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July 9, 2008

An Hour with Jamie Dimon

Must watch: Charlie Rose in an hour-long discussion with JPMorgan CEO Jamie Dimon.

After watching it, go read selectively from the viewer posts -- including some scathing stuff from at least one ex-JPM employee -- on the Charlie Rose site. For his part, and to his credit, Dimon explicitly takes on his critics, explaining why he thinks claims of "moral hazard" are wrong-headed and stupid, like refusing to save a drunk who was drowning. He also has a nice line justifying the $2 original Bear share price, saying that "buying a house and buying a house on fire" are different things.

Somewhat surprisingly, Dimon gives considerable credence to rumors that the downfall of Bear Stearns was orchestrated. He says "Where there's smoke, there's fire", calls for an SEC investigation, and says it wouldn't surprise him if there was more to Bear's collapse than mere leverage.

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