> the implication at the time was not that it was systemic and deep

How is that what you took away from this?

> When you see one cockroach, there are probably more… Everyone should be forewarned on this. -Jamie Dimon

I took that to be what it was intended it convey, and what Dimon wanted people to feel about what he said. That maybe they should poke around their own books but he wasn’t telling people “well ‘08 all over again”

My own read of the subtext was something a bit different. Dimon saw something he really didn’t like and my guess would be that more than just a handful of people at JP Morgan were having their next few days or longer personal plans cancelled—- or that it had already settled from something like that— to find whatever they had in the way of cockroaches. And so Dimon’s public statement was a soft nudge to try and get others to do the same, cautiously and slowly without panicking.

It’s tea leaves but the time since then seems to bear that out, with right now’s world economic volatility being a good opportunity for many places to go a little more aggressively in reigning in whatever they have in cockroach’s with some cover from that volatility and distraction to not have to explain too much more or get too much scrutiny that would accelerate things beyond manageable.

Overall, my take was that Dimon is still probably pissed off about SV bank and trying to make sure whatever shape or size this private credit rot may have doesn’t go down quite that haphazardly.