Quote of the Day: Risk Management

—By Kevin Drum

| Wed Jan. 13, 2010 8:09 AM PST

From Jamie Dimon, chairman of JPMorgan Chase, on JPM's risk management practices before the housing crash:

"We didn't do a stress test where housing prices fell."

Wow. By 2006, housing prices were nearly double their trend growth levels and JPM never even considered a scenario in which they might fall. Just wow.

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Kevin Drum

Political Blogger

Kevin Drum is a political blogger for Mother Jones. For more of his stories, click here. RSS |

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