Did Jamie Dimon and J.P. Morgan Chase & Co. know something its banking competitors didn't during the go-go days before the financial meltdown? When it comes to J.P. Morgan's recent earnings numbers, it seems to appear that way. The New York-based bank recorded a fourth-quarter profit of $702 million while New York-based Citigroup Inc. posted its fifth-straight loss, and Wells Fargo & Co. announced a $2.5 billion loss on Tuesday. Within those positive numbers, J.P. Morgan tried to stay away from toxic mortgage assets, and although it wasn't completely immune, it was still able to acquire Bear Stearns Cos. and Washington Mutual
Inc. from the grips of death last year and register a profit.
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But when it comes to the pains many banks and the global economy are facing right now from the unleashing of liberal lending, Dimon knows who to point his finger at. "God knows, some really stupid things were done by American banks and by American investment banks," he told a panel at the
World Economic Forum in Davos, Switzerland. "To policy makers, I say where were they? They approved all these banks. We gave them the weapons of mass destruction to borrow too much. I don't blame them, I blame the CEOs of their own businesses." - Gerald Magpily
See Bloomberg.com article
See J.P. Morgan Chase earnings press release
