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Dimon: We need to be allowed to fail (Reuters TV)

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Appearing before the Senate Banking Committee, Jamie Dimon, CEO of JPMorgan, was asked what he learned from this “problem” referring to the bank losing $2 billion “Never ever get complacent in risk. Challenge everything. Make sure people on risk committees are always asking questions. And that you have very, very granular limits when you’re taking risk. In the rest of the company we have those disciplines in place. We didn’t have it here. That’s what caused the problem.” Dimon also commented on “too big to fail”. “We have to get rid of anything that looks like too big to fail. We have to allow our big institutions to fail. It’s a part of the health of the system, and we shouldn’t prop them up. We have to allow them to fail. I go one step further, you want to be sure that they can fail and not damage the American economy and the American public.”