JP Morgan Chase Says It’s Lending TARP Money

JP Morgan Chase received $25 billion from the Treasury’s Troubled Asset Relief Program, and CEO Jamie Dimon told CNBC today, that while they didn’t need it, they are lending it. Treasury called for banks to re-deploy TARP assets, saying it was the only way for the program to work. But if they’re giving money to firms that don’t need it and not forcing firms to re-deploy, it’s questionable at best whether it will work.

Dimon also said that the market could start to recover after two quarters “if we’re lucky.” Click the link to see full videos of his interview.