WALL STREET

Obama: JPMorgan ‘One of Best Managed Banks’

Says bank is one of the 'best managed' on Wall Street.

Don’t misinterpret the compliment. President Obama told hosts of ABC’s The View that J.P. Morgan is “one of the best managed banks there is,” but added that its recent risky investments and errors underscore a need for Wall Street reform. During an interview that airs Tuesday, Obama called CEO Jamie Dimon “one of the smartest bankers” and yet “they still lost $2 billion and counting,” noting how much more disastrous the loss could have been if it had occurred under a smaller, less successful bank. “We might have had to step in,” Obama said, stressing his administration’s determination to fight for financial reform and avoid behavior that led to the financial crisis—and how this policy differentiates him from Mitt Romney. Dimon and other top executives will face shareholders Tuesday at J.P. Morgan's annual meeting in Tampa.