Sunday, December 5, 2010

Too Big to Fail: Jamie Dimon - Bear Stearns

(Before a senate hearing,) Dimon strategized with his communications chief. How could he best account for the low price he had paid for Bear without looking as if he had been given a gift, courtesy of taxpayers?

Dimon came up with a simple, clear line that he thought explained the acquisition of Bear Stearns succinctly: "Buying a house is not the same as buying a house on fire." That would do it; everyone would understand that.

(Three hundred people from JP Morgan were installed in Bear’s office to inspect its books.)

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