Jamie Dimon On The 2008 Crisis
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- เผยแพร่เมื่อ 11 ก.ย. 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
“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…
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
Someday Brad Pitt will play Jamie Dimon in a movie. I’m calling it.
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
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
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 one was the best of all the extended cuts!
“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
This guy is sharp as a diamond point tack.
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
Good interview......really insightful.
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.
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
great interview, both ways...
This interviewer is excellent!
Great interview! Love to hear Jamie Dimon.
Usually asset prices decreasing is seen as equally an opportunity as a cost.
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 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
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?
People didn't know but this country was like 72hrs away from people not being able to get funds from ATMs back then.
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...
"We" were the "good" guys
way too much editing shame on them
How did i get an ad in 3045
It's impossible to understand what Andrew is saying at 9:30, something about 'bank holding companies.'
"It was just a day late, a dollar short." 8:29
Why did youtube put this in my feed today? One day after the First Republic bailout 🤔
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.
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...
“Repo is done properly now” 🙃
Who is the journalist ?
He was great !👑👑👑
I want to follow him.
Thanks
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.
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 was a banking crisis, not a financial crisis. A financial crisis is in the post later this year.
Its 1 year later and were about to have another one.
😐 WOW, I didn't know that he became a CEO in 2005th, i.e. after the ball started rolling down.
All we need the skill convincing and sound good we get ahead
they have cut too much of his honest answers.
9:55 4:15
Interviewer looks like Jimmie Fallon cross Bradley Cooper
Mr. Dimon has a tendency to speed up at the end of his sentences.Subtitles would help.
When is Billions season 4 coming out? My assholeness from the other episodes are wearing off
lolol
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.
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?
Reinstate the Glass Steagal Act.
2008 haunts me too
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?
Whoa… he sounds just like Tim Apple 😂
Little did he know…
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.
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.
Why does Mr. Dimon know not to come back to 85 Broad Street?
"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
''HOWS YOUR PORTFOLIO GREG''?
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!!!
Thank you JP Morgan Chase
There always be next crises, just matter of time
@sanket... : Yes and every crisis is an opportunity.
Justice
Tomorrow is September 15. Eve of the Leahman filing for BK
i have to go check my memory, right
JAMIE YA GOTTA COME
One of the best bankers in modern history
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
And industries oversea. All we need the agriculture.
This guy is like Richard Gere, ages very well
I forgot billy joel knows you're my dad 😂😂😂
Remember the last line........"Lehman wouldn't happen today."
joe doe you mean them going under?
Well I guess he was wrong about another financial crisis. Now he is talking about a hurricane.
Time served =. O
hellbound
one of the smartest scammers out there
People hate on a lot of guys in finance but what has Jamie Dimon done wrong? Hes got a pretty clean history
@Christianity Boxing Mafia nah
And here we are in a greatest recession since 1930s! Totally not possible
thats not true.. lmao the stock market is not the economy.
He cashed in on all those morgage fees of morgages he new would never be paid.
Goyotero1000 what about the dumbasses who took mortgages they couldn’t repay? I agree that a lot of the 2008 head execs should have been punished I actually think they should have been jailed the guys who ran their companies into the ground. JP paid their 25B back tho from TARP.
flowerz - you can’t really point the finger there.
The banks were selling the pipe dream of home ownership.
Half the people they gave loans to weren’t competent to understand how arm and everything else worked. They didn’t understand they couldn’t afford the house. The banks did. They didn’t care because they were just selling the bank note on open market anyways. In the end they knew they weren’t the suckers actually having to back them
I’ll put it like this. We have lemon laws on cars. Don’t on banking products though.
Some of these financial products are so sophisticated you need a PhD in financial law to explain them to you.
Also if our government or fed would have stayed out the market and not backed these loans or offered banks low or no interest like they did the bankers wouldn’t have been as drunk and wouldn’t have had the funds to be as predatory as they were.
Shame on you for blaming the common man
Selebrity 152 mate I said the execs should have been jailed. I blame them a lot for this. I’m just saying, your average bloke knew they couldn’t pay the mortgages they were taking. It doesn’t take a rocket science to know if you make 1500 a month you probably can’t afford a 1200 mortgage... I’m just saying OP said oh they cashed in on the mortGages that they knew ppl couldn’t pay.... the people knew they couldn’t pay either!! 100% it doesn’t take a PhD to know that. You are right about some of the other financial products but that is another story and is why I think these execs should have been jailed.
@@Flowerz__ you are they type of person who believe the propaganda. They floated the narrative that this crisis was societies fault. But in reality, it's their fault because they kept betting on our mortgages. They bet 10x more money than was actually out there in the market. If they would have kept our loans on their books, the market wouldn't have collapsed. We didn't make this crisis, they did.
flowerz I hear you. Here in America though people really are that stupid. Most of the people that took those mortgages seriously did or at least at first figured they can afford. The 2 big problems were the fine print in arm mortgages and when the economy tanked allot of people lost they’re jobs. If the banks wouldn’t have gambled most people wouldnt have lost they’re homes. That’s my argument at least
But yeah my bad. Majority of it not all should go out to lenders. That’s other people’s money they were gambling with. Some how the people still trust them
Dad if disney says no I can always write for DreamWorks
So CNBC is trying to say everything is fine, lol. Time to worry :/
CNBC are you guys releasing these videos because of the imminent crash that’s coming?? National debt is 3X what it was in 2008.
Warning signs all over the place
Yep it's coming. JPMC is predicting 2020
@@euenfheiejrj exactly next presidential elections are gonna be crazy
Lmao
@@zolozek3327 its Republican 101...crash the economy and increase deficit for the next Democratic president then complain that they aren't fixing the economy fast enough and suddenly care about the deficit again.
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.
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
What is wrong with the interviewers left eye? Lost interest when he reappeared on screen.
He has a coloboma
It's like the lid is drooping ❤
If these banks financed homes in the 2000's in the same manner they would have with personal and business loans, there might have been a different outcome.
@Xenta... : Real estate loans have always and will always be treated in the vastly different manner than business and personal loans. To suggest they should be the same is just plain silly.
@@buildmotosykletist1987 True that these two types of loans are different animals but I would hope that income varification and credit worthyness should be something they both share equally.
Only in america can you create a mess and get rewarded handsomely and praised for it.
Gotta give it to JD. smart.
I'm waiting for Jamie Simon and the 2020 crisis
What do u mean lol it’s a pandemic lol not much you could do
@John G : Well, it's now 2022. Are you still waiting ?
@@buildmotosykletist1987 close my man :)
He’s his own biggest fan
Smartest banker on earth.
Supreme,Super,Skills.
He is one of the operator of the market common on
Dude literally looks like a guy out of the 1700s one of the founding fathers.
Really? Powdered wig technology must be really advanced because I can't see it...
I don't Trust the government" now tha's ritch.
This comment did not age well in the era of Covid.
Well this video didn't age well. Little over 3 yrs later and we're about to be in a crisis worse than 08
This guy may have predicted it a week before, but Bury predicted it in 2005 lol.
We are all going bankrupt, 🤦🏻♂️🤷🏻♂️
A year later and Wall Street is Levered up again🤔
Glass Steagall should never have been repealed.
Soooo many people "helping out" God how did this ever not work... Lol
Best Interview I have Ever Seen,,,