Former FDIC Chair Sheila Bair spoke with FOX Business Network’s (FBN) Melissa Francis about her thoughts on JPMorgan Chase & Co (NYSE:JPM) admitting wrongdoing in the London Whale case. Bair said, the London Whale is “the gift that keeps on giving for Jamie Dimon and JPMorgan Chase” and that “they just can’t seem to get themselves out of it.” Bair went on to say, I think “it’s endemic of a larger policy issue we have with these banks even with good management.” Bair further said, that she questions if the mega banks are well managed by anyone.
Excerpts from the interview are below:
On JPMorgan Chase admitting wrongdoing in London Whale:
“I’m not familiar with the particular facts and circumstances there in terms of whether there could be further shareholder actions brought, but I do think this is something that speaks to a broader problem with enforcement policies is that there is so much. One of the things the London Whale is just really something that is just the gift that keeps on giving for Jamie Dimon and JPMorgan Chase. They just can’t seem to get themselves out of it. But I think it’s really – it’s endemic of a larger policy issue we have with these banks even with good management, they’re just too big to manage, they’re too complex to manage and that’s really an overall policy discussion that we haven’t had enough of in Washington – I don’t think we’ve dealt with meaningfully and it’s not just JPMorgan Chase, they’re most of these mega banks. I just question if there managed well by anyone.”
