JPMorgan (NYSE:JPM) CEO Jamie Dimon when on the offensive against regulators over the effects they may have on the banking industry, as it could put “the nail in our coffin for big American banks,” he asserted.
Dimon's major concern is if the capital standards are raised so high that it will have a negative impact on the financial giants, specifically if banks in other parts of the world have a different set of standards; something more than likely to happen.
At a conference held by the US Chamber of Commerce, he said, “If you want to set it so high that no big bank ever goes bankrupt... I think that would greatly diminish growth,”
That's true, and it's also the case in the overreaction by politicians to every accident or bump in the road in energy and other sectors which may have the worst-case-scenario possibilities raised so high it may make it prohibitive to successfully do business in the area.
“We had a system of too many regulators, too much overlap and too many gaps. Instead of simplifying and strengthening, we added more. It’s even more complicated now,” Dimon concluded.
JPMorgan was trading at $46.29, falling $0.16, or 0.34 percent, as of 12:56 PM EDT.
No comments:
Post a Comment