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.
Read More...
More on Financial Crisis
via Google News
No comments:
Post a Comment