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January 26, 2012 – Comments (3)

JPMorgan CEO Jamie Dimon had some reasuring words this morning. "The direct impact of a Greek default [on US banks] is almost zero," he said.

Hmm. Where have I heard similar language?

Oh, yes. Alan Greenspan before the last financial crisis:  "I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged." 

3 Comments – Post Your Own

#1) On January 26, 2012 at 10:38 PM, rd80 (98.38) wrote:

"The direct impact of a Greek default [on US banks] is almost zero,"

Makes one wonder what the indirect impact might be.

 

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#2) On January 27, 2012 at 4:13 PM, MaxTheTerrible (85.81) wrote:

Makes one wonder what the indirect impact might be. 

This comment just made my day!

I suppose, it also depends on his definitions of "almost"...

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#3) On January 29, 2012 at 10:27 AM, jmclr (99.30) wrote:

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