Link

Jamie Dimon Claims He Tried To Save Lehman Brothers In 2008

Jamie Dimon Claims He Tried To Save Lehman Brothers In 2008

Jamie Dimon now claims that he and his bank, JPMorgan Chase, labored to prevent the 2008 collapse of Lehman Brothers, according to documents filed in federal court this week. That assertion directly contradicts the conventional understanding that the bank effectively exploited Lehman’s vulnerabilities for its own gain.

“We took huge exposures to keep Lehman alive,” Dimon said during a Feb. 23 deposition conducted as part of a lawsuit filed against JPMorgan by the Lehman Brothers estate, which is seeking $8.6 billion in damages.

Dimon’s characterization during the deposition stands in stark contrast to accounts of executives at other financial institutions, who assert that JPMorgan’s threats to cut off Lehman’s financing sent the bank into a death spiral.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s