Jim Cramer Discusses JPMorgan CEO’s “Cockroach” Analogy

JPMorgan Chase & Co. (NYSE:JPM) is one of the stocks that was recently put under the microscope by Jim Cramer. Cramer mentioned the company during the episode and commented:

“There have been two big defaults, one of them causing JPMorgan to take a $170 million charge. CEO Jamie Dimon said at the time, ‘I shouldn’t say this, but when you see one cockroach, there’s probably more. Everyone should be forewarned on this one.’ At the same time, there were some other bad loans in the system that dinged a couple of regional banks. It caused a huge firestorm of selling. Man, the regionals, they got crushed. But it turns out there is no cockroach infestation…

Look, I’m not trying to give Jamie Dimon a hard time. Let others do that. He’s an amazing banker. He’s a nice guy. I think it always pays to be vigilant. He’s probably right that there’ll be eventually other cockroaches. There’s always a lot of cockroaches…. But so far, the rest of the industry looks pretty clean. You know what? I’ve been thinking, I think Jamie, it was an ill-advised analogy.”

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JPMorgan Chase & Co. (NYSE:JPM) provides financial services that include consumer banking, investment banking, and asset management. The company offers deposits, lending, credit cards, payments, advisory, and trading services.

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Disclosure: None. This article is originally published at Insider Monkey.