Jamie Dimon was all about reassurance on July 14 as the chief executive officer of JPMorgan Chase announced second-quarter earnings. He said that the bank's gross exposure to sovereign and other debt in Greece, Ireland, Italy, Portugal, and Spain was $100 billion. Its net exposure, Dimon said, was only $15 billion. The difference? Collateral posted by borrowers, which it can seize in a default, offsetting loans, and credit default swaps-insurance that pays off when a borrower defaults.
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