WASHINGTON, Sept 17, 2018 (BSS/AFP) – JPMorgan Chase CEO Jamie Dimon said
Sunday the US banking system has returned to full health 10 years after the
collapse of Lehman Brothers plunged the world into the worst financial crisis
since the Great Depression.
Dimon, who traded barbs earlier in the week with Donald Trump, gave the US
president “pretty good” marks for his handling of the US economy, noting that
business and consumer confidence “skyrocketed” after his election.
“The banking system is very, very, very healthy. And regulators should
actually take a little bit of a victory lap because Lehman would not happen
today,” he said on ABC’s “This Week.”
“There will be a recession one day, but it won’t be the banking system.
It’ll probably be something else,” he said.
Lehman Brothers, a venerable Wall Street investment bank, filed for
bankruptcy September 15, 2008 amid a subprime mortgage crisis, setting off a
broader market crash that imperiled the global financial system.
Dimon defended the federal bailouts of the big US banks at the height of
the crisis.
But he said he understood why many believe it was unfair that the banks
were protected while other Americans were left to suffer the consequences.
“And there’s some truth to that. And they didn’t see Old Testament
justice. So I understand why there is a lot of anger out there,” he said.