separate it and there are perfectly reasons to put it together. There is one academic study that came out today on separating it, the stock did worse. Enron and World Com had separate Chairman and CEO and their directors said we have a chairman and CEO and the separate people, they dominate the rest of the board. Like my board wants everyone equal so the lead director we call the presiding director so they’re not above. At any point in time, my board, there are 11 members, 6 can fire me. They can change the Chairman, they can change the CEO, they can change the presiding director, that’s the way it should be. If they thought it was inappropriate, they should decide. But I think when you start dictating management of human situations, you’re just limiting the ability to do something. I think companies would find it harder to hire somebody who could run a company, I mean I wouldn’t have gone to Bank One if I had a separate chairman, I mean life is too short. I mean, it would be too hard if I had to like sit there and worry about someone looking over my shoulder, maybe wanting my job. So, you know what? If it happens it happens, but I personally don’t think it should be legislated.”
On Senator Elizabeth Warren (D. MA) and her reference to an International Monetary Fund study that showed large banks benefit more from lower borrowing costs than smaller banks:
“I have a fine relationship with her. This is one study which I think is quite unfactual. And you know, if you look at the American business enterprise, big companies or small companies. You know, JPMorgan Chase does things that small banks can’t do. We kept cities, schools, states, philanthropies alive when no one else did. We actually checked this number. The small banks and big banks do more lending in the crisis than big banks did, per dollar of capital. So, look, I’m perfectly willing to get involved in this kind of debate. But it should be factual and not one thing taken out of context. And, you know, Elizabeth and I have a great relationship. I want her to come on a bus trip with me and see what we do for America. For the last five years we’ve lent $7.5 trillion to consumers and companies, $7.5 trillion. And we’ve helped – if you come through Texas here, we’ve helped those companies go around the world, expand their plans here. That’s what we do and we’re damn proud of it.”
Jamie Dimon on eliminating “too big to fail”:
“Look, we have a common interest in eliminating too big to fail. So I don’t think anyone thinks we should have the too big to fail concept. It really should look like a bankruptcy. We’re in favor of that. So we and the regulators and everyone are working toward that purpose. We need the American public to believe it. We need our senators and congressman to believe it. But they haven’t finished all the work yet. So for now we’ll let them finish. At the end of all that, if people believe it is true, then break up the big banks. And then one day you’ll all be sitting here trying to figure out why Chinese banks dominate American finance. America has the best, widest, deepest, financial capital markets anywhere in the world. I’m talking– I’m not talking about Wall Street. I’m talking about venture, investing, individuals, corporations. It is part of the engine that made this country great. Before we really mess up with that, let’s have a real thoughtful dialogue about it and not just sound bites.”
