFFETT: “You have no ability, if you’re a financial institution, and you’re threatened with criminal prosecution, you have no ability to negotiate.  I mean, basically, it’s, it’s, you got to be like a wolf that bears its throat, you know, when it, when it gets to the end. But you, you cannot win. Because the, if you’ve got a criminal indictment as a financial institution, you’re probably licensed in 50 states and you’ve got…”
INTERVIEWER: “Mmhmm.”
BUFFETT: “It just, so you, you pay what’s asked. I mean, you have a gun to your head. And, and, uh…”
INTERVIEWER: “Do you feel that’s what Jamie has?”
BUFFETT: “Well I think $13 billion is a lot of money. And I think Jamie has done a very good job of running JP Morgan. I think he helped out the economy enormously by when he took on uh, Bear Stearns without and he didn’t get an indemnification clause. You know, looking back, he probably wishes she should. But there wasn’t even time for that sort of thing. He took on Wa-Mu. This country is a lot better off…”
INTERVIEWER: “Which you had said was the right thing to do.”
BUFFETT: “Yeah and this country is a lot better off because Jamie Dimon has been running JP Morgan.”

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