The Day Jamie Dimon Called Citi's CEO A 'J.rk'
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JPMorgan Chase CEO Jamie Dimon was trying to get the price he should pay for Bear right (he finally revisited his offer and the deal, of course, was done at $10-a-share). Dimon was originally pitching a price of $4 - $5-a-share, but US Treasury Secretary (and former Goldman CEO) Hank Paulson thought that this was too high. Paulson was apparently worried that there would be a backlash, given the Federal Reserve's involvement in the deal, against what might be construed a bail-out of Wall Street investors / players.
When The Wall Street Journal website published its insider view that the Bear deal was likely to go down at $2-a-share, Morgan Stanley CEO apparently thought that there had been a typo, and that the price was actually $20-a-share. Bear Chairman Jimmy Cayne was said to be heard to say that a deal for $2-a-share would be done over his dead body.
On the Sunday night prior to the deal being officially announced, The New York Federal Reserve convened a call for Wall Street executives to learn what was to come. After Dimon has had his say, Citi CEO Vikram Pandit (without identifying himself) asked how the deal would affect the risk to Bear's counterparties on certain long-term contracts.
'Who is this ?', barked Dimon.
'Vikram'.
Dimon snapped: 'Stop being such a jerk', adding that Citi should 'thank us' for preventing further panic on Wall Street. (You gotta love that Jamie's style).
Source - The Wall Street Journal
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