JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon would be the best person to lead the U.S. Treasury Department in a financial crisis, billionaire investor Warren Buffett said.
President Barack Obama is seeking to replace Treasury Secretary Timothy F. Geithner, who had said he planned to step down. Dimon, 56, testified before Congress and shuffled top managers this year after the bank disclosed a loss, now of more than $6.2 billion, stemming from a wrong-way bet on credit derivatives. Buffett has described Dimon’s annual letter to shareholders as a must-read.
“Obviously, you know, there was a failure of control,” Buffett, 82, said to Rose about the trading loss. “If you run an army, if you run a church, if you run a government, any large institution, people will go off the reservation sometimes.”
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