JPMorgan CEO says thew worst is yet to come
Someone should tell Hank Paulson this news... unless -- like Cheney -- he too has suddenly been relegated to a wheelchair within hours of the end of his tenure. How many billions of $ do you think those officials who declared the worst was behind us late last summer cost the average American consumer by creating a false and misleading sense of comfort? There is simply no accountability anymore.
And for that matter, if the worse is yet to come (as we all know is it), then how is it that the credit rating agencies are permitted to continue to offer top-tier ratings for the majority of American blue chips and even for the U.S. government? Simple... they are part of the same big-boys network that created our demise in the first place.
JPMorgan chief says worst of the crisis still to come: FT
Jan 14, 2009
LONDON (AFP) — The chief executive of US bank JPMorgan Chase, Jamie Dimon, told the Financial Times on Thursday that the worst of the economic crisis still lay ahead as hard-hit consumers default on their loans.
"The worst of the economic situation is not yet behind us. It looks as if it will continue to deteriorate for most of 2009," he told the business daily.
"In terms of our sector, we expect consumer loans and credit cards to continue to get worse."
Dimon said the bank -- which bought rivals Bear Stearns and Washington Mutual last year -- was prepared for a deterioration in consumer-orientated businesses but if things were worse than expected, it would have to cut costs further.
The interview was published after a fresh wave of selling hit US and European stock markets Wednesday, as an unrelenting flow of bad economic and corporate news sparked fears of a deepening global downturn.