Dimon
What if Tim Geithner left?
Submitted by Matt Jacob on 23 November 2009 - 4:52pm. Dimon Geithner TARP TarpTales.orgTreasury Secretary Tim Geithner is under such intense criticism these days that some observers are openly speculating who — if anyone — might be waiting in the wings if Geithner vacated this key cabinet post. One name that's being floated is Jamie Dimon, the CEO of JP Morgan Chase.
So what do we know about Dimon and how he views the way the government responded to last year’s financial crisis?
Even though JP Morgan Chase employs more than 220,000 employees, Dimon has written that he rejects the "too big to fail" mantra. According to Dimon:
... if some unforeseen circumstance should put this firm at risk of collapse, I believe we should be allowed to fail.
On the other hand, Dimon does not support legislation to cap the size of a financial institution:
Artificially limiting the size of an institution, regardless of the business implications, does not make sense. The goal should be a regulatory system that allows financial institutions to meet the needs of individual and institutional customers while ensuring that even the biggest bank can be allowed to fail in a way that does not put taxpayers or the broader economy at risk.
CREW has been pressing federal officials for greater transparency and oversight of TARP funds. We created the blog TARP Tales to post and monitor developments — the latest news stories and reports can be found there.
Earlier this month, CREW filed a lawsuit against the Board of Governors of the Federal Reserve System, challenging the Board’s failure to produce records that identify the recipients of the Board’s financial assistance over the last six months. Our lawsuit seeks to know the amount each institution received and the terms of the assistance.


