Joshua Franklin

speaker

155 appearances 1 recordings 1 series first heard Jul 2026 last heard 23 Jul

Joshua Franklin’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Unhedged · How JPMorgan won · 23 Jul 2026 podcast

And so that meant that when the U.S.

government was looking for healthier institutions to absorb some of the less healthy institutions, J.P.

Morgan was a kind of credible buyer.

And who did they buy?

So they bought first Bear Stearns back in 2008.

about six months before the collapse of Lehman Brothers.

They got a government-backed deal for Bear Stearns, which Diamond has talked about the headaches that it caused because there were lawsuits and they ended up having to renegotiate the deal.

But it ended up being a pretty good transaction for JP Morgan and really helped accelerate its Wall Street business.

No.

It was a cornerstone deal for that side of the business.

And stopped it having to buy something else in the future, potentially, if you're going to want to compete head-to-head with the big investment banks like Goldman Sachs and Morgan Stanley.

Yes.

Right?

You had Smith Barney, which Citigroup ended up selling to Morgan Stanley, which shareholders have really rewarded it for.

So actually, it's an interesting point because of all the institutions that could have been

built a similar machine to what Jamie Dimon built.

Bank of America is the one.

Because in the crisis, they buy Merrill Lynch, which is another big storied investment bank and brokerage house.

And for whatever reason, they just haven't been able to make it fit together to build this business that's thriving on both Wall Street and Main Street in the same way that JP Morgan has done.

And then the other big thing that JP Morgan did during the crisis was by Washington Mutual, which is another big deposit-taking institution that just kind of added to its kind of growth on that side of the house.

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