More Reason Not To Fear The PPIP: Jamie Dimon Talks Some Shit

This one could go either way.  Either he's bluffing the market to make eventual sales into the PPIP easier, or the mark-to-market accounting adjustments changed the entire game, as I wrote last week.  Joe Weisenthal at Clusterstock listened to the JPMorgan conference call early this morning and reported the following nugget.

Clusterstock:

Speaking on the company's just-concluded conference call, JP Morgan (JPM) CEO Jamie Dimon downplayed the PPIP, saying the bank had nothing to sell into it, and that it certainly had no interest in partnering with the government as a buyer.

What's more, he said, he didn't consider the PPIP to be that big of a deal, suggesting that it's just one small piece of what Treasury is doing to prop up the system.

Remember, this is coming from the bank that has 10% of all mortgages. They're saying they have nothing to sell and that toxic asset prices aren't the problem.

bank bailouts, bailout, financial crisis

Comments

[Ain't Bullshittin']

I want this clown in a No TAP OUT cage match with Chuck Liddell.......Put that sucker on Pay Per View...and Chase could pay the TARP back on MONDAY.....GET SOME!

[James H]

AB,

I like the way you think. Someone should write the UFC and suggest this. (Technical question: are acting Treasury Secretaries allowed to take part in no tap-out cage matches?)

[DailyBail]

oh jesus. Chuck liddell would break jd into sections.

[spideydouble]

@James H

Are you thinking a 2-on-1 tag team with Jamie Dimon and Timmy Geithner vs. Liddell? Oh, I'd pay quite a bit to see that one. The whimpers alone would be worth it. Alright, new policy, mandatory No Top UFC matches for all TARP recipients. 90% of proceeds go to pay TARP back, 5% to UFC, and remaining 5% to Liddell and Co.

[James H]

Look's like PPIP ("pee-pip") is officially toast. (I had toast for breakfast...mmmm.) Treasury lawyers have apparently ruled that the PPIP participants would be subject to the same caps on executive pay as the TARP recipients (tough titty, Bill Gross). This is the best news I have heard in 6 months. Now they will have to come up with a new Screw the Taxpayer Behind Congress' Back Plan, OR they will have to again go before Congress and beg for more money. They may have cards up their sleeves, but this is very encouraging news.

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/20/AR2009042003294.html

[DailyBail]

@James

I am working on that story now. Almost feels too good to be true.