Jamie Dimon On The 2008 Crisis
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- Опубліковано 11 вер 2018
- In a conversation with CNBC's Andrew Ross Sorkin, JPMorgan CEO Jamie Dimon details the events leading up to the 2008 financial crisis. Ten years later, he says he doesn’t trust doing business with Washington because “the next government can do whatever they want.”
Watch the premiere of the CNBC Original “Crisis On Wall Street: The Week That Shook The World” Wednesday, Sept.12 at 10pm ET/PT.
Ten years after the fall of Lehman Brothers, CNBC has produced the definitive televised account of the historic bankruptcy and cascade of events over a September weekend in 2008 that led to the worst financial crisis in generations. In this prime time original documentary, Andrew Ross Sorkin, CNBC anchor and author of the groundbreaking best-seller "Too Big to Fail," reports on how the nation and the world came as close as ever to a full economic collapse.
The story is told through gripping interviews with those at the highest reaches of the U.S. government as well as the CEOs of the nation’s largest banks who gathered to try to save Lehman Brothers from failure. Wall Street chiefs Jamie Dimon, John Thain, and others describe dramatic, around-the-clock negotiations. Former U.S. Secretary of the Treasury Hank Paulson tells of the desperate moment when he realized that a Lehman bankruptcy could bring down the world’s financial system.
Could a financial crisis of this magnitude happen again? Sorkin puts that question time and again to the people gathered for this CNBC documentary, who shouldered the fate of the world’s finances and who recall the nightmare scenario they faced down ten years ago.
"It would be breadlines across the country for a generation,” former president of the N.Y. Federal Reserve Tim Geithner told Sorkin. “We did feel that we were making choices and faced with outcomes that would be devastating to the lives of hundreds of millions of people."
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Jamie Dimon On The 2008 Crisis | CNBC
What's the best approach to capitalize on the current market conditions? I'm deliberating on whether to diversify my $150k stocks portfolio. How should I reallocate stocks in my portfolio to mitigate against a crash?
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“If I’m playing tennis with you, I wanna beat you but if you’re having a heart attack, we stop the game and we try to help.” - great line
So why didn’t they “help” Lehman from going bankrupt?
@@madctas85because they couldn’t get guarantees from the government or anyone else that they wouldn’t be stuck with it, and Fuld was an ass who nobody wanted to fall on the sword for…
Someday Brad Pitt will play Jamie Dimon in a movie. I’m calling it.
I don’t think most Americans realize we were about 48hrs away from your ATM card not working.
And who caused that? The same people that got bonuses and are still in control
@@ChronicChess well go be honest it’s a bit of everyone’s fault, the everyday person getting a mortgage they couldn’t afford, some even multiple mortgages, banks fault for packing them into CDOs, and insurance firms mainly AIG for insuring amounts they Couldn’t afford
@@ChronicChess it was everyone's fault. Banks for their greed and not realizing that the housing boom will bust. AIG for insuring toxic assets, and low income earners for having mortgages they couldn't afford.
@@ChronicChess Agree with the others everybody drank the Kool Aid. NINJA lenders/borrowers, investment banks, Greenspan, Paulson, insurance, rating agencies, Treasury, Bush, Congress, and the Fed.
We weren't
He’s amazing. It’s virtually impossible to tell exactly when he’s lying.
To be fair , no evidence shows he was involved in the making the crisis
Given the time he came into JP MORGAN
The whole time. They knew exactly what was going on and they bet against it failing because they were making massive amounts of money. Hell Greenspan and Summers told Brooskely Born it was taken care of when she brought up default swaps in the early 00's.
It failed, nobody paid any consequence except for Stern and Lehman brothers. Instead now we cheer them on when in reality they likely are over leveraging all over again.
Amazing that some people just accuse anyone of lying and have no proof or were anywhere near the action to even know. Put up some proof or accept the fact that you are lying.
@@tom80 look at the Q10 reports of all the big ones
@@Justanother1ne put up proof
I feel like they edited this video too much. There seems like there are a lot of gaps in his answers.
There are always gaps in Jamie Dimon's answers.
there r sum things we are not suppose to know
Good lord, this is a piece to make them look good??? Like they did not know of the lending practices in the 80's, the 90's, the 2000's, They knew well before they state they knew. They do a piece to try to make themselves look like heroes??? They slaughtered families....and only 1 fool did time. What do you do when the criminals are running the show??????
