Jamie Dimon Says It Will Take 25 Years for Bailouts to Be Forgiven

(Bloomberg) -- Jamie Dimon doesn’t expect Wall Street to be forgiven anytime soon by Americans still angry about the financial-crisis bailouts.

“It’s going to be 25 years,” Dimon, the CEO at JPMorgan Chase & Co., said Monday at a event sponsored by the World Affairs Council in Philadelphia. Still, the government “did the right thing” to avoid a disaster, Dimon said, adding that the economy was facing the risk of another Great Depression.

In a wide-ranging discussion, Dimon also said the U.S. needs proper border security and immigration reforms. He said President Donald Trump is right about trade issues he’s been raising with China, but wrong in using tariffs to address the problem.

Dimon’s comments about the U.S. president come about two weeks after the CEO boasted that he could beat Trump in an election and that he was smarter as well. He later backtracked and said he shouldn’t have made the remarks.

To contact the reporter on this story: Michelle F. Davis in New York at mdavis194@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Steve Dickson, Daniel Taub

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