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Ineffective regulation creates a false sense of confidence that causes people and markets to be less diligent than they otherwise would be.
March 27 -
Arguably the most important point of a Senate hearing investigating JPMorgan's Whale trades was the picture that emerged of a bank that didn't understand its risks and a regulator that couldn't keep up either.
March 15 -
William B. Harrison Jr., who helped create JPMorgan Chase, on Tuesday offered a resounding defense of megabanks and the good he said they do for customers and investors.
January 9
As JPMorgan Chase (JPM) faces a flurry of unflattering scrutiny and regulatory pressure, its former chairman and chief executive staunchly defended the megabank that he helped create.
"I am very happy with the position that JPMorgan Chase is in today," said William B. Harrison, Jr. in a video interview on Monday. Harrison, who remains active in the corporate world through board memberships,
A decade ago Harrison helped assemble the modern JPMorgan Chase via a series of mergers. They included the 2004 acquisition of Dimon's Bank One for $59 billion.
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Harrison's defense comes at a time when JPMorgan Chase and Dimon are facing intense pressure in Washington and beyond. This month, a Senate subcommittee
On Wednesday, the New York Times highlighted what it characterized as the "
Harrison, speaking more than a week after the most recent Senate hearing, was sanguine about the bank's ability to weather any remaining London Whale backlash.
"It'll pass, because JPMorgan is highly capitalized, earning a lot of money, they have great leadership positions, and they have the best CEO in the industry by far," he said. "I think they're extremely well positioned, and I'm excited about it. … The bank is doing great."
Further excerpts of William Harrison's interview with American Banker will be posted in coming days.