The JP Morgan Chase CEO said the collapse of a major bank like Lehman Brothers in 2008 would not happen again.
Jamie Dimon says that President Donald Trump should get some credit for the economy.
« When President Trump was elected, confidence skyrocketed, » the JPMorgan Chase CEO told ABC News’ Rebecca Jarvis in an interview that aired on Sunday’s » This Week . » « Pro-business, pro-competitive taxes, pro- some regulatory reform, and that has helped the economy. It’s impossible for me to tease out how much, but it has helped the economy. »
« He should take some credit for that. » Dimon added.
Jarvis asked what grade Dimon would give the president on economic policy.
« I’d say pretty good, » he said. Jarvis pushed him: « B+? A-?
« Yeah, something like that, » Dimon said.
Dimon spoke with Jarvis privately after a panel at JPMorgan Chase’s New York headquarters that was the center of a controversy last week.
During the public event, Dimon said he « could beat Trump » in a presidential election. »I’m as tough as he is, I’m smarter than he is. I would be fine. »
He later said in a statement that he should not have made the remarks « I’m not running for President, » he said.
But that didn’t stop the president from firing off an angry tweet directed at Dimon: « [H]e doesn’t have the aptitude or ‘smarts’ & is a poor public speaker & nervous mess – otherwise he is wonderful, » Trump tweeted Thursday morning. « I’ve made a lot of bankers, and others, look much smarter than they are with my great economic policy! »
In addition to his assessment of President Trump’s impact, Dimon also said the next time the economy goes south, it won’t be the fault of banks.
« The banking system is very, very healthy, » he said.
His comments come just over 10 years to the day after investment bank Lehman Brothers filed for Chapter 11 bankruptcy .
Dimon said regulators deserve to take a victory lap for the protections that have been put in place since the collapse.
« There will be a recession one day, » he said. « But it won’t be the banking system » that causes it. « It’ll probably be something else. »
Dimon said he recognized people were hurt by the recession and angry with banks for engaging in the risky mortgage lending practices that triggered the economic meltdown.
« Some [banks] caused the problem and I understand that the American public looks at it and it’s unfair, and it was, » Dimon said.
And many of those banks were then aided by the US government.
« Banks got help. I mean I think the government did the right thing, I want to give full credit, » Dimon said. « But not all the banks needed that. And all those banks, including JPMorgan, continued to lend money every day to all their clients nonstop around the world. »
Dimon was asked how he, as the head of one of the world’s largest banks, could help ease that anger.
« I can’t, » he said. « There’s nothing I can do. All I can do is serve my client everywhere around the world, do good things. »
