The impact of a Greek default on American banks would be negligible, JP Morgan Chase CEO Jamie Dimon told CNBC on Thursday, and while there are chances of a bad outcome in Europe, he is not concerned about unpleasant surprises in the region.
Some quotes and the video below:
“The direct impact of a Greek default is almost zero.”
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“The effect it has on the global economy will obviously filter down to the American banks too.”
“There’s a teeny chance of a catastrophic outcome, which is why the muddle-through is the only good strategy. There is no other good strategy.”
“The real issue is Spain and Italy.”
“I’ve always believed they’re going to muddle through.”
“Unraveling the euro is a terrible thing.”
“This is a 50-year endeavor to get this continent together and that’s a wonderful endeavor. And now they run into a bump in the road…”
“There are 17 nations, there are flaws in the Maastricht Treaty.”
“I don’t think that in and of itself is going to be the disaster.”
“We should subscribe it as bankruptcy for big dumb companies. Including banks.”
“We have to get rid of too big to fail.”
“What the American public wants to know is that it is not going to cost me money, and I think that could be done.”
“We did learn a lot of lessons. We’ve agreed with a lot of regulatory changes. Embedded in Dodd Frank and Basel…there are the seeds of it….we have to prove it to the world.”
“If Lehman or even AIG had gone bankrupt in 2004, it would have been an isolated sole event the world could have taken care of”.
“At that point in time we were seeing failure after failure after failure…it was just too much at the time.”
Jamie Dimon on Bernanke:
he has been “a total adult the whole time”.
“You’ve never heard him scapegoat, point fingers. If it hadn’t been for some of the actions the Fed took…the system could have got much worse”.
“I think he’s been an outstanding citizen and an outstanding Fed chief.”