Dimon bought Bear as a favour

City A.M. Reporter
JP Morgan boss Jamie Dimon said his company has lost up to $10bn as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.

“And yes, I put it in the unfair category,” Dimon said, speaking at a Council on Foreign Relations event yesterday, adding that he did the US government “a favour” by rescuing the bank in 2008.

He also admitted he should have caught the “London whale” derivatives trades that resulted in a multibillion-dollar loss for the bank. “We made a stupid error,” Dimon said at the event in Washington. “I should have caught it ... I didn’t.”