A Quote by Jamie Dimon
We got a lot of excellent people and businesses from Bear and WaMu. But Bear definitely was more painful. WaMu got us into Florida, California, and other states, which was a huge benefit - to expand and grow and add middle-market, private banking, investment banking, and other products, too.
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In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world.
I think it's a very central tenet to it yes, it is. I can't bear it, I can't bear inequality, I can't bear bad behaviour to other people. I cannot bear it that people are mean to people who can't help what they are.
If you can't bear what's happening to the natural world, if you can't bear the way we treat each other; if you can't bear wars, you just can't bear the whole idea of war, which is possibly unavoidable. But still, you resist it. Because you just hate our treating each other that way and causing that suffering.
Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.
I've got to say our banking system is a safe and a sound one. And since the days when we've had federal deposit insurance in place, we haven't had a depositor who's got less than $100,000 in an account lose a penny. So the American people can be very, very confident about their accounts in our banking system.
Moving from corporate banking to retail banking to international banking to supervisory roles has meant completely reinventing myself.
The billionaire founder of investment firm Elliott Management was one of several investors who warned financial ministers in 2007 that a crack in the housing market could cause huge problems for the banking industry.
I'm not against banking. Banking allowed our modern society to happen, it is essential. It connects the work through finance, so banking is good.
Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get.
I started in investment banking at Allen & Company in 1991. It was the go-go days of media mergers, and we were incredibly busy with one deal after another. Unlike typical investment banking groups, even in the midst of merger mania, we didn't have a formal face-time culture - and I felt empowered by that.
Innovation has stalled in the banking industry. While the rest of the world is in the digital age, banking remains stagnant. We are here to change this and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience – different from anything they have experienced before.
I don't think that the financial services industry and that banking in particular are any different than any other part of the economy, any other industry outside banking.
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment banking - it's like ants to sugar. There are huge incentives for a man to take up money management as opposed to, say, physics, and it's a lot easier.
A private man, however successful in his own dealing, if his country perish is involved in her destruction; but if he be an unprosperous citizen of a prosperous city, he is much more likely to recover. Seeing, then, that States can bear the misfortunes of individuals, but individuals cannot bear the misfortunes of States, let us all stand by our country.
Italy spills over to everything. Italy is a huge banking system. It has been the major banking system in Eastern Europe. It's worked with Austria's banking system. There's all sorts of interplays there. So it's not the PIIGS one should worry about. Germany hasn't even begun falling yet. And when Germany falls, and it will, that's when the panic begins to set in.
Normally, if you have a huge category that leads a bear market all the way down to the bottom - like tech after 2000, or energy in the '80-'82 bear market - you get one quick pop, and then years of lag as we fight the old war.
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