You thought about thinking about it. I talked to one person, and i decided to think no more. ticking few countries are more dangerous for reporters than the philippines. And many say the president , Rodrigo Duterte, is to blame. Have you been threatened with violence . Yes. Have you been threatened with death . Yes. Has the violence been described to you . Yeah, blow my head off, or bury me alive. They are. Theyre just made up. The president and his rhetoric bear no responsibility . No, because people in this country know this president. Hes a teaser. A teaser . Yeah, he teases people. ticking im lesley stahl. Im Bill Whitaker. Im anderson cooper. Im norah odonnell. Im scott pelley. Those stories and more, tonight, on 60 minutes. ticking not even our competitors best battery can match the power of energizer. Because energizer ultimate lithium is the longest lasting aa battery in the world. [confetti cannon popping] backed by science. Matched by no one. But allstate helps you. With drivewise. Feedback that helps you drive safer. And that can lower your cost now that you know the truth. Are you in good hands . If you have postmenopausal osteoporosis and a high risk for fracture now might not be the best time to ask yourself are my bones strong . Life is full of make or break moments. Thats why its so important to help reduce your risk of fracture with prolia®. Only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. Do not take prolia® if you have low blood calcium, are pregnant, are allergic to it or take xgeva® serious allergic reactions, like low Blood Pressure trouble breathing; throat tightness; face, lip, or tongue swelling rash; itching; or hives have happened. Tell your doctor about dental problems as severe jaw bone problems may happen or new or unusual pain in your hip groin, or thigh, as unusual thigh bone fractures have occurred. Speak to your doctor before stopping prolia® as spine and other bone fractures have occurred. Prolia® can cause serious side effects, like low blood calcium; serious infections which could need hospitalization; skin problems; and severe bone joint, or muscle pain. Are you ready . Ask your doctor how prolia® can help strengthen your bones. Stahl the story of jamie dimon is the story of modern wall street. He sits atop the countrys largest bank, as c. E. O. And chairman of j. P. Morgan chase. He oversees more than 2 trillion in assets and a quarter million employees from manhattan to mumbai. He was there when banking went from buttondown and bythebook to flashy and toobigtofail, through the 2008 financial crisis, and into todays era of even bigger banks. And now, president s, prime ministers, princes and sheiks seek his counsel. So who better to ask about President Trumps tariffs and trade war, the income gap, and the recent criticisms of him by democratic president ial candidate Elizabeth Warren. So Elizabeth Warren said in iowa the other day, our democracy has been hijacked by the rich and powerful, and you jumped in and said this week about her that she was vilifying successful people and having harsh words for wall street bankers. Jamie dimon what i was commenting on is that anything that vilifies people, i just dont like. I think, you know, most people are good, not all of them. I think you should vilify nazis, but you shouldnt vilify people who worked hard to accomh itsmerican society,rest is wore wealthy and wellconnected, and jamie dimon she brings you up doesnt want that to change. Dimon im not going to comment on anyone in particular. Stahl but shes commenting on you. Youve become a target. Whether you want to respond to it or not, youre her target and youre alexandria Ocasio Cortezs target. Dimon i understand that a person in this seat is going to be a target in this day and age of certain politicians and stuff like that. But the notion that im not a patriot or that some of these other folks arent pat thats just dead wrong. So you know, my view is lets all working together. And i dont mind if i a few barbs are thrown my way by anybody. Stahl youre tough. Dimon im not that tough, but i dont theres nothing i can do about it. Stahl the stock market is going through the roof, and yet manufacturing production is down over the past year. Wage growth is slowing. So, when you look at the state of the economy right now, what do you see . Do you see strength . Do you see petering out . Dimon the consumer, which is 70 of the u. S. Economy, is quite strong. Confidence is very high. Their Balance Sheets are in great shape. And you see that the strength of the American Consumer is driving the American Economy and the Global Economy. And while business slowed down, my current view is that, no, it just was a slowdown, not a petering out. Stahl you sound pretty optimistic about the economy. Dimon yeah, well, i am. Stahl well what about the issue of unpredictability right now on the economy . Is that worrisome to you . It must be worrisome to every businessman in the country. Dimon the world is unpredictable. I think its a mistake stahl well, more unpredictable than usual. Dimon no. If you look at history, if you take a newspaper and open it at any month of any year, youd have the same list of hugely unpredictable things. Stahl why doesnt it feel that way . Why does it feel as if we were in a particularly uncertain time . Dimonma ndeacts the short run. But again, thereve been like 50 or 60 internati only one really affected the Global Economy in the short run. Stahl what was that . Vietnam . Dimon that would be no. Vietnam did not. Vietnam obviously totally changed america. But it was the oil crisis in the middle east in 1973 when oil went from 2 to 20 and we had a global recession. Thereve been wars with india and pakistan, we got iraq, afghanistan, korea, vietnam, china had wars with vietnam, china had wars with russia. None of those things affected the Global Economy. And the other thing is, people look at the negatives. There are positives. The berlin wall went up, the berlin wall came down. So. Stahl and the