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At a Crain's New York forum this morning, JPMorgan Chase CEO Jamie Dimon told the audience that his bank had made $100 billion in loans since getting bailed out: "He immediately added, however, that banks have tightened credit because the recession has chilled demand for new loans. He also said banks are wary because of the huge losses they still face, reminding the audience that J.P. Morgan expects to lose $10 billion next year just from dud credit card loans." Dimon thinks the Fed should regulate all parts of the financial system and also defended bonuses to executives, pointing out many of his execs were given bonuses in JPMorgan stock, whose value has plummeted. Wonder what he thought of Paul Krugman's Bailouts for Bunglers column in the Times yesterday.
JPMorgan CEO: Banks Are Lending
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"100 billion in loans". For what? Credit cards? Payday loans at 350% interest? $100 billion is nothing in a $12 trillion economy that needs nearly $100 billion a week in credit activity to maintain any semblance of normality. It's time to nationalize the damn banks and open the fucking vaults.
Just who are they giving loans to?
Are they refinancing existing mortgages?
They also have to realize that the bonus days are over and will be for a long time.
I think they should get their bonuses in stock. They worked hard for it, they deserve it. One stock I would prefer them to get is Pan Am, or maybe TWA. Or if they prefer automotive stock perhaps Packard or Studebaker would serve them fine.
Chase had no problem doubling my credit limits during the last 2 months, so I don't really doubt what he is claiming. I think its absurd that we are criticizing banks for being more selective in loans given that BAD loans were the main reason we got into this mess. I'd like to see the credit histories, FICO scores, and asset valuations of all these people who claim they are being denied loans.....
Maybe you'd also like to see the Standard and Poor's ratings of all the bundled subprime mortgages that these same banks bought and sold by the hundreds of billions. Half the junk that got written off still retains a 'AAA' rating.
Bought and sold because the government promised to buy their bad loans.
To add to the anecdote, Chase recently approved me for an auto loan.
What exactly do these CEOs do again? I mean the people who keep the banks running are all in the trenches not in the penthouse. CEOs don't trade; CEOs don't crunch numbers; CEOs don't keep their networks secure; CEOs don't work 12+ hr days; and obviously CEOs didn't have their eyes open while driving for the past 5 years. Yet they feel they deserve $10,000,000+ annual bonuses.