00:00It's Benzinga bringing Wall Street to Main Street.
00:02JP Morgan Chase CEO Jamie Dimon warned Monday that current financial conditions and banks
00:07taking on risky loans could lead to a market meltdown similar to the period before the 2008
00:12financial crisis, according to CNN. Dimon said a market cycle is inevitable. He does not know
00:18what events will trigger it, and he believes high asset prices increase the risk rather than reduce
00:23his concern. Dimon said current conditions resemble 2005 through 2007, when markets surged,
00:30investors made money, and leverage increased sharply before the downturn. Dimon said JP
00:35Morgan remains cautious and follows its own rules. In October, Dimon warned of weakness in private
00:41credit after Tricolor and First Brands filed for bankruptcy following fraud allegations. Dimon
00:47said isolated problems raise red flags and, saying, when you see one cockroach, there are probably
00:53more. For all things money, visit Benzinga.com.
Comments