The Ulsterman Report: JPMorgan’s Jamie Dimon Blasts President Obama Over "Anti-American" Regulations
Published by Ulsterman on September 12, 2011 in US Politics-
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In a just published interview, the head of banking giant JPMorgan indicates strong disagreement with Obama administration over new "anti-American" international banking regulations.
JPMorgan chief Jamie Dimon has long been viewed as a Wall Street titan – a man whose often carefully thought out opinions can move markets and shape financial direction throughout the world. What then of the opinions most recently expressed by Dimon regarding impending international banking regulations that this same Wall Street titan fears will greatly lessen the United State’s ability to financially compete with other growing markets such as Asia? These regulations, dubbed Basel III Capital Rules, are intended to require banks to carry far greater capital reserves, but banks such as JPMorgan would be required to carry substantially more reserves than financial institution competitors in such regions as Asia and South America – a situation that Mr. Dimon clearly views as hurting America’s own economic capabilities and competitiveness.
“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American,” he said. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it’.”
Perhaps just as interesting is Dimon’s open attack against the Obama administration’s seeming indifference in opposing the new Basel III Capital Rules. While reports have given the suggestion Wall Street has grown increasingly agitated over the persistent attacks leveled against it by the Obama administration, Dimon’s words are among the first and most aggressive indications of just how deeply the divide between Wall Street and the Obama White House now runs.
“I think any American president, secretary of Treasury, regulator or other leader would want strong, healthy global financial firms and not think that somehow we should give up that position in the world and that would be good for your country,” said Mr Dimon. “If they think that’s good for the country then we have a different view on how the economy operates, how the world operates.”
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Related Article:
http://newsflavor.com/politics/us-politics/wall-street-insider-the-complete-interview/
http://www.ft.com/cms/s/0/905aeb88-dc50-11e0-8654-00144feabdc0.html#axzz1XkYn9lGF
Basel III Capital Rules seems to be an unfair competitive advantage of most foreign banks compared to those in the US. As it is, doing business with US financial entities has already gotten harder. Now it’s headed for the worse.
Wait, you’re waiting for Obama to act in the best interests of the United States? You’re kidding, right?
Man, what I’d give to have a stopped clock right now in the Presidency.
In his nearly three years, I can only think of ONE action of his with which I’ve agreed: in April of 2009, allowing Navy SEAL snipers to kill three Somali pirates and free the American sea captain who had offered himself as a hostage to save his crew.
Every single other word (read lie) and action (read anti-American) I’m aware of has been the polar opposite of what I would have said and done …
So China\’s banks can be recapitalized every ten years by the Chinese government, hand out crazy loans to anyone who can fog a mirror, and China blithely prints as much money as it needs, yet their false-front country is supposedly \”stable\” and \”growing.\” How much of a breath of air or the flap of a butterfly\’s wing will it take to knock down the house of a billion cards that is the Chinese economy?
Are Ulsterman and Pat Dollard the Same Person?