Thank you Solomon Brothers.
The editing is useless
“It is not the critic who counts;
not the man who points out how the strong man stumbles,
or where the doer of deeds could have done them better.
The credit belongs to the man
who is actually in the arena,
whose face is marred by dust and sweat and blood;
who strives valiantly;
who errs,
who comes short again and again, because there is no effort without error and shortcoming;
but who does actually strive to do the deeds;
who knows great enthusiasms, the great devotions;
who spends himself in a worthy cause;
who at the best knows in the end the triumph of high achievement,
and who at the worst, if he fails, at least fails while daring greatly,
so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
― Theodore Roosevelt
Beautiful quote
But do not praise a man for trying to solve a problem that he himself created.
Is it the same Roosevelt, that prohibited ownership of gold?
@@nickl5658 It's a great quote, but you are absolutely right. Doesn't really fit in this context.
So your defense of a corrupt billionaire who is actually partly to blame for the 2008 bailout is “at least he tried?” 😂😂😂 the capitalist rightwing is really just a bunch of morons and idiots omg
He knows what he's talking about. His bank did not suffer nearly as much as others.
@jphilly819 nah. The bank refused to enter the RMBS securitization business because the risks were too high and profits were too thin unless banks took a lot of debt to scale it up.
You mean he knew it was coming because he caused it to happen
@@harrisonl226 How did he cause it JPM works a lot differently compared to a investment firm like Goldman/leman ECT. JPM saw the risk and avoided the risk. In my opinion Jamie has done a fine job and make a good call not to get into the mortgage backed securities.
JPM doesn't lend you money until you don't need it anymore. That's why they did better than the rest. If you are in a bind, Chase will hang up on you and watch you fail.
If you took all the money in the world and gave each person an equal share, within a year some would be broke. Others wealthy. Personal accountability folks. Can’t afford a $1,000,000 home? Don’t buy it?
Absolutely loving this series
Jamie Dimon is the LeBron of banking
Jamie Dimon is the Jamie Dimon of banking.
more like the Shawn Bradley of banking
More like Tom Brady of banking, he cheats.
Well put.
he built superteams 👏🏼
This guy is sharp as a diamond point tack.
This one was the best of all the extended cuts!
I will never forget Jim Cramer pushing investors back then to stay with Lehman Brothers by saying. "Lehman is no Bear Stearns." He was right and Lehman was worse so every investor lost. I never thought much of him after that.
And how does he still have a job on CNBC?
Meta the next one Cramer kills? lol
He was telling people to invest in FTX, SBV, Signature banks in the month up to their bankruptcies... rule of thumb, what ever Cramer advises, do the opposite
Dude is a joke
Cramer is like a loss LEADER, if you lead with CRAMER ,he leads you to a larger LOSS!
jamie has something about him that's charismatic. The way he speaks, its very natural, convincing and honest.
musicandoutdoors totally agree, im not a democrat but hed make a great politician
@@stancurry6265 : As a great financial institution ceo, he'd be a dangerous politician.
Great interview! Love to hear Jamie Dimon.
This interviewer is excellent!
11:59 funny how they cut him off when he was naming people responsible for it, we can just guess "who" got cut out ...
I don't think he was going to name names anyway
Obviously, I'd like to know too. All we can do is prepare for these things
Good interview......really insightful.
wtf
In 4.55 He mentions LTCM how is that related with that night in Fed, I mean what was similar with LTCM case can someone explain?
Jamie Dimon is persuasive and well spoken. I also cannot help but admire the grit he must have shown as to become CEO of JP Morgan. However, this interview does not encourage one to view him as an honest straight forward man.
Nice rhetoric, cringy tho
Usually asset prices decreasing is seen as equally an opportunity as a cost.
great interview, both ways...
wtf
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
Marisa Michelle Litwinsky’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I checked Marisa up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
will it happen again? I have no doubt watching the housing market right now. Prices are way up in anticipation of wage increases. What happens when everything falls threw?
People didn't know but this country was like 72hrs away from people not being able to get funds from ATMs back then.
Say what you want about Dimon, but JP Morgan Chase is one of the strongest banks. He is an elite, but I think he doesn’t understand national problems like inequality. Compared to other CEOs, Dimon is pretty good.
it's not his job to understand inequality...
