J.P. Morgan Vice Chairman Marc Shapiro said in a televised interview that the company is financially sound and he would be buying J.P. Morgan shares Wednesday. In an interview on CNBC cable television, Shapiro said he has "never been prouder" of the company that's employed him for 32 years. He said there had been a "gross overreaction" in the company's share price, now trading at multi-year lows following steep losses Monday and Tuesday on concerns about its dealings with bankrupt Enron and other firms. Shapiro said his firm "did nothing wrong" in its dealing with Enron, adding, "We are not a company's accountant."
