Dimon's Defense of Big-Bank Model: An Exercise in Hubris

April 9, 2015 9:53 PM

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The financial crisis caused by Wall Street has been devastating for the U.S. economy, bringing on a downturn from which we are still emerging. But apparently there are some on Wall Street who still don't understand the effect the collapse they constructed has had on the rest of us.

In a recent message to shareholders, JPMorgan Chase chief executive and chairman Jamie Dimon wrote that many large banks had "no problem" navigating the crisis, whereas many smaller banks failed because of it. (As an example of the community banks that "went bankrupt" because of their own misjudgmen...

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