JPMorgan could lose $5 bln from PIIGS exposure - rptMILAN (Reuters) - JPMorgan Chase & Co (JPM.N) could
lose up to $5 billion from its exposure to Portugal, Ireland, Italy, Greece and Spain, Chief Executive Jamie Dimon said in an interview with Class CNBC.
Dimon said the bank was exposed to the five countries (PIIGS)
to the tune of around $15 billion."We fear we could lose up to $5 billion ... We hope the worst won't happen, but even if it did happen, I wouldn't be pulling my hair out," he said.
Dimon said the recent extraordinary liquidity measures taken by the European Central Bank had been a good move.
"Banks will have to have more capital and sell assets, but at least they have liquidity," he said.
Dimon said JPMorgan had
bought back shares last year for $8 billion. "I hope in 2012 we will do more or less the same."
Asked if the bank could take advantage of the problems facing Europe's banks and buy assets, he said, "we have already bought some assets and would like to possess others".
http://sg.finance.yahoo.com/news/jpmorg ... 46849.html
It's all about "how much you made when you were right" & "how little you lost when you were wrong"