CNN BUSINESS | Jamie Dimon says JPMorgan has begun to prepare for potential US default

(CNN Business) – JPMorgan Chase CEO Jamie Dimon says America’s largest bank is once again preparing for a potential US default even though he expects Congress to avoid that “potentially catastrophic” event by lifting the debt ceiling.

In an interview with Reuters on Tuesday, Dimon said JPMorgan has begun scenario-planning for how a possible default would affect financial markets, capital ratios, client contracts and America’s credit ratings. That’s something Dimon has indicated the bank did during previous close calls with the debt ceiling.

“Every single time this comes up, it gets fixed, but we should never even get this close,” Dimon told Reuters. “I just think this whole thing is mistaken and one day we should just have a bipartisan bill and get rid of the debt ceiling. It’s all politics.”  —read more—