Jamie Dimon: 'We Did Fed A Favor Buying Bear Stearns'

Runs 2 minutes.  More video from Jamie Dimon's headline CFR speech Tuesday.

'I'm a big boy, I'll survive the $10 billion loss.'

Dimon says JPM expects to lose up to $10 billion on the Bear Stearns purchase, mostly due to litigation, and reminds the audience that the Fed made billions in profits on the same deal, with no associated liability.  Some interesting bailout detail is included.  Bernanke's minions weren't keen on taking the $29 billion in assets the Fed acquired, and a few other reveals.

Another clip from Dimon's CFR speech is here...

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[DailyBail]

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said bond markets would spurn U.S. debt if lawmakers fail to reach an agreement to address the nation’s deficit.

“It’s virtually assured” that markets would react that way, Dimon said today in Washington at an event held by the Council on Foreign Relations. “The question is when and how.”

http://www.businessweek.com/news/2012-10-10/dimon-says-bond-markets-to-spurn-u-dot-s-dot-if-deficit-is-unresolved

[DailyBail]

J.P. Morgan lost up to $10 billion on Bear Stearns deal: Dimon

http://www.marketwatch.com/story/dimon-we-did-fed-favor-to-buy-bear-stearns-2012-10-10-15103229

[DailyBail]

NEW YORK (AP) — JPMorgan Chase, the country's biggest bank, reported a record quarterly profit Friday, helped by a surge in mortgage refinancing. CEO Jamie Dimon said he believed the housing market "has turned a corner."

The bank made $5.3 billion from July through September, up 36 percent from the same period a year ago. It worked out to $1.40 per share, blowing away the $1.21 predicted by analysts polled by FactSet, a provider of financial data.

[DailyBail]

AFP - China's currency hit a record high against the US dollar on Friday, in what analysts said could be a response to US political pressure over claims the yuan is vastly undervalued.

http://www.france24.com/en/20121012-chinas-yuan-hits-record-high-amid-us-pressure

[DailyBail]

MIAMI (CBSMiami) — U.S. Secret Service agent Aaron Francis Engler was found early Friday morning passed out on the sidewalk near the intersection of Brickell Avenue and 7th just hours after President Barack Obama had left South Florida.

http://miami.cbslocal.com/2012/10/12/secret-service-agent-found-passed-out-later-arrested-in-miami/