Thursday, April 5, 2012
Pay No Attention To the Man Behind The Curtain: Dimon says JPMorgan doing just fine
Yes Munchkins, Jamie Dimon’s got a stock tip for Wall Street: Buy JPMorgan. The bank’s outspoken chief exec touted shares of his own company while railing against a raft of new regulations in his widely read annual letter to shareholders released late yesterday. Dimon said even though banks have faced a host of challenges, including lower profits due to a raft of new rules that make financial firms look “uninvestible,” he still believes banks are good investment bets.
“As all of these issues are resolved, we will be left with a stronger and more competitive company, our earnings will be higher,” he wrote.
In his annual missive, which has become a favorite read of investment guru Warren Buffett, Dimon claims new liquidity rules forcing banks to set aside more money in case of catastrophes have hampered the market’s emergence from the 2008 market meltdown...
Read more: http://www.nypost.com/p/news/business/letter_of_credit_L5KGkqlXuKv1GulyZmbF9N