Obama: JPMorgan ‘One of Best Managed Banks’

Tuesday, 15 May 2012 10:05 AM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama is defending JPMorgan Chase, the country’s biggest bank, in the wake of its recent $2 billion trading loss.

The bank’s mistake could have happened to any of its competitors and points to the need for strong regulation, Obama says.

"JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we’ve got, and they still lost $2 billion and counting," the president said in an interview with ABC's "The View" that airs Tuesday, The Hill reports.

"This is one of the best managed banks. You could have a bank that isn’t as strong, isn’t as profitable managing those same bets, and we might have had to step in. That’s why Wall Street reform is so important," he said.

Obama was making a defense for the 2010 Dodd-Frank financial reform law that he championed. The president says the law will eliminate the need for future bailouts.

Some Democrats say JPMorgan’s gaffe argues for a strict interpretation of the legislation. But likely Republican presidential nominee Mitt Romney has promised to repeal Dodd-Frank if he takes office.

Obama has had an up-and-down relationship with JPMorgan CEO Dimon. The banker was a major supporter of Obama in 2008, but he was quite upset with the president’s condemnation of Wall Street after the 2008-09 financial crisis.

Dimon recently called himself a “barely Democrat,” saying he is displeased with what he sees as the administration’s anti-business rhetoric and policies.



© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

$61.6M in FEMA Money May Come Back to Haunt Ohio's Gov. Kasich

Monday, 24 Nov 2014 07:30 AM

Conservative critics of Ohio Republican Gov. John Kasich have latched onto a report from the Department of Homeland Secu . . .

Obama's Amnesty Push Further Fractures America

Monday, 24 Nov 2014 06:33 AM

President Barack Obama’s decision to ignore the law by granting de facto amnesty to millions of illegal immigrants broug . . .

GOP Hopefuls Struggling with Specifics on Stopping Amnesty Plan

Monday, 24 Nov 2014 06:26 AM

The rhetoric is barbed, but Republican presidential hopefuls generally fell in line behind the voices of restraint in th . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved