JPM says 'NO' to PPIP

Found this from businessweek.com. What I find interesting is not that JP Morgan has no interest in selling assets into the PPIP, now that M2M has been relaxed there's no advantage for any bank selling their assets. The part I found interesting is Jamie Dimon's comment indicated that they would not participate as a purchaser either.

My thoughts are this...does Dimon fear that participation in the PPIP (as a buyer) would lead to some kind of additional government oversight that would potentially impose unfavorable government involvement in the bank? If that's true I wonder what's going on behind the scene regarding payback of TARP money. It seems obvious to me that if JP Morgan pays back the TARP money it puts incredible pressure on all the other banks.

With that said, I believe Dimon's comments on TARP repayment (see Bloomberg article here) says it all...the government must not want them to pay it back. Lack of participation in PPIP indicates they do not need additional capital, so the only reason they would not be able to pay back the TARP is because they're being told to sit tight. Poor Jamie, do everything right and you still can't shake government intervention.