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When: Wednesday, April 3rd at 3PM ET
Where: CNBC's "Closing Bell"
Following is the unofficial transcript of a CNBC exclusive interview with JP Morgan Chase CEO Jamie Dimon. During the exclusive interview with CNBC's Maria Bartiromo, Dimon discusses the Bear Stearns deal as well as today's hearings.
All references must be sourced to CNBC's "Closing Bell."
BARTIROMO: I'M HERE WITH JAMIE DIMON. THANK YOU FOR STEPPING OUT OF THE HEARING AND TALKING TO US. TELL ME WHAT YOUR REACTION IS. HOW DID IT GO IN THERE?
DIMON: I THINK IT'S COMPLETELY APPROPRIATE THAT THE GOVERNMENT LOOKED INTO A SITUATION LIKE THIS. IT'S UNPRECEDENTED AND HAS FUTURE IMPLICATIONS OF POLICIES. I THINK THE SENATORS ASKED SMARTQUESTIONS AND THEY ARE THINKING ABOUT THE RIGHT ISSUES.
BARTIROMO: CAN YOU GIVE US A SENSE OF HOW IT WENT DOWN ON THAT WEEKEND, HOW YOU CAME UP WITH THE VALUATION OF $2 AND THEN $10, HOW IT WAS THAT YOU ACTUALLY CAME UP WITH THIS PRICE.
DIMON: IT'S REALLY HARD TO DO THAT BECAUSE I THINK IT'S UNPRECEDENTED IN THE 48-HOUR PERIOD THAT TWO COMPANIES AND THE GOVERNMENT GET TOGETHER AND PULL UP A TRANSACTION LIKE THAT.A LOT OF THE PRICE HAD MUCH MORE LOOKING AT THE DOWNSIDE, HOW MUCH RISK COULD JPMORGAN BEAR.NOT THE UPSIDE. WE WANT TO MAKE SURE THAT JPMORGAN WAS NEVER PUT IN A POSITION WHERE ITS FINANCIAL POSITION WAS JEOPARDIZED IN ANY WAY, SHAPE, OR FORM.
BARTIROMO: AND YOU'RE TALKING ABOUT A RISK OF 300 BILLION OF ASSETS.
DIMON: THAT'S CORRECT.AND WE TOOK AN UNPRECEDENTED GUARANTEE OF CUSTOMERS & LIABILITIES AND I THINK THE BEAR STEARNS EMPLOYEES, WE WANT TO WIN THEIR HEARTS AND MINDS.WE THINK THEY HAVE SOME GREAT PEOPLE. THEY'VE BEEN THERE FOR A LONG TIME. THEY ARE PROUD AND SHOULD BE PROUD. SO WE WANT TO WELCOME A LOT OF THEM TO OUR COMPANY TOO.
BARTIROMO: IT'S A TRAGIC STORY, ARE REALLY, SOME OF THEM SEEING THAT WEALTH DECLINE.
DIMON: IT'S A TRAGIC STORY AND THERE BY THE GRACE COULD HAPPEN TO ANY ONE OF US.
BARTIROMO: A LOT OF PEOPLE TALKING ABOUT THE RELATIONSHIP BETWEEN YOU AND TIM GEITHNER, HOW YOU AND THE FED GOT INVOLVED.
WERE THERE ANY OTHER BIDDERS AT THE TABLE? YOURS WAS THE ONLY BANK THAT HAD THE CAPACITY TO DO THIS.
Data is a real-time snapshot *Data is delayed at least 15 minutes