A Quote by Jamie Dimon
Their [American banks] big issue will be if they want to deal with the biggest companies, which are doing a lot of business overseas. How they do that is a big question. It's almost impossible to build a global investment bank from scratch. If they want to do that, they probably will have to do an acquisition.
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We don't want to bank all our risk on a small collection of big companies. We don't want to lose 20 percent of our business if one big account goes away.
My guess is the big Chinese banks will be in 100?countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U.S. at some point. Whether they do or not, or if it's allowed or not, I don't know.
Everybody who goes through the business will make mistakes. The big question is how big will the mistakes be? How fast will they learn from the mistakes, and how quickly will they get the business in the correct direction?
The customer wants what the customer wants - when they want it, where they want it, and how they want it. And if you want to build a big business, and you want to be meaningful to a big, broad group of customers, you need to think about how you're going to meet them in the various places where they might expect to see you.
When we first started our internet company, 'China Pages', in 1995, and we were just making home pages for a lot of Chinese companies. We went to the big owners, the big companies, and they didn't want to do it. We go to state-owned companies, and they didn't want to do it. Only the small and medium companies really want to do it.
Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.
A lot of people are listening and most people believe global warming is a problem and they'd like to see it addressed. But governments and the biggest companies in the world don't want to deal with it like they didn't want to deal with the fact that tobacco causes cancer.
The question of energy is an important one. The big issue is how to get it, how not to destroy the environment, and how to survive as a species. It's a big deal.
The big issue is how much money can the government infuse for the capitalisation of the banks when we have quite a few private banks doing well. Does the government of India really require this number of public sector banks?
I want to go further, because it was investment banks, it was insurance companies, it was mortgage companies, all of which contributed.So let's not just be narrowly focused on one part of the problem. We have a lot of issues with corporate power that have to be addressed. My plan takes us further and it would do the job.
What we prefer to do is operate our investment bank in a way that is like what investment banks used to be, which is a middle man - someone who is here to match people who need capital with people who have capital - and not position ourselves at the center of that by taking big positions on a trading stance.
In my first 100 days, I'll work with both parties to make the biggest investment in good-paying jobs in decades. We'll also raise the minimum wage - a big deal for the nearly two-thirds of minimum-wageworkers who are women. And we'll give women the tools they need to fight for equal pay. This isn't just a "women's issue"? - it's an issue every American should care about, no matter their gender.
I'm going to continue doing what I want to do. And if it means I want to go and make a big movie, if it has something to say, I will want to make it. I don't want to spend my life wasting my time. If it's a big movie, I want to do it. If it's a small movie, I want to do it.
I believe that we will see cases like these that will continue because we're talking about companies that are doing business with a tyranny and a dictatorship. And when they do business with a dictatorship, a tyranny, they will have problems like this. This, I believe, is the beginning of several problems that there will be over the next few years because we are talking about American companies that now want to get cozy with this regime, and they will find themselves in very serious problems such as those we're seeing at this time with the Carnival Company.
We support too big to fail. We want the government to be able to take down a big bank like JP Morgan and it could be done. We think Dodd-Frank, which we supported parts of, gave the FDIC the authority to take down a big bank.
One, which I mention several times elsewhere, is the need for patience if big profits are to be made from investment. Put another way, it is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens. The other is the inherently deceptive nature of the stock market. Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all.
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