JP Morgan boss defends record

JP Morgan chief executive Jamie Dimon has admitted that his initial response to the London Whale derivatives losses was “stupid”, but has played down the impact on the bank’s bottom line. He said in an interview with New York Magazine that “the Whale has been harpooned” and that JP Morgan has “crossed the t’s and dotted the i’s and put in new rules, and we’re fine.” He said he never considered resigning over the resulting furore, and also hit out at the culture of bank-bashing and increasing regulation, saying in the interview: “This is the United States of America. That’s what I remember. Guess what, it’s a free f***ing country”.