Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Jamie Dimon says Libra will never happen, and he wishes he could take JPMorgan private

Jamie Dimon says Libra will never happen, and he wishes he could take JPMorgan private

Jamie Dimon doesn't think Libra, Facebook's embattled cryptocurrency project, will ever get off the ground.

"It was a neat idea that will never happen," the JPMorgan Chase CEO said on Friday at an event organized by the Institute of International Finance, according to a video posted by CNBC.

Libra has been criticized by politicians, raised privacy concerns and lost support from Visa (V), MasterCard (MA) and other founding members.

Dimon didn't explain why he thinks Libra will fail, though he did question the novelty of it. "We already have stable coins. They're not the first to do that," Dimon said.

JPMorgan (JPM) launched its own digital coin earlier this year, becoming the first major American bank to do so.
"It's backed by a dollar, so it's really stable," Dimon said.

Unlike JPM Coin, Libra would be backed by a fixed basket of reserve currencies.

Neither Facebook nor the Libra Association responded to requests for comments.

But David Marcus, who leads the Libra effort at Faceboo, (FB) recently expressed confidence in the project despite the loss of early supporters.

"I would caution against reading the fate of Libra into this update," Marcus said last week on Twitter, after several companies said they would exit the association.

"Of course, it's not great news in the short term, but in a way it's liberating. Change of this magnitude is hard. You know you're on to something when so much pressure builds up," he said.

Dimon has a history of making outlandish comments about cryptocurrencies. He once called bitcoin a "fraud" and predicted that governments would "crush it." He even threatened to fire any of his bankers if they traded it. The JPMorgan boss later expressed regret for the comments and acknowledged bitcoin is "real."


Dimon wants JPMorgan to go private

Meanwhile, Dimon on Friday ran through a list of complaints about the difficulty of being a public company today. He cited onerous reporting requirements, "farce" shareholder meetings and the threat of potentially "crippling" litigation.
"We are driving companies to the private market," Dimon said. "I would go private if I could. Being a public company has real negative downsides to it."

Going private is not really an option for JPMorgan. It's America's largest and most important bank. And JPMorgan is valued at nearly $400 billion, making it far too rich for any would-be buyer.

Still, to Dimon's point, the number of publicly-listed American companies is shrinking, down by about about 50% in the last 20 years, according to Vanguard.

Morgan Stanley CEO James Gorman, who shared a stage with Dimon, argued that there are some "joys" to being a public company. He cited the ability of companies to sell shares, and the credibility of being vetted by institutions like the SEC.
But Gorman agreed that there are disadvantages, including the need to devote time and resources towards reporting quarterly results. He suggested one way to ease the burden would be to only release revenue every three quarters, with a full earnings release coming twice a year.

"The funny thing about quarters is they come around with alarming frequency," Gorman joked.

The Morgan Stanley (MS) CEO also pointed to the burden of holding shareholder meetings, often in front of scant audiences.
"We have more security guys in our shareholder meetings than shareholders," Gorman said. "It's kind of insane. You're sitting there talking to three people."


'Probably' no recession

One thing shareholders are worried about these days is how long the economic expansion, already the longest in American history, will last.

Dimon acknowledged that businesses are slowing investments because of fears about the trade war. However, he said American households are still strong - and consumer spending remains the biggest part of the economy.

That's why Dimon said the slowing business investment "probably" won't cause the United States to tumble into recession.
And if there is a recession, he feels confident that tough regulation imposed after the 2008 financial crisis will prevent another meltdown.

"Lehman simply wouldn't happen," Dimon said, pointing to strong capital requirements and the legal authority granted to the FDIC to take over a bank that is collapsing as Lehman Brothers did.

He also dismissed the concern voiced by former FDIC chief Sheila Bair and others that regulators have unshackled America's banks by dismantling the post-crisis guardrails.

"These are teeny, weenie little adjustments at the margin that make virtually no difference," Dimon said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
United Nations Calls for Global Action Against Disinformation and Hate Speech Online
Tucker Carlson warns of an inevitable clash in Western societies over mass migration
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Poland's President Karol Nawrocki ENDS support for Ukrainian citizens:
Italy's PM Giorgia Meloni highlights record employment and economic growth
Chancellor Friedrich Merz Re-elected as CDU Leader, Opposes AfD Influence
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
UK Government Considers Law to Remove Prince Andrew from Royal Line of Succession
Two teens arrested in France for alleged terror plot.
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Greek Prime Minister Kyriakos Mitsotakis advocates for a ban on minors using social media.
Meanwhile in Time Square, NYC One of the most famous landmarks
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Former President Yoon Suk Yeol Sentenced to Life in Prison for Abuse of Authority
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
German Chancellor Friedrich Merz calls for real name use on social media.
Italian Police Arrest Man After Alleged Attempt to Abduct Toddler at Bergamo Supermarket, Child Hospitalised With Fractured Femur
British Tourist Arrested at Hong Kong Airport After Meltdown and Vandalism
European Commission Plans Purchase Incentives Limited to Vehicles Manufactured Largely in the EU
French District of Pas-de-Calais Introduces Immediate License Suspension for Drivers Using Mobile Phones
Volkswagen Targets €60 Billion in Cost Reductions as Sales Decline and Global Pressures Intensify
Eighty-Year-Old Lottery Winner Sentenced to 16.5 Years for Drug Trafficking
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Poland's President Advocates for Evaluating Independent Nuclear Weapons Development
Mayor of Serdobsk in Russia’s Penza Region Resigns After Housing Certificates Granted to Migrant Family Trigger Public Outcry
China’s EV Makers Face Mandatory Return to Physical Buttons and Door Handles in Driver-Distraction Safety Overhaul
UK Green Party Considering Proposal to Legalize Heroin for an Inclusive Society
OpenAI and DeepCent Superintelligence Race: Artificial General Intelligence and AI Agents as a National Security Arms Race
We will protect them from the digital Wild West.’ Another country will ban social media for under-16s
Heineken announces cut of 6,000 jobs due to declining beer demand
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Belgium: Man Charged with Rape After Faking Payment to Sex Worker
KPMG Urges Auditor to Relay AI Cost Savings
Canada Opens First Consulate in Greenland Amid Rising Geopolitical Tensions
China unveils plans for a 'Death Star' capable of launching missile strikes from space
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Global Shifts in War, Trade, Energy and Security Mark Major International Developments
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
×