Here's a good news story about jamie dimon, the ceo of JP MorganChase, who spoke at Duke Univ over their homecoming weekend, he was there to visit his daughters who attend Duke. In his speech, he discussed how he was told about buying Bear Stearns,turns out, he was in the Village eating dinner with his wife, cell phone went off, no reception, went outside, finally got the word, they had to raise $1 billion to buy it, plus Fed would cover $29 billion (potential future losses). that was the "bail out," a loan of up to $29 billion, turns out, they only needed $25 billion from Fed, and have ALREADY PAID IT BACK WITH INTEREST. This guy should be Treasury Sec at least, maybe next VP for Obama's 2nd term. he was humorous, intelligent, seemed like good dad, and was walking around at the football game like any dad. I like him. Good Wall Street guy. Coupled with the AIG save by the Fed, Jamie Dimon led the way to save our economy.
Other firms have filled the void, becoming even more prominent. One of them is JPMorgan Chase, whose chief executive, Jamie Dimon, has largely escaped the pitchforks aimed at his fellow Wall Street CEOs. Over the course of the financial crisis, JPMorgan Chase remained profitable, a pillar of relative stability in the midst of an earthquake. The bank absorbed the failed Bear Stearns and Washington Mutual, while accepting $25 billion in bailout money that it paid back with interest once the government allowed it to. Through it all, Dimon consulted frequently with officials in Washington, and news reports have even depicted him as President Barack Obama's favorite banker. A new biography of Dimon, Last Man Standing by Duff McDonald, describes Dimon as a diligent and trustworthy executive who has risen above the swill of Wall Street.
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