The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: CalculatedRisk who wrote (189516)	3/11/2009 3:04:08 PM
From: stockman_scott	Read Replies (2) of 306849

JPMorgan’s Dimon Calls for ‘Systemic Risk Regulator’ (Update1) By Elizabeth Hester March 11 (Bloomberg) -- JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the U.S. needs a “systemic risk regulator” and should set up procedures to deal with potential failures of large financial institutions. “Failure is fine as long as it’s orderly, controlled, leads to resolution and doesn’t cause systemic failure,” Dimon, 52, said at a conference hosted by the U.S. Chamber of Commerce in Washington. Dimon said at a Feb. 3 conference that he believed the Federal Reserve should have the authority to regulate all companies within the banking system. JPMorgan received $25 billion from the government’s first round of investments as part of the Troubled Asset Relief Program. Dimon said the program was a “major” step to stabilize the financial system. His New York-based bank made $46 billion in new loans and credit lines during January, Dimon said. The bank slashed its dividend 87 percent last month to 5 cents, the first time since 1990 the lender or its predecessors made a cut. The move was not “directly related” to receiving TARP money and was aimed at protecting the bank if the economy deteriorates “significantly,” Dimon said at the time. Dimon’s firm has taken $33.3 billion in losses, writedowns and credit provisions since the start of the financial crisis. That’s a fraction of the $88.3 billion taken by Citigroup Inc. and $55.9 billion by Merrill Lynch & Co., now part of Bank of America Corp., according to data compiled by Bloomberg. To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net. Last Updated: March 11, 2009 13:47 EDT

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