CNBC Press Releases

DIMON: I KNOW OTHER PEOPLE THAT THERE WERE THERE AND IN THE PROXY THEY WILL HAVE TO DISCLOSE SOME OF THAT BUT I THINK -- AND I'M GOING TO SPEAK ABOUT TIM GEITHNER AND SECRETARY TREASURY PAULSON AND CHAIRMAN OF THE RECEIVE BERNANKE I THINK WE'RE LUCKY TO HAVE PUBLIC OFFICIALS THAT DEDICATED,HARD, CREATIVE AND CAN GO TO WORK AROUND THE CLOCK LIKE THEY DID.

BARTIROMO: WHAT ARE YOU EXPECTING AS FAR AS THE SHAREHOLDER VOTE WHEN THAT HAPPENS, AS FAR AS THE BEAR-MORGAN CONCLUSION.

DIMON: THE ADDITIONAL GUARENTTES, THE HIGHER PRICE THE FACT THAT WE ARE GOING TO OWN 39.5% IS A FOREGONE CONCLUSION.

BARTIROMO: THE ENVIRONMENT WAS A BIG PART OF THAT IN THERE.WHERE WOULD YOU SAY WE ARE IN TERMS OF THE ENDING?

DIMON: I NEVER FORECAST THE FUTURE BECAUSE NO ONE REALLY KNOWS.I TRY TO MAKE SURE AS A COMPANY WE'RE PREPARED FOR ADDITIONAL BAD TIMES OR HOPEFULLY GOOD TIMES.BUT I JUST DON'T KNOW.

BARTIROMO: CAN YOU GIVE ME A SENSE OF WHAT YOU'LL BE KEEPING AS FAR THE BEAR STEARNS PORTFOLIO?

DIMON: WE'RE TREATING IT LIKE A REALMERGER. WE'RE TRYING TO BRING IN ALL THEIR PRIME CORRESPONDENTS, BROKERS, EQUITY, BEAR ENERGY REALLY TRY TO GET THE BEST OF BOTH COMPANIES AND IT'S HARD WORK. A LOT OF THE HARD WORK IS AHEAD FOR JPMORGAN. IT REALLY HASN'T HAPPENED YET TOTHE SYSTEMS AND PEOPLE.

BARTIROMO: YOU ONLY HAD 48 HOURS TO DO THE DUE DILIGENCE, CORRECT?

DIMON: THAT'S CORRECT.

BARTIROMO: THAT HAD TO BE A HUGE RISK.

DIMON: IT'S THE LAST TIME I WILL EVER DO SOMETHING LIKE THAT. YOU HAVE TO KNOW THAT THERE WERE 200 PEOPLE IN JPMORGAN AND PROBABLY AN EQUAL AMOUNT OF PEOPLE FROM BEAR STEARNS WORKING AROUND THE CLOCK, DIDN'T GO TO SLEEP FOR A TWO OR THREE-DAY PERIOD AND JUST WATCHING THAT TEAMWORK OF THOSE FOLKS REALLY IS SOMETHING SPECIAL. YOU SHOULD KNOW, WE REALLY WENT OUT OF OUR WAY TO TRY TO GET EVERY LAST PERSON A JOB BECAUSE THERE WILL BE JOB LOSS IN THIS BUT WE WANT TO MAKE SURE THOSE GREAT PEOPLE FIND OTHER FINANCIAL COMPANIES IN NEW YORK AND MAYBE CNBC.

BARTIROMO: THANK YOU SO MUCH.GOOD TO TALK WITH YOU.WE APPRECIATE IT THANK YOU. THAT WAS OUR EXCLUSIVE INTERVIEW WITH JAMIE DIMON.YOU HEARD WHAT HE SAID. HE'S WALKING OUT OF HERE WITH A MAJOR FEELING OF RELIEF, I WOULD SAY, BECAUSE THE BULK OF THAT HEARING JUST NOW REALLY, THE SENATORS FOCUSED ON THE BROAD PICTURE. NOT A LOT OF GRILLING ON HOW THEY CAME UP WITH THE PRICE. NOT A LOT OF GRILLING AS FAR AS THE RISK THAT WAS INVOLVED HERE. BUT I THINK THAT THE REASON IS BECAUSE PEOPLE RECOGNIZED THAT THE COMPANY ONLY HAD 48-HOURS TO DO DUE DILIGENCE AND IS TAKING ON AN ENORMOUS AMOUNT OF RISK, $300 BILLION IN ASSETS. OF COURSE THE FED BACKING UP THAT ADDITIONAL 30 BILLION.

About CNBC:
CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to more than 340 million homes worldwide, including more than 95 million households in the United States and Canada. The network's Business Day programming (weekdays from 5:00 a.m.-7:00 p.m. ET) is produced at CNBC's headquarters in Englewood Cliffs, N.J., and also includes reports from CNBC news bureaus worldwide. Additionally, CNBC viewers can manage their individual investment portfolios and gain additional in-depth information from on-air reports by accessing http://www.cnbc.com.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://nbcumv.com/cnbc/.

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