On his first trip to SA, JPMorgan Chase chairman and CEO Jamie Dimon relates how he came through the crisis substantially better than his peers Not only once has JP Morgan Chase acted as the last line of defence in the financial crisis. Who knows how much worse the 2008 credit crunch would have been if the investment bank had not agreed to buy Bear Stearns, the number five investment bank, in March, and Washington Mutual, the sixth- largest US commercial bank, in September?On his first trip to SA, JPMorgan Chase chairman and CEO Jamie Dimon relates how he came through the crisis substantially better than his peers, such as Chuck Prince at Citi and Fred Goodwin at the Royal Bank of Scotland. Governments had to be brought in to rescue their banks. "There was an illusion that selling bad mortgages to clients with no prospect of paying them back was working out; there were no defaults for years so long as the value of properties increased." JPMorgan Chase has been a serial ...
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