Looks like Jamie Dimon is no fan of Treasury Secretary Geithner's Public Private Investment Plan, which promises to remove toxic assets from bank's books. On the conference call following the release of J.P. Morgan Chase & Co.'s (NYSE:JPM) Q1 earnings, the CEO said:
"[We have] no intent on using PPIP. We have our own assets, if we want to sell them, we'll sell them," Dimon said. "And we're certainly not going to borrow from the government, because we've learned our lesson about that."
"I don't think toxic assets are the problem," Dimon continued.
Getting the thumbs down from the head of one of the largest and strongest U.S. banks is sure to deal a blow to the PPIP, which has seen lackluster interest from banks thus far. Although many large bond funds have said they plan to participate, the banks -- whom the plan is chiefly intended to help -- have been non-committal since they expect to see low-ball offers and the possible need to greatly
lower the markets on the assets still on their books. -
George White See Dealscape post on J.P. Morgan earningsSee Dealscape post on PPIP and marking assets
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