Re: Testimonio completo Dimon (JPIG)
http://news.hereisthecity.com/news/business_news/9797.cntns
Este tio tiene un rostro mas grande que la Catedral de Hamburgo
Because of our strong foundation, JPMorgan Chase was called on during the crisis to take actions to help stabilize the financial system: the acquisition of Bear Stearns in March of 2008 and the purchase of Washington Mutual assets in September 2008. While we believed these transactions would produce long-term benefits for our company, each carried - and still carries - substantial risk. We were willing and able to take on these risks as a result of our strong balance sheet and capital base.
On September 25, 2008, the Federal Deposit Insurance Corporation (FDIC) seized the banking assets of Washington Mutual in the largest bank failure in U.S. history. We acquired the deposits, assets and certain liabilities of Washington Mutual, and later learned we were the only bank that had been prepared to act immediately in response to the FDIC's efforts to find an acquirer. Absent this acquisition, Washington Mutual's failure could well have imposed enormous costs on the FDIC's deposit insurance fund as well as uninsured depositors. With the acquisition, we purchased approximately $240 billion of mortgage and mortgage related assets, with $160 billion in deposits and $38 billion in equity. We immediately wrote down most of the bad or impaired assets (approximately $31 billion) and established proper reserves for the remaining assets, as well as for severance and close-down costs. We also sold $11.5 billion in common stock the morning after the deal announcement to maintain our strong capital base.