Trump: JPMorgan's Dimon Brought Problems on Himself

Tuesday, 12 Jun 2012 09:09 AM

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JPMorgan Chase CEO Jamie Dimon is dealing with regulatory probes and even a congressional inquiry over a botched trading hedge that cost the bank $2 billion.

Much of this scrutiny could have been avoided if Dimon hadn't made a big issue about it and instead, chalked it up as a bad business decision and moved on.

"Rather than treating this as a deal gone bad, he treated it as something that should have never happened and he scolded everybody and fired people and made a big deal out of it. I mean, really, he should have treated it much differently," Trump tells CNBC.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

"They made money by doing these trades and now they lost money and I think he just should have viewed it as a business transaction and not taken the kind of heat that he's taken. It's really hurt his reputation. It certainly hurt the stock price by billions and billions of dollars. And I think he should have treated this as a deal gone bad as opposed to this catastrophic event."

Dimon is due to appear before Congress to discuss the loss, initially estimated at $2 billion, where lawmakers will gauge if the bank broke any rules or regulations or caused systemic risk.

To date, Dimon has admitted sloppiness but has stopped short of admitting wrongdoing.

"The main question on people's minds is how did this happen?" says analyst Jason Goldberg of Barclays, according to Reuters.

"People don't understand how something can go from nothing to something in relatively short order and not be detected until it was too late."

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here




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