The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 19 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Dimon: $5B Mortgage Penalties Led Him to Never Trust the Government Again
“They made us pay five billion dollars on the more, the bad mortgages that Bear Stearns had done, and that's what made me make the statement I wouldn't do it again. I wouldn't, put it this way, I don't know how to say this, I wouldn't really trust the governmen…”
Dimon: An Unrescued Bear Stearns Would Have Triggered Immediate Financial Collapse
“It would have been gone, and the crisis would have just unfolded”
Dimon: Citigroup's conglomerate acquisitions like truck leasing lacked strategic fit and added risk
“Whereas, you know, Citi had consumer, consumer finance, that didn't fit. Life insurance, that didn't fit. Property, that didn't, they eventually got rid of them all. Sandy just wanted to do more of them. You know, he bought an American general, which did truck…”
Dimon: 80% of Federal Mortgage Settlement Targeted Bear and WaMu Conduct
“80% of what they're asking for related to Bear Stearns and Wamuu, not JPMorgan Chase.”
Dimon: JPMorgan merger required 75% board vote to deny him CEO role
“Inside the merge agreement, and this is almost unheard of, when we get the premium, is that to not have me become CEO 18 months later, 75% of the board would have to vote me out. And the board was eight Bank One people and eight J.P. Morgan people.”
Dimon: JPMorgan Wrote Off Bear Stearns' Entire $12B Tangible Book Value
“It was three hundred billion of assets and a twelve billion dollar book, tangible book value. We wrote off the whole tangible book value in the, when we bought the company to pay, we had to liquidate the loans.”
Dimon: JPMorgan bought WaMu at a $30B discount to book value
“We bought it for a thirty billion dollar discount to tangible book value. Because they had debt, and we left the debt behind. And so, and that thirty billion was approximately what the mortgage loss was gonna be.”
Dimon: JPMorgan Would Still Rescue the Financial System, but With Legal Protections
“If the government called me up, they did it again. If they called me again and said, we need your help to save our country, well of course I'm gonna, I'm a patriot that way. I just, I would just try to come up with some ways to avoid the punishment by the next…”
Alphabet generates more net income than any other U.S. company
“Google, and I should say Alphabet today, generates more net income or profit than any other U.S. Company. More than Apple, Microsoft, Exxon Mobil, JPMorgan Chase, Berkshire Hathaway.”
Dimon: JPMorgan raised $11B equity days after acquiring WaMu
“The next day, or two days later, I went in the market, raised another eleven billion dollars of equity, which I didn't really need, but again, this is my conservatism I was like, you know what, this could get even worse, and I don't want to be short capital li…”
Dimon: JPMorgan hired 500 venture bankers but admits SVB is still better
“We have a whole campus in Palo Alto now. We've hired 500 innovation bankers. We cover venture capital companies. We're not as good as they are yet. We're gonna get there because we're organized slightly differently”
Dimon: JPMorgan Chase bans side deals and transaction-specific compensation
“So today at JPMorgan Chase, there are no, you know, we do do things, but, and I know some of my partners in the room here, but we all know about it. There are no winks. There are no nods. There are no side deals. There's almost no one paid on a particular thin…”
Rosenthal: Enron bank settlements totaled $7.2B, paying $6.79 per common share
“Well, in September, The whole suite of settlements with a whole variety of banks, JP Morgan, Citigroup, various others, come in for a total of 7.2 billion dollars coming into this rotting carcass of Enron, which results in a distribution of six dollars and 79 …”
Rosenthal: Rockefeller netted $80M from the U.S. Steel consolidation
“In a roundabout way, he ends up owning a significant amount Iron mining and ore deposit operation that ends up getting rolled up into U.S. Steel when J.P. Morgan rolls up U.S. Steel.
J.P. Morgan, not the bank, the person, rolls up U.S. Steel.
Which is, of cour…”
Dimon will lead JPMorgan Chase as long as he has energy
“So in my hierarchy of life, the most important thing is my family still is. The second thing is my country, because I think this country is the indispensable nation that brought freedom of speech, freedom of religion, freedom of enterprise. Which we have to te…”
Dimon: Major US banks dropped to $1B-$3B valuations during 1990 real estate crisis
“In 1990, all these banks, JP Morgan, Citi, Chase, Chemical, were all taken to their knees by real estate losses, and they were all worth about a billion dollars.
I remember, I think Citi was three billion at the time, and the other ones were about a billion do…”
Dimon: JPMorgan spends around $800M annually on cybersecurity
“We spend eight hundred million dollars a year or something on it. We educate people on it.”
Amazon and JPMorgan Chase control three of five payment network parties
“JPMorgan Chase is the merchant bank and JPMorgan Chase is one of the largest issuing banks for cards in the world, and so the Amazon Chase credit card that I have and I do all my shopping on Amazon with and all my shopping at Whole Foods with is able to give m…”