A Quote by Jamie Dimon
Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.
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I passionately disagreed with Treasury Secretary Hank Paulson's plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
We have the idea of saying that put limitations on bailouts, so that the bailouts don't occur in the future, so that we don't have to do the - look to see AIG situations or Bear Stearns situations or the Fannie Mae or Freddie Mac, which is probably going to be more money spent on those two institutions than the Congress spent on the TARP program.
JPMorgan was already, for the most part. Our businesses at JPMorgan share the same cash-management systems. The commercial bank, the private bank, the retail bank, they all use the branches. The cash-management system moves the money around the world - for global corporations, and for you, the consumer, too.
I needed a vacation. I needed 5 women. I needed to get the wax out of my ears. My car needed an oil change. I'd failed to file my damned income tax. One of the stems had broken off of my reading glasses. There were ants in my apartment. I needed to get my teeth cleaned. My shoes were run down at the heels. I had insomnia. My auto insurance had expired. I cut myself every time i shaved. I hadn't laughed in 6 years. I tended to worry when there was nothing to worry about. And when there was something to worry about, i got drunk.
When the Securities & Exchange Commission settled securities-fraud charges against Richard Harriton, former chairman of the clearing subsidiary of Bear, Stearns & Co., there were smiles all around. The SEC was happy. Harriton was happy. Bear Stearns was happy.
If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.
We must cut federal spending - every wasted dollar, every low priority program, and every unconstitutional overreach - every day.
If one were to live his life fully and completely were to give form to every feeling, expression to every thought, reality to every dream.
Every time you help someone else, not only are you helping that person, but you are helping every person they touch, AND you are helping yourself - because we are all ONE.
I do not like to encourage personalized politics, so we would not like it to be thought that just because certain political personalities were attacked, this means the situation is very grave. The true gravity of the situation comes from the fact that ordinary members of the NLD are repressed all the time. We don't want a completely paralyzed political organization, while a select few leaders are protected by international attention.
During the mourning period after my father passed, his friends and colleagues were saying there was no way the business would survive. There was no way that a 27-year-old woman could run a company. I was so pissed that this was a conversation during a mourning period, and that a woman who was educated and working at a high level at the company wasn't considered for leadership. This was my father's life work, something I was completely connected to, and I knew I could take the reins.
In the '60s and '70s it was a great period for American films because studios were still run by individuals who worked off the seat of their pants and went along with things. At that time, they were very uncertain about what to make because of the influence of television. A lot of really terrific movies were made. But then the studios gradually became more corporate and were owned by corporations and run in that way and now they're very nervous. You see what they make - sequels, franchises and try not to take risks.
The whole history of the Christian life is a series of resurrections. . . . Every time we find our hearts are troubled, that we are not rejoicing in God, a resurrection must follow; a resurrection out of the night of troubled thought into the gladness of the truth.
There is no thought or situation that you can't put up against inquiry. Every thought, every person, every apparent problem is here for the sake of your freedom.
Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company. And there was no more damned reason for all these oil companies to buy fertilizer companies, but they didn't know exactly what to do, and if Exxon was doing it, it was good enough for Mobil and vice versa.
TARP is funded by taxpayers, so there are many rules about how that money can and can't be used. The result: GM spends an awful lot of time checking in with the people who administer TARP over everything from hiring to executive compensation and management. For a global company, that adds up to a lot of distraction.
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