You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.
Jamie DimonIf the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.
Jamie DimonI think the way NOW characterized Smith Barney is disgraceful. I am appalled that an organization like that would not have reserved judgment (until) making their own investigation.
Jamie DimonThe best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one.
Jamie Dimon