Jamie Dimon Versus Elizabeth Warren Debate on TBTF [VIDEO]

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and you admitted it. you’ve actually talked with me and said, listen, we let you down. how do we know they’re in place? how do we know it’s not impossible just to discern what’s really gone on in a big bank? remember, this company did rate through the crisis, a real crisis. we trade around the world. we make loans. we move trillions of dollars a day. we’re a good company. we had these flaws. and the anti-money laundering — had, you’re using past tense. no, we’ve got to fix them. some compliance, some mortgage, some were industrywide, some were unique to us. we were compliant. so we said control, number one. we’ve taken our best people, enormous resources. i’m talking thousands of people. so it’s not just resources. we’re getting rid of all the backlog, building new systems, putting better front-end/back end in place and it will make us a better company. obviously we had the london whale problem which we’ve also fixed. companies should acknowledge — if you acknowledge your faults, can you fix them. if you deny them, you don’t fix them, so we’re going to fix them and i think we’ll make regulators happy with what we’re doing. part of the problem with the new regulatory regime, you can’t pick up the paper without seeing it, it’s because of what went wrong with jpmorgan. yeah. it was very unfortunate. and a lot of people have left the bank who were people who you put in who were your friends. how do you deal with that? first of all, i think the management team is as good as i’ve ever seen. and you all saw today marian lake, excellent. gordon smith in commercial, outstanding. doug, commercial bank, outstanding. mary erdos, we’ve got fabulous people. they’re not new. they were all there. very seasoned. very experienced who got bumped up. so we had too much turnover. okay. the london whale, a little bit succession, getting people in place. and a little bit because we reorged. and we had to do. it was unfortunate, but companies move on. here’s something that mystifies me. i’m a private client of the bank. i think the single best strategist on wall street, he was recommending impactly the opposite of what the whale did. why not just say, listen, what the heck? we’ve got the best strategists on the street. why don’t you get with the program? first of all, i agree with you on michael sambolis. that’s number one. the whale was meant to be a risk-reducing thing. it morphed into something which i don’t even know what it was. and we already said it was bad strategy, badly done, unjustifiable, we admitted it, we confessed to the whole world. we’ve gotten rid of most of the risk. we changed it. we don’t do it anymore. that’s live. would you have quit if they separated the chairmanship from the ceo? no. i was very clear, i would never leave my company high and dry. i wouldn’t have liked it, but i would never would have left the company high and dry. that decision about the chairman and ceo is the board’s decision. but you care about the stock. the stock would go down if that happened. if they separated the role? yeah. i think it might have gone down because that creates so much uncertainty inside a company. you know, why did a ceo leave? is there dissension at the board level? my board — the point my board made is that this should be a board decision based upon their knowledge of the company, the people, succession. it shouldn’t be rogue. there’s no evidence to separate it works at all. but again, for the audience out there, if you’re a shareholder, here’s what’s important. the board meets every single time without me. the board sets the whole agenda. the board hires and fires me. the board is deeply engaged in succession. they know all the senior people. we’ve got these wonderful practices. that’s what’s important. not separating chairman and ceo. remember, enron and worldcom had separate chairman and ceo. right, didn’t work. didn’t work. now, tapering, all right? what i’m hearing from you is that this country is very strong. so it obviously can withstand tapering, if not ending. exodus of the fed, what does it do to the bank? what does it do to the country? let me put this one in perspective a little bit. we all want normalized rates. right. rates have been suppressed kind of around the world for a long time. i believe in the process of normalization. you’re going to have some volatility. you’re going to have rates go up. i don’t know why anyone should be surprised about that. i’m not talking about next month. i’m talking about over the next couple years. but look past the volatility. remember, 6 billion people on the planet don’t care about that. right. what they’re going to care about is jobs, growth. as long as the economy is strong, then i think it would be fine. well, then where is the job growth? in this country? you’ve had 200,000 jobs i think in the last six or seven months. i think the country would be doing 200,000, 300,000. to me that’s the important thing. the other thing you mentioned i just want to mention about america, i get the benefit to travel the whole world. this country, not only does it have the best military on the planet, it’s got the best universities, the best businesses. it’s got low corruption. the wisest and deepest capital markets. it’s hugely innovative from steve jobs to the factory floor. it’s got a wonderful work ethic. we’ve got a royal flush. we don’t have a divine right to success, but we’ve got an unbelievable hand. if we play it well and now we’ve got natural gas, shale oil. you know i like that. we have a gift f god here. america is going to come back and it’s going to blow people’s socks off when it does. ben bernanke is going to retire. why not, if asked, take the federal reserve job? you talking about me? yeah. please. no, i do not. you’re not qualified? jamie dimon not qualified for the fed chairman? every single person i know would say jamie should never be fed chair. all right. surprised there have been no indictments of some of the people who did wrong? i know you were anti that people did wrong. speaking of next week, shouldn’t they have indicted somebody who actually did bad things in banking? i think if someone did something wrong, they should go to jail. one of the great things about america, failure is not illegal or wrong. you can’t just say it failed. but i do think america looked at the crisis — and this is too bad, and there was no — anywhere old testament justice. what they saw is people got overpaid and some of these people lost all their money, their reputation, all that. if someone did something wrong, they should pay. you’ve got to be specific. did they do something wrong or you like the fact that they failed. you make investments. they don’t always pay off. it doesn’t mean you’re a criminal. last question. america next year at this time. where’s unemployment? where’s gdp? i’m not — you’re better at this than i am. gdp will be stronger and unemployment will be 6.5%. 6.5%? thank you so much. that’s jamie dimon, chairman and

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