Live

Watch CBSN Live

Alexandria Ocasio-Cortez to JPMorgan CEO Jamie Dimon: I'll remember that

America's most famous banker is ruffling feathers by knocking socialism. 

After JPMorgan Chase CEO Jamie Dimon told CNBC that socialism ultimately leads to "an eroding society," New York lawmaker Alexandria Ocasio-Cortez said she's banking the remark for a rainy day.

"Saving this comment for the next time Wall Street asks for a $700 billion bailout from the federal government," the congresswoman and democratic socialist tweeted on Thursday.

Dimon's words also didn't sit well with Democratic presidential candidate Bernie Sanders, who like Ocasio-Cortez also referenced the government's massive bailout of banks during the 2008 financial crisis. 

"That's funny. Jamie Dimon seemed fine with corporate socialism when his bank got a $416 billion bailout from American taxpayers," tweeted Sanders, who Ocasio-Cortez is backing in his run for the White House. 

Interviewed at the World Economic Forum in Davos, Switzerland, Dimon also said he didn't think that millennials "understand what socialism is." The head of the nation's biggest bank in terms of assets, Dimon declined to talk about specific candidates running for the White House.

Socialist governments typically have done a poor job of allocating capital and wind up supporting politically popular projects that don't accomplish much, Dimon said. "Once you do that, you will have an eroding society," he said, adding: "They do need to fix inner-city schools, infrastructure, health care, we can fix all of those in a capitalist society."

View CBS News In
CBS News App Open
Chrome browser logo Chrome Safari browser logo Safari Continue