JP Morgan

"HPS, our long term lender, an offshoot of JP Morgan has a security interest in all our assets. We owe them [$ 150 million]. The relationship is a very good one and they allow us to move our assets around.... They also allow us to take enough money out of CFFI to pay all our obligations, dividends to me so I can pay Mum [Judi], Sarah and Michael their salaries/ allowances etc. Moving [$ 10 million] out from under their security blanket would be a problem and not something they would agree to absent some event [such as selling part of ClearBank to John Malone]. There is speculation I am using money to build a new yacht and my new house, money that could be directed to Mum. In fact that is not the case. I am financing the house with a mortgage and my deal with the shipyard allows me to pay in 3 years time, on delivery. So I hope this description of circumstances is helpful to you in appreciating why it is not possible for me to say on June 30th I will pay x. I am more than willing to transfer the Montana house or anything else which might give Mum better comfort that I intend to honour my obligations."

"These weren’t wholly new ideas, of course, and industry analysts argued that incumbents would be able to sink X.com by simply building copycat products. But Musk had seen the big banks’ unwillingness to innovate from within—he wasn’t losing sleep over possible competition from the JP Morgans and Goldman Sachs of the world."

"These weren’t wholly new ideas, of course, and industry analysts argued that incumbents would be able to sink X.com by simply building copycat products. But Musk had seen the big banks’ unwillingness to innovate from within—he wasn’t losing sleep over possible competition from the JP Morgans and Goldman Sachs of the world."

"Financier JP Morgan warned that nothing so undermines our judgement as the sight of our neighbours getting rich. All too often, our chosen scorecard is not an inner scorecard; it is an external comparative one, where we can never come out on top."

"*Alan Gibbs first really entered my consciousness one day during the Muldoon era, probably early 1984, when Michael Fay returned to the office after a lunch with the deputy prime minister, Jim McLay, and a few businessmen. He was fizzing. Apparently Gibbs had let rip at McLay* *about Muldoon, it was an amazing situation; he just went for it. Michael was impressed, shocked, and in awe of his courage. Then a few years later I saw it myself at an informal meeting of business heavy-hitters a couple of days after the 1987 share market crash. Chase, Equiticorp and those sorts of businesses were all going downstairs and someone, maybe Alan Hawkins, called a meeting. They wanted us to stump up $20 million each to support the market, like JP Morgan had once done in the US. I sat there listening. Then suddenly Gibbs just launched into it. ‘The notion that you can throw a few million together to support a market is just nonsense; you guys have been cowboys for your investors and you’re getting what you deserve.’ When he goes for it, he combines the precision of a scalpel with the power of a chainsaw. The delivery is brutal, but what he said was right on point. So I knew Alan Gibbs was razor sharp and terribly impressive.*[10](private://read/01jrsfvkjy84rkprtbz9amfvj8/#rw-num-note-477273-050103421-10)"

"But of course the moment I was seen to be back in the game, the calls began again. For me, it happened suddenly, almost as if it was on the flip of a coin. In late 2013, Jamie Dimon, chief executive of JP Morgan, rang me and said that he was personally at my disposal if I needed any help with a $1 billion bond issue being undertaken by Play, the Polish telecoms operator that I had set up back in 2005. The bank was very keen to handle it, and we were glad to oblige. Then I got a call saying the same thing from Brian Moynihan, chief executive of Bank of America. JP Morgan and Merrill Lynch ended up getting the mandate to act for Play on the bond issue. And as part of the process, which other global bank should be back at my office offering to lend us $1 billion but Deutsche Bank? That was ironic. Some of the bankers we dealt with this time were the same ones who had put all that debt into Actavis, very nearly losing a good deal of it. I rang them to say that they weren’t going to get the bond issue mandate, and then got a text message back saying that they were prepared to underwrite the whole issue. I couldn’t believe they were prepared to do the same thing that ended up with us both in trouble the last time we did a deal together."