More Reason Not To Fear The PPIP: Jamie Dimon Talks Some Shit
Apr 16, 2009 at 5:07 PM
DailyBail in Bank Bailouts, bail out, bailouts, bank bailouts, geithner, government bailout, jamie dimon, jp mprgan, ppip, ppip will fail

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.


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

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