economy wasnt affected, is that what youre saying . Dimon barely. This is the most prosperous economy the world has ever seen and its going to be a very prosperous economy for the next 100 ye stahl dimons even unfazed by the trade war and President Trumps imposition of tariffs on china. Dimon ive been in chi and the chinese will say, he brought us to the table. Stahl you know, the tariffs, its like a bomb that you detonate and the problem is it falls on you. The bomb falls on them, but the bomb falls on you. Dimon the risk of tariffs was that that it ends up being more a trade war as opposed to a quietly negotiated thing. It has to be resolved. This is not going to war, okay, this is trade and economics and resolution would be a good thing. And so i hope that takes place. Stahl china is the far Eastern Frontier of dimons Global Financial empire that he oversees from his office at j. P. Morgan chases headquarters in new york city. This is vast. This is the heart of the banks empire. Little trading is done on the floor of the New York Stock Exchange these days. Traders mostly buy and sell over computers on their own trading floors. This is one of several at j. P. Morgan chase. Dimon this is one of six trading floors in the building. Theres like 450 people in this trading floor. An equivalent to this in london, half of this in hong kong, and in 23 other countries around the world. Stahl j. P. Morgan chase moves more money in a day than most countries earn in a year. Dimon we move 6 trillion of money every day. Stahl every day . Dimon every day. We deal with, like, 10,000 clients. Which include governments, central banks, mutual funds. Stahl and wealthy individuals, including about half the worlds known billionaires. An exclusive club that jamie dimon himself belongs to. He was born in queens, new york, the grandson of a greek immigrant who did well enough to become a stock broker. Dimons dad became one too, so, it was in the family. After Harvard Business school, he went straight to wall street where he climbed quickly and helped usher in the age of the megabanks, earning a reputation as a ruthless costcutter. He became c. E. O. Of j. P. Morgan chase in 2006, when profits were soaring on wall street and the financial crisis was brewing. In the early days of the crisis in 2008, dimon got a phone call from the head of one of the largest investment banks on wall street at the time, bear stearns, which was teetering on the verge of collapse. Dimon the c. E. O. Of bear stearns called me up and said, can you lend me 29 billion before the nights out . Because if i dont get it, im going to go bankrupt. And i saidi said, even even i cant get laughs 29 billion. Stahl but then the treasury secretary hank paulson leaned on him to buy bear stearns. Dimon and hank paulson said, you gotta buy it, you gotta buy it, you gotta buy it. And i said, if i can responsibly do it, i said, cant jeopardize my own company, well do it. Stahl three days later, he did it. He bought bear stearns for 1. 2 billion. Dimon we thought we saved the system. You know, we thought that that wouldve been the domino that wouldve caused the whole system to go down. And it was because j. P. Morgan was strong that we could do it. Stahl did they dimon as i pointed out in congress, it wasnt like buying a house. That was buying a house on fire. Stahl but it was banks and other Financial Institutions that started the fire, by bundling trillions of dollars worth of risky mortgages, and selling them, knowing in many cases that they were toxic, to investors around the world. This eventually led to the financial crisis that nearly brought down the Global Economy. Looking back, do you think that there were some bankers who were outright immoral and unethical, they knew exactly what they were doing . Dimon i believe there are people, im not going to use the names, who were greedy, selfish, did the wrong stuff, overpaid themselves, and couldnt give a damn, yes. Stahl greedy, reckless. Were you . Dimon no. Stahl do you take any responsibility for the financial crisis . Dimon no. Stahl in 2008 . But your bank sold those same kind of mortgages. Dimon we we we yeah, okay, i stahl toxic mortgages. Dimon i do take some. We participated so did mortgage brokers, fannie mae, freddie mac, the government, government policy. But, yes, we did. And it was a huge error. And it was hugely damaging. Stahl the banks were bailed out, and the little guy, whose mortgages crashed, lost his or her home. Many families were destitute. And that unfairness has just really hurt the sense that this countrys working correctly. Dimon i totally agree that, you know, if youre the average american, you would be angry at what happened. There was no Old Testament justice. Too many people , you know, a lot of people lost their reputation and money, but too many people didnt and you know, the small guy got hurt. So i completely agree with that. Stahl i mean, the idea that the banks were bailed out and they caused the problem, to begin with. I mean, the sense of unfairness doesnt begin to explain the fury. Dimon i would feel the same way. Stahl youre agreeing with that. Dimon im agreeing with that. I think we let the American People down. But also at the same time, because we were strong, we brought bear stearns, we saved , you know, 15,000 or 20,000 jobs. And so theres two sides to that story too, a little bit. And only one has been told well. Stahl lets talk about the wage gap in this country between the rich and almost everybody else. How much of a problem do you see that . Dimon i think its a huge problem, and i think the wealthy have been getting wealthier too much, in many ways. So middle class incomes have been kind of flat for maybe 15 years or so. And thats not particularly good in america. But in particular, at the low end, 40 of americans make 15 an hour or less. Theyve particularly been left behind. Stahl youre talking about people who earn very little money. Listen to this statistic. Compensation for executives, c. E. O. S, grew 