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Jamie Dimon Says It Will Take 25 Years for Bailouts to Be Forgiven

Michelle Davis
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during a Bloomberg Television interview on the sidelines of the JP Morgan Global China Summit in Beijing, China, on Tuesday, May 8, 2018. Dimon signaled that he's hopeful mounting trade tensions won't derail the U.S. bank's plans to create a wholly owned securities venture in China.

Jamie Dimon doesn’t expect Wall Street to be forgiven anytime soon by Americans still angry about the financial-crisis bailouts.

“It’s going to be 25 years,” Dimon, the CEO at JPMorgan Chase & Co., said Monday at a event sponsored by the World Affairs Council in Philadelphia. Still, the government “did the right thing” to avoid a disaster, Dimon said, adding that the economy was facing the risk of another Great Depression.

In a wide-ranging discussion, Dimon also said the U.S. needs proper border security and immigration reforms. He said President Donald Trump is right about trade issues he’s been raising with China, but wrong in using tariffs to address the problem.

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Dimon’s comments about the U.S. president come about two weeks after the CEO boasted that he could beat Trump in an election and that he was smarter as well. He later backtracked and said he shouldn’t have made the remarks.

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