[cnnmoney-video vid=/video/news/2011/01/27/n_dimon_too_big_to_fail.cnnmoney]
At the World Economic Forum today, Jamie Dimon, the CEO of JP Morgan (JPM) called for humane executions of bad banks:
“When banks fail, the FDIC takes them over, liquidates them and the rest of the banks pay for it,” he said. “We’re going to pay $5 billion to the FDIC for failure of other banks. Instead of calling it ‘resolution,’ we should have called it ‘Minimally Damaging Bankruptcy for Big, Dumb Banks.’ Take them down, wipe them out, full bankruptcy, unsecured creditors pay. And that’s what they’re trying to get to.”
