The Ulsterman Report: JPMorgan’s Jamie Dimon Blasts President Obama Over "Anti-American" Regulations
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.”