Jamie Dimon Calls for SEC to Shut Down Rumor Mill

by StockJockey

Tuesday, July 08, 2008 - 12:36 am

The rumor mill never sleeps. A little over a year ago it spun constantly with news of impending takeouts, few of which actually took place. But tombstones announcing deals are one thing, tombstones announcing Bear Stearns' demise are another. Jamie Dimon's interview on Charlie Rose makes his position clear; spreading false rumors is a crime:

"This is even worse than insider trading. This is deliberate and malicious destruction of value and people's lives," Dimon said. "They shouldn't go to jail for a short period of time. If I was the SEC, I'd find out who made the money and I'd investigate like they do when they come after us all the time, emails, phone records, you name it, and I'd find out." Charlie Rose

Full Video of Jamie Dimon's appearance on Charlie Rose after the jump...

Do you have time to kill waiting for the mythical market bottom?

Here is the Charlie Rose interview, in its entirety:

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SEC should investigate Bear collapse: JP Morgan CEO
Reuters

Comments:

I will totally agree with Dimon once the SEC also investigates and punishes anyone who started any of the 50 or so “Buffet/JPMorgan will buy XYZ corporation” rumours in the past 6 months for the express purpose of squeezing shorts or driving up prices to sell to a sucker.

Posted by on 07/08/2008 at 03:56 AM

How exactly do you shut down a rumor mill? It seems that it is human nature. Maybe investors can be educated instead not to listen to those rumors.

Posted by Eric on 07/08/2008 at 08:23 AM

Our responsibility to the human race is to be truthful, provide great service, learn from past mistakes and grow as a person to become the best there is in the world of financial services. There are too many that have been looking out for their own bottom line rather then providing great service. A fukkl blown investigation should be initiated, if not already, to announce the culpris that destroyed family homes. This would give the consumer confidence a boost, just knowing what more to watch out for. I work for a financial education company that delivers the truth to families and individuals. As Jamie stated, ‘you cannot advertise yourself to be respected’. All of my companies advertising is done word of mouth. Don’t do a great service for the client, no referrals. I admire Jamie for his candor and integrity, it is heard through his word and shown on his face.

Posted by on 08/27/2008 at 01:22 PM