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JPMorgan Chief: I Could Repay TARP Tomorrow

Dimon calls bailout money a 'scarlet letter'

By Kevin Spak,  Newser Staff

Posted Apr 16, 2009 10:40 AM CDT
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(Newser) – JPMorgan Chase can’t wait to pay back the government’s bailout money, CEO Jamie Dimon said today, after the company posted a better-than-expected $2.1 billion in earnings. The CEO called the funds a “scarlet letter,” Bloomberg reports, and said he was just waiting for the Treasury’s OK to dump “the TARP baby.” “We could pay it back tomorrow,” he said.

Dimon also said that JPMorgan won’t be buying or selling toxic assets under the Treasury’s new Public-Private Investment Program. “We learned our lesson” about borrowing from the government, he said.

From left, JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO Lloyd Blankfein, and White House staffer Dag Vega leave the White House, March 27, 2009, following a meeting with President Barack Obama.
From left, JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO Lloyd Blankfein, and White House staffer Dag Vega leave the White House, March 27, 2009, following a meeting with President Barack Obama.   (AP Photo)
JPMorgan Chief Executive Jamie Dimon waits for the arrival of President Barack Obama in the East Room of the White House, Feb. 13, 2009.
JPMorgan Chief Executive Jamie Dimon waits for the arrival of President Barack Obama in the East Room of the White House, Feb. 13, 2009.   (AP Photo)
JPMorgan Chase CEO James Dimon, testifies on Feb. 11, 2009, before the House Financial Services Committee.
JPMorgan Chase CEO James Dimon, testifies on Feb. 11, 2009, before the House Financial Services Committee.   (AP Photo)
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COMMENTS
Showing 1 of 1 comment
gilgordan
Apr 16, 2009 4:03 AM CDT
So the big boys used the funds as a bridge loan under a fractional interest formula that cost them$136000 per day per 1 Billion borrowed daily, and invested returns on the Billion earned out $1,036 Million over the 180 days they have held the TARP. Nice return little over 1 billion net over cost. No wonder they want out, the Paulson Bernacki Ponzi scheme called TARP would have be disclosed.

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JPMorgan Chase • Troubled Asset Relief Program • Wall Street bailout • Jamie Dimon • TARP • Public-Private Investment Program • PPIP

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