A big bank's big mistake, explained

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 25 January 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

One of the world's biggest banks acquires a promising tech company, and things go very, very wrong. It's a flashy tech startup story with some surprisingly low-tech twists and a web of alleged lies.

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Transcript

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0:00.0	NPR.
0:07.0	Darian and Adrienne, hello.
0:14.0	Hey.
0:15.0	We're all about to go on a very special journey together.
0:18.6	And to start out, I'm going to play you a little clip.
0:21.4	And obviously this thing in one way or another was a huge mistake.
0:25.2	This thing in one way or another was a huge mistake.
0:28.5	And treat it.
0:29.5	You know who this is, who's talking?
0:31.5	Like a CEO or a politician?
0:33.8	I'm getting like deposition vibes here.
0:37.8	So the person speaking was Jamie Dimon.
0:40.1	He's the CEO of JP Morgan Chase, the big bank.
0:43.2	Yes.
0:44.2	And this is actually from the most recent company earnings call.
0:48.1	So if he has that kind of deposition quality, I think it's because earnings calls are like
0:53.3	very root and boring.
0:55.7	I want to ask you guys, do you know what this big mistake is?
0:59.1	What is Jamie Dimon talking about?
1:00.8	No.
1:01.8	I have no idea what's going on.
1:02.8	Yeah, I've read the headlines.
	...

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