He understands every bit of national problems like inequality. This is a man who walks on people. The only difference between Jamie Dimon & a shoe is that a shoe has a sole.
@@powerhouseinco9664 Sure it is! How else would he know how to exploit it for financial gain?!
@@powerhouseinco9664 : There is very, very little, almost no 'inequality' in America. Look outside the western world and you will see what 'inequality' means.
Jamie I see that as a man of Great Financial Status you are either involved in or pulled into a lot of debateable issues that concerns the daily flow of big well known businesses and large amounts of currency good thing you have a good head for math. Thank you for the contributions that you give to the various charities that you support annually to help the underprivileged God is constantly smiling on you because of that. Always keep God first and your path to greatness will forever have free clearnce. God bless you from your sister in Christ in Hammond, LA.
10000 babies A-day die from male nutrition and starvation...
Jamie Dimon of JP Morgan took 20 Billion dollars of government baulout money just like all the other companies. He did tell the government in the meeting that JP Morgan didn't need the money but the government told him if he did take it and needed it later it was going to cost him 6 % more, so he took it.
Yes. All of the banks even if they were fine had to take it to prevent it being obvious who needed help.
way too much editing shame on them
"We" were the "good" guys
Who is the journalist ?
He was great !👑👑👑
I want to follow him.
Thanks
"It was just a day late, a dollar short." 8:29
It's impossible to understand what Andrew is saying at 9:30, something about 'bank holding companies.'
“Repo is done properly now” 🙃
😐 WOW, I didn't know that he became a CEO in 2005th, i.e. after the ball started rolling down.
they have cut too much of his honest answers.
Its 1 year later and were about to have another one.
Page 356
The number of employees at the end of 2009 was expected to be 63,500 in BCA and 69,917 in Integrated Defence Systems.
Why did youtube put this in my feed today? One day after the First Republic bailout 🤔
I enjoy listening to warren BUFFET versus jamie DIMON for the ECONOMIC costs and opportunity costs..
at 13:38 "Do you see any crises in the future? : No, everything is different now. We will not have a new crisis" 😮🤣 2023:March 13'th, 3 banks tipped ower allready i two days...
Jamie Dimon seems like a nice guy :) It's a shame CNBC edited this so heavily...
Tommy Carstensen he is so nice such a lovely Angel he is .King Of Financial Felons
had to be....doesn't want to go to prison.
I'm surprised his comment about the real villian, Obama survived.
It's odd how people still try to vilify JP Morgan or Barclay's, like it was their responsibility to save poorly ran banks. Dimon structured his bank to survive just about anything, Fuld didn't.
How did i get an ad in 3045
"We were sucking liquidity out of the system, but very respectfully", what a hack, listen for yourself at 3:10. If you look closely you can see Turbo Tax Timmy's hand working this guys mouth, what a hack.
A Fuller why? JP paid their 25 billion back
All we need the skill convincing and sound good we get ahead
When is Billions season 4 coming out? My assholeness from the other episodes are wearing off
lolol
Thank you JP Morgan Chase
Reinstate the Glass Steagal Act.
Interviewer looks like Jimmie Fallon cross Bradley Cooper
9:55 4:15
It was a banking crisis, not a financial crisis. A financial crisis is in the post later this year.
I forgot billy joel knows you're my dad 😂😂😂
Whoa… he sounds just like Tim Apple 😂
Mr. Dimon has a tendency to speed up at the end of his sentences.Subtitles would help.
Watching this in March 2020 getting crushed by Corona Virus. Eerily similar.
Oh yeah. the repo market locked up in December and they did EQ3 (stealth mode) where the fed added 3 trillion dollars to the system.
Not similar since there's no subprime loans this time.
@@MrTmenzo you ever hear of bonds?
2008 haunts me too
the 'deeply remiss' item in the system that Mr. Dimon speaks about was what is seldom talked about by totally necessary for a failure of that magnitude :- i.e. those sub prime debts that existed for the reason that banks had lent to willingly as a consequence of government policy and administrative decisions going back over ten years which set the springboard for mortgage failures.
Your point being?
