JP Morgan at Morgan Stanley Conference Notes

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.

$JPM at Morgan Stanley Conference Notes

“Europe I’ll do first; Europe is going to be a little bit roller coaster, because they’ve so many things to do. ”

“Housing has turned the corner…Supply and demand are in balance, if not in short supply in a lot of cities.”

“you can make a very coherent argument that the political environment will get better not worse…The regulatory environment will probably get better. That’s what really need a analysis the data showed going to second term of President, new regulations come way down.”

“I think you can get escape velocity and without any dramatic else taking place.”

“you got to remember America still has the best economic system by far in the world, okay. It’s got the best military, the best universities, the best hospitals. It’s got the best businesses large, medium and small. The rest of the world has a lot of very good stuff, still the best here. It’s got the most innovation, the most R&D innovation from the factory floor to a Steve Jobs. It still got a very strong work ethic here. It’s got the lowest corruption and the widest, deepest most transparent financial markets the world has ever seen.”

“there will be no major acquisitions in our foreseeable future… overseas I would rather grow organically and there’s plenty room organically.”

“I was like whatever it’s the right thing to do, I’ll do. To me doing the right is far more important, I didn’t mind restating, was it good it was. It was okay, we are going to survive. Like, we are going to do the right things, so it helps people, what are in the old days you used to get good guidance you probably all too young to remember that. You really go to people and say, we had this issue, use the facts that we know them, what should we do, but you can’t do it anymore, much more fun the second guess and so.”

“Yesterday we put in place where the bulk of professional investors now are clearing interest rate swaps and credit derivatives and it’s kind of going fine.”

“Volcker, we don’t know the final rules yet. We don’t have a prop trading desk.”

“at one point we would be very thoughtful of what we want, why we want it, to what effect and then which could be other parts of the market, shadow banking and all that, but I’m not a firm believer in good capital, good liquidity, get rid of too big fail. A lot of the arguments around too big to fail are false.”

“We are going to be in the mortgage business. We want to be a winner, it’s too important a product not to do it.”

“we’re just trying to grow our businesses and some of these things are like the weather. We have to manage through it. We’re not going to guess the bad weather time. ”

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