We invested in the downturn and we never stopped serving our clients. Jamie Dimon More Quotes by Jamie Dimon More Quotes From Jamie Dimon A lot of these things have hurt the average American. When they look at the banks and they say, "Well, the bank's talking its own game," I am telling you, what we've done in mortgage lending, our inability to have proper regulations around mortgages, has hurt average Americans. First-time buyers, immigrant buyers, prior defaults, self-employed, because they can't get a mortgage. Will it make a big difference to JPMorgan Chase? No, but you're hurting my fellow citizens. Let's go at it, and let's fix it. Jamie Dimon mortgage done hurt When people talk about people being left behind - middle wages have not gone up for years, and we should recognize that, and there I think we need growth and skills - but there are these other people who have been left behind. When I say out loud, "Fifty percent of inner-city schoolkids do not graduate from high school," that is a national catastrophe. We should be ringing the alarm bells. It's not fair. Jamie Dimon people school thinking I wanted to start by saying that the eurozone - there are two reasons they formed the European Union. One is for political peace and rationalization. And I think that's a good thing for a continent that went through hundreds of years of wars. Jamie Dimon war two thinking I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be. Jamie Dimon regulation made believe I don't think that [normalization] necessarily is going to damage the emerging economies. Jamie Dimon damage economy thinking Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital. Jamie Dimon use people thinking Europe is the most complicated place, in my opinion. Jamie Dimon opinion complicated europe The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one. Jamie Dimon bases things-to-do exit I don't mind paying higher taxes, because I've done quite well and I'm blessed to live in this country. Jamie Dimon blessed mind country No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen. Jamie Dimon banking assuming years If you went to all those little towns in America, JPMorgan was there in good times and bad times, and, in fact, helped a lot of people through the tough times. And we know that's when they need us the most. Jamie Dimon tough-times america people People need to understand: Businesses are going to make mistakes. They shouldn't be shot and hung every time. We should apologize for it. We should make up for it. My shareholders paid for it. No customer was hurt, which is critical to me. But I hurt my shareholders, and I wish I hadn't. Jamie Dimon hurt mistake people We've made a huge effort globally and in the US, in getting kids jobs. This is one piece. The South Bronx and inner-city schools need it more than most. It's our hometown; JPMorgan Chase banks a lot of people here. If you see the school, it works. Kids all getting jobs, they're smiling, they're proud of themselves. That's what we need to do in inner-city schools. Jamie Dimon kids people school I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero. Jamie Dimon fickle zero government I think the free-enterprise system has been great for society. That doesn't mean it's completely perfect. And also, when people say capitalism, I'm not really sure what they mean. Jamie Dimon mean people thinking Look, in any system, you want highly ethical people who really understand issues to form policies and make tough decisions. You need all the right people in the room. But there's a general view in Washington now by many politicians that if you ever were on this side, you're conflicted for being on that side. Jamie Dimon issues views people If you were a corporation needing financial services, and I can give you something better, faster, and cheaper across 12 products as opposed to eight, that's business. I'm doing it because I'm serving you; I'm not doing it because I want to be universal. Jamie Dimon eight want giving I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it. Jamie Dimon chinese government strong A bank is a relationship. I can't desert you and expect to have a strong relationship afterward. If I told someone, "I know you've been buying milk from me and you need milk to survive. But the price is no longer $2 a gallon. It's going to be $40 a gallon. I'm going to bankrupt you." What do you guys think of me? You would hate us. Jamie Dimon hate strong thinking Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get. Jamie Dimon banking country people
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