@@ronjon7942 My point is that the sub prime crisis was created out of actions of banks dating back into the mid 1990's and had they not occurred there would have been no crisis. Those actions were excessive lending to high risk borrowers because of reluctance on the part of banks to decline loan applications to what previously has been assessed as high risk borrowers. That reluctance came about by way of the decisions of courts overturning the rights of banks to refuse loans for clients who had been correctly assessed as high risk. In a non insignificant case against Citibank (Citicorp) involving some 180 clients to approve loans on the basis of them being high risk the courts ruled against the bank. That resulted in loans which about all but 20 had fallen into arears and imminent failure within 5 years.
There always be next crises, just matter of time
@sanket... : Yes and every crisis is an opportunity.
And industries oversea. All we need the agriculture.
Dad if disney says no I can always write for DreamWorks
Which listen to someone must get involve and earn big.
Tomorrow is September 15. Eve of the Leahman filing for BK
i have to go check my memory, right
hellbound
Time served =. O
This guy is like Richard Gere, ages very well
One of the best bankers in modern history
Justice
Little did he know…
Recently Mr. Jamie Dimon says he's holding 500billions of cash in ready for next financial crisis. This time I think he is giving the public a warning sign.
Financial crises are part of the economic cycle better to be prepared to minimise risk
JAMIE YA GOTTA COME
He is one of the operator of the market common on
Why does Mr. Dimon know not to come back to 85 Broad Street?
If we do not watch the Chief executive handle the businesses and chief executives handle market. Why we hire or elect them to represent for us They abandon the nation and the companies.
I heard he got a 40 millions usd pay check during recession
Lin Xu Can’t confirm, but if it’s true it means he made the right bet....
pd: you could have done it too btw
He’s also become a billionaire in the last few years.
Kind of strange considering he accepted a 25 billion dollar hand out
@@meetstepsisalcoholicdouche6167 none of the so-called "hand outs" were actually handouts. They were low interest loans granted by the US government, which ended up being paid back, full in principle and in interest.
JP Morgan did not need the bail out money. They were asked to take it as part of TARP and if one didn't take it. It would have been the end of those that did need too.
Also his compensation is and was in line with other CEO's (the absurdity of 40m salaries aside). His bank was profitable and could have withstood the recession with no help. Of all the people to take issue with compensation with after the bailout, Dimon is not one of them.
Brantley Straub that’s a lie. Some banks still owe billions including GM!!!
Well I guess he was wrong about another financial crisis. Now he is talking about a hurricane.
A small few were made into villains, and some of the same lot like Dimon were allowed to “look” like heros… gotta have a villain to distract
It’s happening right now. If no major action will be taken immediately, 2024 it will all happen again.
Hank Paulson literally helped create this problem. For him NOT to know what goldman and other banks were doing with those mortgages is a bunch of horse manure.
''HOWS YOUR PORTFOLIO GREG''?
Gotta give it to JD. smart.
Please Mr Dimon ld very much like/ need to speak with you.
Remember the last line........"Lehman wouldn't happen today."
joe doe you mean them going under?
Best Interview I have Ever Seen,,,
And here we are in a greatest recession since 1930s! Totally not possible
thats not true.. lmao the stock market is not the economy.
I don't Trust the government" now tha's ritch.
This comment did not age well in the era of Covid.
S**t no wonder this guy is a billionaire and likeable Wall Street billionaire at that. That's as rare as a clouded leopard. 😜
Wow he makes it sound like he was a hero. My recollection is the taxpayer bailed them out with money that they insisted couldn't be questioned or tracked they then paid themselves huge bonuses with the taxpayer money and then hired lobbiest to the tune of 628 million (again tax payer money) to gut any regulations to keep something like this from happening again.
Next financial crisis: over leveraging with naked shorting.
Soooo many people "helping out" God how did this ever not work... Lol
Supreme,Super,Skills.
This guy may have predicted it a week before, but Bury predicted it in 2005 lol.
New to finance , he keeps mentioning 'leverage' what does that mean in layman's terms and what does it mean in this context?
Means debt
For every dollar you have, you owe a dollar. So if you're leveraged 30 to 1, that means you have one dollar, but you owe 30.
He’s his own biggest fan
stupid questions. Dimon is really patient
A year later and Wall Street is Levered up again🤔
Which come first Chicken or the Egg? Finance taking advantage of a weakened regulator environment -1999 the Gramm-Leach-Bliley Act repealed the provisions of the Banking Act of 1933 that restricted affiliations between banks and securities firms.
Glass Steagall should never have been repealed.
A true, blue "MIGJAM" -- "Man, I'm great. Just ask me."