940 940 , in the last 40 years. Your average worker, so middle class, middle class, grew 12 . Dimon we havent done a good job growing our economy. And ld t problem. Stahl executive pay. Last year you were paid 31 million. Too high . Dimon the board sets mine. I have nothing to do with it. Stahl well, you could return some of it. Dimon i could. Is that going to solve any of those problems . Stahl i dont know. Dimon is it going to solve any of those problems . Stahl no, but you could set an example and say, im not going to take all that money. I dont need it. Dimon i could. Im going to leave it to the board to set my comp. Not you, not the press stahl youve answered every one of my questions, but this one youre fobbing off. Dimon yeah, the board has to do it. Stahl well, let me ask it in a general way. Should executive pay in this country be curbed . Dimon what does that mean . Stahl cut back. Should there be a way to say, were not going to have such a spread between our workers and the guy at the top . Dimon you know, when you Say Something like that, you got to say, how are we going to do it . What does it make sense . I think you use the tax system to do that. I would not have cut the tax on the rich. I wouldve extended the earned income tax credit instead, which is like a negative income tax credit for lowerpaid people. We probably should change the minimum wage, which i dont think has been changed for like 10 or 15 years. There are solutions to these problems. The problems are real. It does not mean Free Enterprise is bad. Stahl Free Enterprise has been very good for jamie dimon, and the bank. Last year, j. P. Morgan chase earned 32 billion in profits. cheers one of the things he does as c. E. O. Is hold regular town Hall Meetings with employees like this one in delaware to build a sense of team spirit. Hello, everybody. Stahl it struck us, though, as less like a Bankers Convention than a political rally. cheers which led us to ask did you ever think of running for president . Dimon i thought about thinking about it. Stahl you thought about thinking about it . Dimon i talked to one person, and i decided to think no more. Stahl im asking you because we came upon a quote of yours. You said, i think i could beat trump. Im as tough as he is. Im as tough as he is, im smarter than he is. And by the way, this wealthy new yorker actually earned his money. laughter it wasnt a gift from daddy. Stahl President Trump responded in a tweet about dimon. He doesnt have the aptitude or smarts and is a poor public speaker and nervous mess. Dimon and ive seen him after that, and y and i walked in the oval office and he said, so you would love to have this office, wouldnt you . laughs and i said laughs not really. Stahl in his office, dimons known as the great survivor. In a career that spans nearly 40 years, hes managed to navigate his way through just about every panic, boom and bust. Youre the only c. E. O. Who was running the big bank back during the financial crisis whos still there. Youre the survivor, last man standing. Dimon its a dangerous place to be. Stahl talking about survivor, you did have cancer. Tell us about that. How did you discover it . It mustve been terrifying. Dimon yeah, actually, i was shaving, i felt a little lump here. And i went to see my doctor and he felt it and said, you have throat cancer. And when some when someone says to you, you have cancer, it is i mean, its almost un unimaginable, like a punch in the face, and a fear and. Of course, but the hardest part, honestly, was telling my family. I just didnt know how to do it. I said, i am going to tell you something, but im going to be okay. And they and the second i said it, it was mayhem. You know, and the thought that i couldnt tell my parents, so i had my wife call. I just couldnt tell them that their son may die before them. Stahl oh, my god. Dimon and so you youre going through all this stuff, and so stahl and youre clean. Dimon im im on my fifth year, so thats stahl thats it. Thats what they say. Stahl did you ever say, i should resign . Dimon no, i love what i do. Stahl one of the things hes doing is making new kinds of investments. In what . That story, when we come back. ticking theyre walking into a trap. Your orders are to deliver a message calling off tomorrows attack. If you fail we will lose sixteen hundred men. Your brother among them. We need to keep moving. Come on. Theres only one way this war ends. No move, move last man standing. Saturpain happens. Aleve it. Aleve is proven stronger and longer on pain than tylenol. When pain happens, aleve it. Y st at verizon, were building the most powerful 5g experience for america. Thats why the nfl chose verizon. Because they need the massive capacity of 5g with ultra wideband, so more screaming, streaming, posting fans. Can experience 5g all at once. This is happening in 13 stadiums all across the country. Now if verizon 5g can do this for the nfl. Imagine what it can do for you. But you do more than justnal give hugs,day. You care for everyone. And aarp is here to help. With tools to navigate the realities of caregiving. Think of it as one big hug. T. I wanted a career where i could drive change. Saw this job on linkedin. I knew it was the right one for me. Our products can improve peoples lives. Knowing im helping someone, thats super powerful. Stahl jamie dimon, the c. E. O. Of j. P. Morgan chase, is testing out a new kind of Business Investment in the city of detroit. The idea grew out of dimons interest in changing the way the bank was engaging in philanthropy. He wanted to try and tackle a Major National issue like urban poverty by applying the same kind of expertise and analytics to the problem that the bank uses to advise big corporations. His first target, he said, would be the city of detroit just after it filed for bankruptcy. Dimon so detroit is probably one of the biggest failures of an American City that weve ever seen. My view is, why cant we make detroit an example of americas exceptionalism . Have people