JPMorgan Chase & Co. (JPM:US) Chief Executive Officer Jamie Dimon, who reached a $13 billion settlement to resolve mortgage-bond disputes, said he was surprised by costs tied to the purchase of Bear Stearns Cos.
“It was a house on fire, it was imploding,” Dimon said today on a conference call when asked about how he views the 2008 acquisition. “We did it because we were asked to. We never expected this kind of stuff to happen.”
JPMorgan, now the biggest U.S. lender by assets, completed its rescue of Bear Stearns after the Federal Reserve agreed to take control of a $30 billion portfolio of mortgage-linked assets. Today’s deal includes costs tied to Bear Stearns, JPMorgan said. Dimon, 57, declined to provide specifics about New York-based JPMorgan’s returns on the 2008 deal.
“We’ll do a post-mortem later,” he said. “We’re just trying to get the stuff resolved for now.”
To contact the reporter on this story: Zachary Tracer in New York at email@example.com
To contact the editor responsible for this story: Peter Eichenbaum at firstname.lastname@example.org