ML-Implode News - Greenspan: Taxpayers on the Hook to Rescue JPMorgan in Crisis

JPMorgan, the nation's largest bank, is an example of implicit government guarantees not measured in the nation's official public-debt statistics, Greenspan, 88, said Wednesday at a forum in Washington organized by the Peter G. Peterson Foundation. The reality is that the government would prop up many financial firms and other companies if needed, he said.
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During Greenspan's time at the bank, "we had a lot of what we would now call â€˜London Whales,' where there was this big major loss that appears on the books of JPMorgan," the former Fed chairman said Wednesday. "It was essentially an issue between the directors and the management. It never got outside of that twosome. Today, you get that sort of thing and Jamie Dimon gets called up to the Senate."

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Greenspan: Taxpayers on the Hook to Rescue JPMorgan in Crisis