JP Morgan CEO Jamie Dimon: I Don't 'Buy' Recovery Had To Take So Long

JPMorgan Chase CEO Jamie Dimon continues on his campaign to let everyone know he's not happy with all this financial regulation.

On Tuesday, during a subsequent question-and-answer period following a speech by Federal Reserve chair Ben Bernanke, Dimon expressed his displeasure to Bernanke himself, saying the economic recovery didn't have to be this slow.

"I don't personally buy the argument that because this was a financial crisis it has to take a long time coming out," Dimon said. "I have this great fear that someone is going to write a book in 10 or 20 years and the book is going to talk about all the things we did in the middle of a crisis that actually slowed down recovery."

This is only the most recent example of Dimon slamming the government's motives. In March, Dimon, who in 2010 received a $20.8 million compensation package, claimed that new capital rules would be "the nail in our coffin for big American banks."

Dimon did say on Tuesday the government made some good decisions during the recession, citing the decision to scale back mortgage underwriting, which he says was one of the main causes of the financial crisis.

But he is also worried that the federal government might be going too far with new financial regulations. "Has anyone bothered to study the cumulative effect of all these things? Is this holding us back at this point?"

In return, Bernanke said he didn't accept the premise of Dimon's question. "Many people try to say that the single cause of the crisis was 'X,'" Bernanke said. "There was no single cause of the crisis."

Still, Bernanke admitted, "nobody's looked at [the cumulative effect of financial regulation] in all detail."

Watch the CNBC segment here:

Comments

[Siebenstein]

06:24 PM on 06/25/2011

Please meet the real Jamie Dimon:

http://www.businessinsider.com/former-jpmorgan-mortgage-servicing-employee-2011-6

[Siebenstein]

01:26 AM on 06/23/2011

Jamie Dimon is a sanctioned cr1m1n@I

[allwarisbad]

08:28 PM on 06/30/2011

... of the Rothschild Financial Cartel.

[maureenec]

12:47 PM on 06/13/2011

HA! I'll bet he's not happy about regulation. Regulation = no millions of dollars in bonuses to keep Dimon & his "colleagues" in the lifestyle they've become accustomed to.

[Paul Sta]

09:14 PM on 06/10/2011

Regulation without enforcement = epic failure.

[avvocato]

09:15 AM on 06/10/2011

Another bankster who should be serving time at Leavenworth

[Siebenstein]

01:28 AM on 06/23/2011

x2

[free reign]

09:01 AM on 06/10/2011

YES! YES! YES!. Investors, Americans...he said it... the regulations "are the nail in the coffin for our big American banks." So you will have to keep real capital on hand for gambling. How about eliminating the only 10% down on commodities? How about not usuing tarp and secret loans to OUTPRICE OUR FOOD AND OUR GAS? Our own money putting us under?
The big banks need a nail in the coffin, not our tax dollars resescutatng this orgy of indifferet gluttonous schemers that have hoarded our equity.
$$ for schemes as opposed to productivity is the problem.
Who gives about these crooks. Investors, stop perpetrating this bs, you all need to take a huge hit for enabling and profitting from this ruin.
Deregulation is the biggest problem, plain and simple. Go on to fix tax code and tariffs so Americans, not just WS theives can make a living.

[planetjeffy]

04:37 AM on 06/10/2011

Can we please throw (all?) some of these guys in jail already?

[WESTistheman]

02:22 AM on 06/10/2011

Of course it didn't, unless that was the intentions of this administration. Another crisis allows another plan for gov control that has been buried in a drawer for years. Just blow the dust off of it

[ApprxAm]

02:14 AM on 06/10/2011

The recovery is taking too long because they don't have everybody by the testicle hairs that way they used to. They don't lend; they foreclose on home they don't even own, because they can; they've sat on capital and TARP money for three years now.

What is too much regulation? Anything...anything that stops them from the the Too Big to fail jacka$$#$ they were way back in 2007!

[Bob Rock]

10:34 PM on 06/09/2011

This guy is a P.O.S. His industry nearly destroyed our economy because of greed and lack of ethics. Now that rules are in place to enforce ethical practices, this guy has the nerve to complain. Another crooked billionaire totally devoid of morality or humility.

[free reign]

09:24 AM on 06/10/2011

Everyone in Washington and on "Wall St." is perfectly delighted with their economic condition. There is NO crisis. They are getting even more wealthy off of taxpayer run-up oil & healthcare, bank schemes, outsourcing, and offshoring. Heaven forbid anyone in Washington takes a hit like the blows delt to 99% of Americans. Go ahead, outprice our food and gas when the crooked banks finally fail...that will bring on the overdue riots.
Rewards are enormous for scuttling the real economy. No punishment and freedom to speak more bs.

[nopilikia]

09:55 PM on 06/09/2011

America wouldn't need a recovery if you and your banksters buddies hadn't brought America to her financial knees......and cause millions of Americans to lose their jobs.

[lvdragonlady]

09:41 PM on 06/09/2011

The BIG banks did not have the $(.r3.w America either but THEY DID.

[Mafdet]

07:38 PM on 06/09/2011

To state the obvious: This man should be in jail. And the recovery might have had a chance if this guy and his cohorts hadn't each taken $25b from us and instead of lending it back through the small banks so that America's businesses could have the funding necessary to keeping up their employment rolls, sat on that money long enough to drive the small banks into crisis so that they could then leverage $25b to the tune of $100b and buy up the assets they drove under at a value of hundreds of billions. In their wake, they left hundreds of failed small banks, tens of thousands of failed businesses and relentless, spiraling unemployment. And now the biggest snake oil salesman of them all is explaining how the recovery got stalled for some reason he can't understand...

[Acharn]

12:00 AM on 06/10/2011

Heck, they're still sitting on it. Google "excess reserves." The St. Louis Federal Reserve Bank, on it's FRED page (a terrific information resource, by the way) has a stunning chart that shows the spike from almost zero to $1.3 trillion back in 2007. I haven't checked it recently, and it may have come down some, but it's still huge, and they're collecting interest on it.

[Mafdet]

08:27 AM on 06/10/2011

That is a good site. Is this what you're talking about? Because it's pretty shocking. This chart says that since the 50s the reserves in banks have remained stable until, as you say, 2007 or 08 when the banks started hoading money. They are literally strangling us, aren't they? http://research.stlouisfed.org/fred2/series/EXCRESNS?cid=123

[Scent]

06:54 PM on 06/09/2011

OF COURSE it didn't have to take so long. If You and all the other parasites had not taken so much of OUR money it would not even have happened.

[studioh!]

11:49 PM on 06/09/2011

x2

[free reign]

09:37 AM on 06/10/2011

"sheming" just to make sure it wasn't confuse with all-important, skiing.

[free reign]

09:35 AM on 06/10/2011

Only with the help of their representatives in the govt. and their darling, and foreign owned fed. Of course American productivity is of utmost importance, even when scheing is far more profitable. You bet, they're out for us. lol

[free reign]

09:39 AM on 06/10/2011

scheming! ugh!

[OldTulsan]

06:17 PM on 06/09/2011

http://finance.fortune.cnn.com/2011/06/09/sheila-bair-steps-into-the-dimon-bernanke-rumble/
Sheila Bair steps into the Dimon-Bernanke rumble - The Term Sheet: Fortune's deals blog Term Sheet

"FORTUNE -- JPMorgan (JPM) CEO Jamie Dimon is worried about how new financial regulations could stall America's economic recovery, but regulators aren't buying it.

No doubt many parts of the new regulations associated with the Dodd-Frank Wall Street reform bill are complex and will need to be carefully implemented, FDIC chair Sheila Bair said this morning during a talk at the Council of Foreign Relations in New York City with New York Times' Andrew Ross Sorkin. But the banking industry's gripes over having to keep higher levels of capital to hopefully avoid another banking crisis are pretty nonsensical.

"Banks are not doing a lot of lending now and the ones frankly who are doing a better job at lending are the smaller institutions that have the higher capital requirements," Bair says, adding that capital requirements need to be higher especially for large systemic entities..."

[free reign]

09:28 AM on 06/10/2011

yes, already fanned, +fav.