Jamie Dimon, JPMorgan Chase CEO: Mega-Banks Should Be Allowed To Fail -- The Right Way

03/18/2010 05:12 am ET | Updated May 25, 2011
  • Jamie Dimon washingtonpost.com

Our company, J.P. Morgan Chase, employs more than 220,000 people, serves well over 100 million customers, lends hundreds of millions of dollars each day and has operations in nearly 100 countries. And if some unforeseen circumstance should put this firm at risk of collapse, I believe we should be allowed to fail. As Treasury Secretary Timothy Geithner recently put it, "No financial system can operate efficiently if financial institutions and investors assume that government will protect them from the consequences of failure." The term "too big to fail" must be excised from our vocabulary.

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