11/30/2009 05:12 am ET Updated May 25, 2011

JPMorgan's Jamie Dimon: Banks Shouldn't Be Too Big To Fail, Except When They Are

Sept. 30 (Bloomberg) -- It was surprising to hear JPMorgan Chase & Co. Chief Executive Jamie Dimon say, "It would be a very bad long-term policy error to have banks that are too big to fail."

Dimon, after all, runs one of the biggest members of the too-big-to-fail club. Things became clearer when he quickly added, "By that I don't mean make the banks smaller. We're large because we have a reason to be large."