JP Morgan CEO: Banks aren’t acting ‘too risky’ despite our mistake

By Andrew Jones
Sunday, May 13, 2012 15:15 EDT
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JP Morgan CEO Jamie Dimon. Screenshot via NBC
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Despite his company losing $2 billion for risky derivatives trading, JP Morgan Chase CEO Jamie Dimon told NBC Sunday morning that he did not think the nation’s largest financial institutions were still engaging in reckless practices.

In an interview with Meet The Press host David Gregory, Dimon acknowledged that his company did make a “terrible, egregious” mistake but stressed how JP Morgan Chase would overcome it.

“Does it not tell you that the banking system is still several years after the financial collapse, too risky?” Gregory asked.

“I don’t think so,” Dimon replied. “It’s a question of size. This is not a risk that is life threatening to JP Morgan. This is a stupid thing that we should have never had done, but we are going to earn a lot of money for this quarter.”

WATCH: Video from NBC, which was broadcast on May 13, 2012.

Visit msnbc.com for breaking news, world news, and news about the economy

Andrew Jones
Andrew Jones
Andrew Jones is a staff writer/reporter for Raw Story. Besides covering politics, he is also a freelance sports journalist, as well as a slam poetry and music artist. You can follow him on Twitter @sluggahjells.
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