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To: stockman_scott who wrote (190007)	3/11/2009 4:09:08 PM
From: geode00	Read Replies (1) \| Respond to of 306849

After billions in losses, billions in bailouts Dimon is whining about being vilified. Who knew bankers were this sensitive. He may be fine with organized failures...as long as his bank is too big to fail. -------- Dimon Says Banking System Can Be Saved If ‘Vilification’ Stops Share \| Email \| Print \| A A A By Elizabeth Hester March 11 (Bloomberg) -- Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said the U.S. can rescue its banking system by year-end if U.S. officials start cooperating and refrain from the “vilification” of corporate America. “If we act like a dysfunctional family and we don’t finish these things and we’re forever debating them, I think this will go on for several years,” Dimon, 52, said at a conference hosted by the U.S. Chamber of Commerce in Washington. “It’s completely up to us at this point.” Congress called eight bank CEOs to Washington last month to face criticism for outsized pay packages and executive perks at a time when losses were rising and the U.S. was pumping billions of dollars into their companies. U.S. Senate Banking Committee Chairman Christopher Dodd led an effort to put new restrictions on banks that receive government support. “When I hear the constant vilification of corporate America, I personally don’t understand it,” Dimon said in his speech. “I would ask a lot of our folks in government to stop doing it because I think it’s hurting our country.” Dimon called for the U.S. to create a “systemic risk regulator” and put procedures in place 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 said. At a Feb. 3 conference he said he believed the Federal Reserve should have the authority to regulate all companies within the banking system. TARP Effort JPMorgan, the second-biggest U.S. bank by assets, 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. The New York-based bank made $46 billion in new loans and credit lines during January, he said. JPMorgan 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 company if the economy deteriorates “significantly,” Dimon said at the time. Dimon’s bank 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.