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Sunday, 25 December 2016

Why Barclays CEO Staley Opted for War When Dimon Chose Surrender - Bloomberg

Why Barclays CEO Staley Opted for War When Dimon Chose Surrender - Bloomberg:

"When the U.S. was seeking a record-breaking payment from JPMorgan Chase & Co. for the sale of toxic mortgage-backed securities three years ago, Jamie Dimon went to Washington to sit down with Eric Holder, then the attorney general. Dimon, normally an outspoken critic of regulatory overreach, sought to make peace.

“I didn’t go pounding the table,” the JPMorgan chief executive officer recalled later in a Bloomberg Television interview. “I said, Eric, I’m here to surrender. You’re my judge and my jury. I have no choice.” A month later, the two sides reached a $13 billion settlement."



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