Jamie Dimon On The 2008 Crisis

In a conversation with CNBC's Andrew Ross Sorkin, JPMorgan CEO Jamie Dimon details the events leading up to the 2008 financial crisis. Ten years later, he says he doesn’t trust doing business with Washington because “the next government can do whatever they want.”

Watch the premiere of the CNBC Original “Crisis On Wall Street: The Week That Shook The World” Wednesday, Sept.12 at 10pm ET/PT.

Ten years after the fall of Lehman Brothers, CNBC has produced the definitive televised account of the historic bankruptcy and cascade of events over a September weekend in 2008 that led to the worst financial crisis in generations. In this prime time original documentary, Andrew Ross Sorkin, CNBC anchor and author of the groundbreaking best-seller "Too Big to Fail," reports on how the nation and the world came as close as ever to a full economic collapse.

The story is told through gripping interviews with those at the highest reaches of the U.S. government as well as the CEOs of the nation’s largest banks who gathered to try to save Lehman Brothers from failure. Wall Street chiefs Jamie Dimon, John Thain, and others describe dramatic, around-the-clock negotiations. Former U.S. Secretary of the Treasury Hank Paulson tells of the desperate moment when he realized that a Lehman bankruptcy could bring down the world’s financial system.

Could a financial crisis of this magnitude happen again? Sorkin puts that question time and again to the people gathered for this CNBC documentary, who shouldered the fate of the world’s finances and who recall the nightmare scenario they faced down ten years ago.

"It would be breadlines across the country for a generation,” former president of the N.Y. Federal Reserve Tim Geithner told Sorkin. “We did feel that we were making choices and faced with outcomes that would be devastating to the lives of hundreds of millions of people."

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Jamie Dimon On The 2008 Crisis | CNBC

[DonaldMark-nese]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[letitmatter]

“If I’m playing tennis with you, I wanna beat you but if you’re having a heart attack, we stop the game and we try to help.” - great line

[clemmonswest]

Someday Brad Pitt will play Jamie Dimon in a movie. I’m calling it.

[WestonScally]

What's the best approach to capitalize on the current market conditions? I'm deliberating on whether to diversify my $150k stocks portfolio. How should I reallocate stocks in my portfolio to mitigate against a crash?

[Dustinwhy]

I don’t think most Americans realize we were about 48hrs away from your ATM card not working.

[dave]

He’s amazing. It’s virtually impossible to tell exactly when he’s lying.

[goodfellabeats]

I feel like they edited this video too much. There seems like there are a lot of gaps in his answers.

[HighPorte]

He knows what he's talking about. His bank did not suffer nearly as much as others.

[Gitfiddle]

This guy is sharp as a diamond point tack.

[sedditguy]

“It is not the critic who counts;
not the man who points out how the strong man stumbles,
or where the doer of deeds could have done them better.

The credit belongs to the man
who is actually in the arena,
whose face is marred by dust and sweat and blood;
who strives valiantly;
who errs,
who comes short again and again, because there is no effort without error and shortcoming;
but who does actually strive to do the deeds;
who knows great enthusiasms, the great devotions;
who spends himself in a worthy cause;
who at the best knows in the end the triumph of high achievement,
and who at the worst, if he fails, at least fails while daring greatly,

so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”

― Theodore Roosevelt

[raghavkumar]

This one was the best of all the extended cuts!

[musicandoutdoors]

jamie has something about him that's charismatic. The way he speaks, its very natural, convincing and honest.

[Zariston]

11:59 funny how they cut him off when he was naming people responsible for it, we can just guess "who" got cut out ...

[edacoskun]

In 4.55 He mentions LTCM how is that related with that night in Fed, I mean what was similar with LTCM case can someone explain?

[DonaldJ]

Usually asset prices decreasing is seen as equally an opportunity as a cost.

[phadeblaq]

People didn't know but this country was like 72hrs away from people not being able to get funds from ATMs back then.

[Paola]

Great interview! Love to hear Jamie Dimon.

[joshfriedman]

Jamie Dimon is persuasive and well spoken. I also cannot help but admire the grit he must have shown as to become CEO of JP Morgan. However, this interview does not encourage one to view him as an honest straight forward man.

[glendelong]

will it happen again? I have no doubt watching the housing market right now. Prices are way up in anticipation of wage increases. What happens when everything falls threw?

[aes]

"We" were the "good" guys