Breaking: The Inevitable Jamie Dimon Rant About How Stress Test For JP Morgan is Unnecessary

Nov 22, 2011
J. Webster
Comments Off on Breaking: The Inevitable Jamie Dimon Rant About How Stress Test For JP Morgan is Unnecessary

CNBC alerts us to the Federal Reserve plans to stress test the six large U.S. banks against a hypothetical market shock, including a deterioration of the European debt crisis. Below is the inevitable Jamie Dimon quote on how JP Morgan doesn’t need to do a stress test and how he’s tried of being lumped together with all these other crummy banks:

“Why in the hell do we have to go through a stress test. JP Morgan is the best bank in the world. We don’t need to raise any capital. We are prepared for any kind of European crisis. I don’t know why we are put in the same class as other banks. This is absurd. However, I’m an American and as an American I’ll do exactly what the government tell us to do. We are making loans to people and helping companies create more jobs. That’s what strong banks do. If they force us to do a stress test we’ll do it. But we don’t need more money.”

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