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Greenspan: Taxpayers on the Hook to Rescue JPMorgan in Crisis

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Greenspan: Taxpayers on the Hook to Rescue JPMorgan in Crisis Empty Greenspan: Taxpayers on the Hook to Rescue JPMorgan in Crisis

Post by FluteHolder Thu May 15, 2014 10:46 am

http://www.moneynews.com/StreetTalk/Greenspan-JPMorgan-Fannie-US/2014/05/14/id/571400/

“JPMorgan is a Fannie Mae-, Freddie Mac-type of institution, because they are indeed too big to fail, and taxpayer monies will come in behind them to hold them up if necessary,” said Greenspan. He sat on New York-based JPMorgan’s board before his appointment to Fed chairman in 1987.


Bailout Unnecessary
JPMorgan Chief Executive Officer Jamie Dimon, 58, has said his bank didn’t need the $25 billion it took from the Troubled Asset Relief Program, a bailout package designed to rescue major U.S. banks at the height of the financial crisis in 2008. The firm repaid the money.
“We did not borrow from the Federal Reserve except when they asked us to,” so that other banks wouldn’t be tarred by using the funds, Dimon said in a 2012 hearing before the Senate Banking Committee. Amy Bonitatibus, a company spokeswoman, declined to comment on Greenspan’s remarks Wednesday.


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