저자: JamieDimon · 외국인
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2008 금융위기 당시 리스크관리와 유동성 중요성 강조. 베어스턴스 인수 과정과 리먼 파산의 충격을 회고하며, 위기 대응은 철저한 준비와 스트레스 테스트에 달려 있다고 말함. 구체적 가격 전망이나 투자 권유는 없음.
다듬은 글
you're famous for a lot of things but you're I think most famous for how you navigated our country and JP Morgan Chase through the the Great Recession of 2008 what was your big takeaway from all that took to to to really get that done well first you got to go before the crisis started and it goes back to my upbringing and with my dad is I had seen markets go up and down I remember him coming home and you know people's incomes went down I remember in 1974 the 1982 New York City was desperate you know so this Great Wall Street it was desperate you know restaurants were closing stores were closing Apartments were being sold for back maintenance literally people forget that 1982 and so I even way back then when when I was with Sandy wild at at Travelers Primerica Etc I used to do presentations for all the stock Brokers about how we have to be able to deal with all these ups and downs and you know part of the name of the game is just continue serve your clients do a great job in the down not just in the ups and like don't over celebrate the rising tide you know but be prepared for the tide going out when I got to JP Morgan I was very tough here about Capital liquidity profitability because I knew that the had the fan early on we would have had a real problem so before that and then get real risk management in place so if you talk to the folks here they were shocked that the detail I'd go into every position every risk the wha ifs how bad can it get and I made them do stress tests that that they were like that'll never happen I said I don't care if it happens and by it's kind of what happened by the way I said I want to know if it happens that we survive to serve our client because you can't tell me it's not going to happen so risk management is much more being prepared for a whole range of outcomes and Whata ifs then the at the fan but we were ready by then we had more liquidity more Capital more profitability uh and you may remember the risk committee the board at one point I I left you guys at the board I said I can't I have to go to the risk committee and and we were going through you know literally client by client and Country by country and Loan By loan and helping people we went we went and watched that you actually had us come watch them you watch the sources get made but people say what did you do different nothing other than uh we already had teams we already we already had an army you know we already had things to go so the risk committee used to meet once a week for a couple hours and all of a sudden it was meeting and it was kind of more formalized you know reviewing certain things and all of a sudden it was meeting five times a day every day for a year okay and I mean every day and I mean you know going to 10 p.m.
and 5:00 am. because you had Asia uh we had to be up for that and we were on calls all the time with regulators and governments and clients and and but the machine was working and then the formality when you were there the formality went away it's like hey hey David don't come up and make us a presentation about the mortgage problem in Denmark bring up whoever you need to describe and tell us what they want to do you know and so we were making you know Battlefield decisions to help mostly to help clients because JP Morgan was actually in quite good shape and uh and then you just learn how people operate under stress and strain I mean some people are great and some are some are just ch just children so all right and and so you literally helped take the country out of this crisis what was a single biggest darkest moment that you had during that that that period and and how did you you said you know some people don't really know how to handle crisis how did you personally handle it you know I'm uh so the the the first there was Bear Sterns you know like so the world was Rocky subprime was going down some hedge funds had problems Quant funds were having problems markets were down be Stern stock had fallen from I think it had a market cap of 20 billion to 15 billion to 10 billion to which is a real sign of a problem at a financial company and then I got the phone call on March 133 Thursday 2008 I was actually having dinner with my parents at a Greek restaurant down the street here and it was maybe nine o'clock at night I had to leave the restaurant because I couldn't hear and Alan Schwarz the CEO of bar said Jamie I need $30 billion do tonight otherwise we're gonna go bankrupt in Asia in the morning and even I said Allan I don't even know how to get $3 billion doll but let's let's you know have you spoke to the Secretary of Treasury and and he had I called up literally our senior people uh I said you know get dressed and go to the office and we had hundreds of people come in that night start going through the books of Bear Sterns and I we told Hank Paulson look let's just get them to the weekend that gives us you know 48 hours to figure out if we could save bare turns and so we had this Lifeline which I won't go through with the Federal Reserve about how we're going to do that that was our idea by the way uh and now I had a thousand people 2,000 coming in you know doing what you call due diligence every loan every asset every real estate HR policies litigation we handle it you know what are the integration what's going to cost how much would write down uh uh and we did you know probably six months of work in two days uh and bought Bear Sterns that night signing the thing that night that that is that kind of thing is the moment where you're breathless it was the same way I felt when I signed the document it's was like one signature merged bank one and JP Morgan so I sitting in my office late at night and I'm signing that piece of paper and I know I'm taking an extraordinary amount of risk which we think we can handle and I'm also subjecting my people to a tremendous amount of work because people forget it's not the deal you know the Press writes about to deal the deal the deal it's the next day 30 or 40,000 people are working on stuff that is brand new to them people are GNA lose their jobs people have Consolidated stuff they're worried they're nervous it's you know you're literally working seven days a week uh and then but the worst moment was LE so be Sterns was bought and we thought that might be saving the system but six months later Leman didn't make Leman didn't get bought Leman disintegrated and that caused disruption around the world of payments and systems and money and and uh and things shouldn't happen that way which they did fix by the way but even after that AIG the largest insurance company City you know Bank America is one after another uh but the FED finally and and we did a lot of stuff but there was really the FED at one point putting all these programs in place that by March of 09 the markets were hitting alltime bot but I knew was we're getting near the end because because the programs were going to work and it was going to release stress in the system markers stopped going down people G take a deep breath clean up the the crap from the past but you know go on and so uh but that was a lot of stress and I do I think I just do it the same way which I try to you know I I this is what I find with stress okay the only thing that really satisfies me when I have stress from work is to work like going to work I mean I get depressed and really stressed out on a Saturday but if I come to the office on a Saturday or Sunday and I start working on the problems it immediately goes away from me because I'm I'm doing something stuff like that and so uh but away from that it's just to get your sleep get your exercise you know do something that takes your mind off it for a while with some you know stupid TV show or something like that when you have little successes even in the middle of a crisis get the people together for a little cocktail party and thank them yeah like little things like that to just relieve it
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