Dimon Not a Victim in Bear Stearns Deal: Kelleher

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Oct. 23 (Bloomberg) -- Dennis Kelleher, president and chief executive officer at Better Markets discusses Berkshire Hathaway CEO Warren Buffett’s comments about JPMorgan CEO Jamie Dimon and the deal Dimon got in the purchase of Bear Stearns. He speaks on Bloomberg Television’s “In The Loop.”

When someone as big as warren buffett says i stand by jamie dimon?

The good news is better markets has 15 staff.

Not a one-man band.

We have a couple of different sections now.

I know more in -- warren is terrific but he is not an independent observer.

He has massive investments in the banks.

He made a tremendous amount of money in connection with his investments in the financial crisis.

He is not independent and actually wrong on the facts.

When he says jamie dimon did not get identification.

Jamie dimon was smart.

Jamie dimon was smart enough to get bear stearns at a fire sale price.

Once-in-a-lifetime opportunity.

He bought it for roughly the same amount of the all you mug bear stearns headquarters on madison avenue in new york.

1.5 billion.

He did not get identification -- idemnification.

He did the deal at two dollars per share.

If it goes up to $10 per share you are making it sound like the government was victimized by jamie dimon.

Hang on.

I am only playing doubles the kit.

Remember back in the height of the financial crisis everyone was worried.

At the government needed someone there to buy up these banks that were about to fail.

About to fall.

If he had not brought them up, maybe we would have another lehman brothers crisis here.

We would have lehman brothers in march, instead of september.

History will tell us whether or not what happened in connection with bear stearns was marked were not smart.

The larger point is the myth that j.p. morgan chase and jamie dimon were poor victims and treated unfairly is just not true.

Similarly, when you focus on the settlement, whatever the amount is, which if it is $13 billion, only 9 billion in cash and much less after-the-fact, and importantly does not include any penalties associated with bear stearns or wamu.

We will have to leave it there.

Always great to have you on.

We will be back on "in the loo p." ?

This text has been automatically generated. It may not be 100% accurate.


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