JPMorgan Chase's Bear Stearns Buy Lost Bank $10 Billion, CEO Jamie Dimon Says

Dimon On Bear Stearns Buy: 'I'd Put It In The Unfair Category'
FILE- In this Wednesday, June 13, 2012, file photo, JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies before the Senate Banking Committee on Capitol Hill in Washington. All eyes will be on JPMorgan Chase on Friday, when it becomes the first U.S. bank to report financial results for April through June. The $2 billion trading loss by the largest U.S. bank rattled the company's stock price, triggered a U.S. government investigation and hurt both its reputation and that of CEO Jamie Dimon. (AP Photo/J. Scott Applewhite, File)
FILE- In this Wednesday, June 13, 2012, file photo, JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies before the Senate Banking Committee on Capitol Hill in Washington. All eyes will be on JPMorgan Chase on Friday, when it becomes the first U.S. bank to report financial results for April through June. The $2 billion trading loss by the largest U.S. bank rattled the company's stock price, triggered a U.S. government investigation and hurt both its reputation and that of CEO Jamie Dimon. (AP Photo/J. Scott Applewhite, File)

WASHINGTON, Oct 10 (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.

"I'm going to say we've lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category," Dimon said, speaking at a Council on Foreign Relations event.

Dimon said the losses come from litigation and writedowns, among other expenses.

Last week, JPMorgan was hit with a fresh civil lawsuit from the New York attorney general, seeking to hold the bank accountable for allegations that Bear Stearns deceived investors buying mortgage-backed securities.

"Would I have done Bear Stearns again knowing what I know today? It's real close," Dimon said.

Before You Go

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