JP Morgan CEO Jamie Dimon may believe his bank is ‘under assault’ by regulators, but his business lines have expanded and the stock market has almost tripled since the government stepped in, said Barney Frank, author of ‘Frank: A Life in Politics from the Great Society to Same-Sex Marriage.’ Frank added that he does believe that Dimon’s bank has unfairly been forced to pay fines for misdeeds perpetrated by Bear Stearns prior to JP Morgan’s purchase of the failing investment bank. He said more individuals need to be prosecuted and jailed for financial crimes. Finally, Frank defended his role in the growth of subprime lending, saying that foreign money and unregulated securitization were systemic changes that sparked the financial crisis.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
