JP Morgan Chase CEO Jamie Dimon, suddenly in the spotlight over billions of dollars in trading losses, said he understands the frustration of protesters who blame Washington and Wall Street for the nation’s economic woes.
"I understand that frustration,” Dimon told NBC’s David Gregory in an interview taped for Sunday’s “Meet the Press. “I understand the frustration at inequity. We’ve become a little more inequitable, and I don’t think that’s a good long-term thing for society.”
The blunt-talking bank CEO has been widely admired for his ability to steer the nation’s largest bank through the worst financial industry meltdown since the Great Depression. But Dimon slipped off his pedestal this week when he disclosed that the bank had lost at least $2 billion over the past six weeks in what he called a “flawed” hedging strategy that could lead to even bigger losses as it unwinds over the coming months.
“These were egregious mistakes,” Dimon said in a hastily called conference call Thursday. “This is not how we want to run a business.”
The disclosure has led to renewed calls for tighter regulations on banks. JP Morgan stock fell 7 percent.
In the interview with Gregory, taped before the losses were disclosed, Dimon said he sympathized with Occupy Wall Street protesters and others who feel let down by some of the nation's institutions, broadly defined as Washington and Wall Street.
“I blame both of them,” he said. “(But) I think when you go beyond that and blame every single banker, every single politician, every single bank, no, that’s not true. A lot of banks were ports in the storm. … That should be recognized too.”