Jamie Dimon, the CEO of J.P. Morgan has written an extraordinary letter to his shareholders.
For anyone who wants a clearer understanding of the financial crisis we’re in, and what is needed to prevent another one, this is MUST reading.
Warning: it is long; but it covers the waterfront……….. what went wrong with the financial system, JPM’s part in taking on and controlling risk in the cases of Bear Stearns, and WAMU, why they took TARP money, the inadequacies of regulation, thinking about future regulation and structure, and much more. It is the clearest piece I have read. You’ll understand after reading it, why JPM is standing above its competitors.
Click HERE to go to the JPM site, then click on Letter to Shareholders