Death panels for banks!June 14, 2012 @ 9:10 am (Updated: 9:15 am - 6/14/12 )
JP Morgan CEO Jaime Dimon says no banks should be too big to fail. (AP Photo/file)
The CEO of JP Morgan testified before the Senate yesterday -- you all watched Jaime Dimon's testimony yesterday, right?
Of course you did. But you might have missed this nugget, which came in the second hour.
"We have to get rid of anything that looks like too big to fail," said Dimon.
No bank should be too big to fail, and to that end, he says he has given federal regulators instructions on how to dismantle HIS OWN BANK if it fails.
"We've actually filed recently a analysis and report how they would go about dismantling J.P. Morgan that didn't cost the taxpayer," said Dimon.
He calls it a living will -- like telling your family, if I'm 90 years old, and I have another heart attack, don't resuscitate. But suppose a bank failed WITHOUT a Living Will ---
"I personally I call bankruptcy for big dumb banks. I think when you have bankruptcy I'd have clawbacks. I'd fire the management. I'd fire the board. I'd wipe out the equity," said Dimon.
It's a death panel for banks. Although, he wouldn't just kill them:
"I think the banks should be dismantled after that and the name should be buried in disgrace," said Dimon.
He'd bury the very MEMORY.
And one senator just wanted to clarify:
"If J.P. Morgan became a big dumb bank in serious financial difficulty, is your sense that it would be concluded with J.P. Morgan's demise and no cost to the taxpayers?"
"Yes. That's the objective yeah," said Dimon.
I personally found that very refreshing. And I plan to save that sound bite in a very safe place.
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