JPMorgan Chase boss Jamie Dimon and New York Fed President Timothy Geithner are among the banking executives and regulators testifying before the Senate Banking Committee on Thursday about the Fed-backed takeover of Bear Stearns.
Click here to read Geithner’s prepared opening statement. He justified the Fed-funded J.P.Morgan buyout of Bear Stearns as the lesser of two evils, saying the risks of allowing the bank too fail were too great and unpredictable.
Click here to read Dimon’s statement, in which he says JPMorgan would not have offered to buy Bear Stearns if the Fed had not agreed to absorb billions of dollars in potential losses.
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