Treasury defends PPIP after JPMorgan declines to participate

04/17/2009 | Bloomberg Businessweek

JPMorgan Chase CEO Jamie Dimon said the banking giant does not need to participate in the Treasury's Public-Private Investment Program, prompting the government to defend the troubled-asset plan's viability. "We have no intent on using PPIP at all. We don't need it. We have our own assets. If we want to sell them, we'll sell them," Dimon told analysts. "If we want to buy them, we'll buy them." Analysts said Dimon's comments could undermine the program.

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