Should Banks be Allowed to Fail?

An executive for one of the country’s largest banks said these large financial institutions should be allowed to fail.

Jamie Dimon, the chief executive officer of JPMorgan Chase, recently stated that, even though the largest banks in the country are in good shape, they probably don’t require a government bailout to correct their financial issues. Dimon went as far as to say that his company didn’t need the bailout that was part of the Troubled Asset Relief Program.

Dimon also said that he wasn’t happy about that the Fed required his company to acquire Washington Mutual and Bear Stearns, two large institutions that failed over the recession.