Bailed-Out Chase CEO Dimon: People Should Pay Mortgages "Even If They're Underwater"
Chase CEO Jamie Dimon, whose bank received $25 billion in bailout funds from the government, refused to tell CNBC anchor Melissa Francis how the bank is performing this quarter.
"Can you tell me how this quarter is doing for JPMorgan?" Francis asked.
Dimon's brief response: "I can't."
Last October, Dimon was a little more explicit on an earnings conference call:
"I would be shocked if we make lots of money one of these quarters, anyway." Dimon says they're watching investment-banking clients carefully.
Asked for his thoughts about Obama's housing plan, Dimon praised the plan, saying that it was "really elegantly done and really well-designed," adding that JPMorganChase alone will modify over 600,000 loans.
But he took a tough attitude towards home owners behind on their payments:
"I don't think just because someone's underwater they say I don't have to stay there. But they're supposed to pay the mortgage, and we should teach the American people, you're supposed to meet your obligations, not run from them. Because you have a mortgage doesn't mean you should run away as it goes down."
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