Posted on 07/08/2008 11:45:27 AM PDT by Rufus2007
“Where there’s smoke, there’s fire,” is the way JP Morgan Chase CEO Jamie Dimon described the impact of rumors on the downfall of investment bank Bear Stearns.
Dimon appeared in a taped interview from Aspen, Colo. on the July 7 broadcast of PBS’s “The Charlie Rose Show.” He discussed the possibility of impropriety involving the collapse of Bear Stearns (NYSE:BSC), which led to the eventual JP Morgan’s (NYSE:JPM) discounted buyout of the beleaguered investment bank.
“I would say, ‘Where’s smoke, there’s fire,’” Dimon said. “I’ve heard it. I don’t have evidence of it. I think the Securities and Exchanges Commission should investigate it. I think that if someone knowingly starts a rumor or passes on a rumor, they should go to jail.”
(Excerpt) Read more at businessandmedia.org ...
I heard Dimon speak on Bloomberg Radio. The guy sounded like a bookie or pawn broker. Low class NY accent and terrible vocabulary. I am amazed he finagled his way to the top of the financial heap.
There is a law against spreading rumors, true or false, about the solvency of a National bank. I don’t know if there is a similar law against doing the same on investment banks. The difference, of course, is that national banks are insured so that solvency is irrelevant to depositors.
...and does he think that people who speak the truth when it is inconvenient for him, should they go to jail as well? And what of executives with friends at the Federal Reserve who orchestrate sweetheart deals...should they go to jail as well? That’s no fun.
That isn’t at all what’s beening said.
Wonder what these gored folks think about a msm that bashing our economy day in and day out.
Guess that’s okay since they can buy stock or sell stock short and make a killing while the average investor’s 401K takes a shellacking.
The average investor is given a good buying opportunity. I don’t think the stock market will stay this low - at least for a year or two. And if you’re still investing in your 401(k), you’re getting more for your money and you’ll more than get back your loses in no time.
I’ve never heard of such a law, which I think would be unconstitutional. Can you give a citation?
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