Yes, Blue Owl's co-CEO
Marc Lipschultz definitely fired back at Jamie Dimon's comments about private credit.
What Happened
Jamie Dimon's "Cockroach" Warning (October 14, 2025):
- On JPMorgan's Q3 earnings call, Dimon referenced the bankruptcies of Tricolor Holdings and First Brands Group
- He stated: "I probably shouldn't say this, but when you see one cockroach, there are probably more"
- This was seen as a warning about potential problems in the private credit market
Blue Owl's Response (October 15, 2025):Marc Lipschultz (Blue Owl co-CEO) clapped back hard, saying:
>
"I guess [Dimon is] saying there might be a lot more cockroaches at JP Morgan"From the
February 11, 2025 Bank of America Securities Financial Services Conference transcript:
> "My favorite press is when Jamie Dimon keeps complaining about shadow banking. We can talk more about that, which it's not."
And later in the same transcript:
> "I made the comment earlier about Jamie Dimon is, was yelling from the rooftops about shadow banking."
Lipschultz's Key Arguments:
- Banks originated these problem loans - Both Tricolor and First Brands were deals that banks led, so Dimon should look at his own books
- "Odd kind of fear mongering" - Suggested people with "meaningful, parochial interests" (i.e., banks losing market share) are attacking private credit
- "We're not seeing rising defaults, we're not seeing companies struggling" - Defended private credit's performance
The feud has become a major Wall Street story, with Blue Owl shares down 27% in 2025 amid the controversy.