Forget Greece, California's the REAL Worry

California State Capitol
California State Capitol

While all eyes are glued to Greece, whose financial woes could melt the Euro (not to mention the Gyro), one banking big wig is focused on an economic mess that makes Greece's problem seem like a souvlaki picnic comparison. The sovereign state he's concerned about? California!

Jamie Dimon is chairman of JP Morgan Chase, which when it is not being rescued by American taxpayers, tends to be a pretty savvy observer of the world economic scene.

Dimon, reported Britain's The Telegraph, warned investors at the bank's annual meeting that they need to be more worried about California defaulting than about Greece.

Dimon says the bank doesn't see the European Union "coming apart." And, he says, Greece does not present a problem for Chase or other banks, because the risks have already been hedged. But California is a different matter.