Jamie Dimon, CEO Of JPMorgan Chase, Calls International Bank Rules 'Anti-American'

The United States should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, said in an interview with the Financial Times.

Dimon said he was supportive of forcing banks to have more capital but argued that moves to impose an additional charge on the largest global banks went too far, particularly for U.S. lenders.

He was quoted as describing new international bank capital rules as "anti-American".

"I'm very close to thinking the U.S. shouldn't be in Basel anymore. I would not have agreed to rules that are blatantly anti-American," he said in the interview.

"Our regulators should go there and say: 'If it's not in the interests of the U.S., we're not doing it'."

The Basel III capital rules are designed to increase the safety of the financial system by making banks build up risk-absorbent "core tier one" capital to at least 7 percent of risk-weighted assets. The biggest, including JPMorgan, have to reach 9.5 percent.

Dimon also criticised liquidity rules, arguing that regulations that viewed covered bonds as highly liquid but discounted government-backed, mortgage-backed securities in the United States were unfair.

He added that other details hit investment banking activity core to U.S. banks hardest because of the threat that Asian banks, in particular, could take U.S. market share due to the combination of U.S. domestic and global rules.

"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."

(Writing by Stephen Mangan; Editing by Dale Hudson)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[DOGnIT]

03:01 PM on 10/19/2011

Dimon also opposes American solutions. Like the Volcker Rule: "The Volcker Rule is a specific piece of the Dodd–Frank Wall Street Reform and Consumer Protection Act originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers."

These bank big shots are killing us.

[Carolab]

02:02 AM on 09/14/2011

The banks have just worked hard to find ways around the Basel I and II rules as it is and have workarounds for Basel III too.  So what's the point?

Basel III: business as usual for bankers

Successful lobbying – or blackmailing – by banks means that financial regulation to prevent another crash is too weak to work

http://www.guardian.co.uk/commentisfree/cifamerica/2011/jun/06/basel-iii-banking-volcker

[hobo62]

06:00 PM on 09/13/2011

Gosh sir, should we pass the plate for your bank? Didn't you get a chance to feed at the trough paid for by the taxpayers? Oh how you must suffer under these harsh rules. Perhaps you would like to take another job. Oh, that's right, their aren't any. Well, let me send you a crying towel. But be forewarned it has been well used.

[jwilson1]

04:44 PM on 09/13/2011

Please shut up and supply the FDIC with your breakup plan>

[stargazer13]

04:29 PM on 09/13/2011

the controlling persona acting like the victim

not a pretty picture I tell ya !!

[josh2082]

02:53 PM on 09/13/2011

Poor guy, is he worried about losing his multimillion dollar salary or ptoecitng the money of middle class Americans whose investments are tied up in his company?

[Helloise]

01:40 PM on 09/13/2011

There really needs to be an "outward bound" program for people like Dimon and the worst CEO offenders where they're dropped in the ghetto for a month with a survival kit consisting of a watch, an extra pair of undies and an empty wallet.

[josh2082]

02:54 PM on 09/13/2011

If they did that, they would be one pair of unerwear short apiece the whole month after they crapped their pants in the first five minutes.

[deserthackberry]

06:48 PM on 09/13/2011

Ghetto? They couldn't handle a 10-12 hour day in a middle income office job, working for some psycho middle manager! Add a 1-2 hour commute to a 3 bedroom in the suburbs, they'd be exhausted!

[Bruce Barron]

01:02 PM on 09/13/2011

I would say that the banks in this country are the most anti-American institutiions we have. Only Obama and Bernake are worse.Who besides economists understand this and whether it harms our interests
Banks should have to have 100% backing in their vaults of depositors money and loans.
This guy sounds as if he doesn't want to have on hand but the bare minimum when it sounds he should be forced to have at least 50% for risk weighted assests.
We entered WW1 to bail out J.P.Morgan and we are still doinging it when they are a failed institution and at taxpayers expense still are forced to rescue them.
Obama,the Fed,the Banking institutions,Geithner and Congress have let us down.
We don't need a balanced budget amendment because there is a law that states Congress cannot spend more than the revenue it takes in.
And the States are to fault for allowing Congress and the Courts to usurp their rightful authority.
But it is truly the international banking cartel that intends our downfall and a one world order and will be unlike anything imaginable.

[isaluna]

12:48 PM on 09/13/2011

why are we listening to this filthy peeg?

[Bruce Barron]

12:44 PM on 09/13/2011

One of the reasons we went to WW1 as to bail out J.P.Morgan.
Tier and risk weighted-assets have a good explanation on Wikipedia.
Something alway stinks about these big Wall Street Banks,Commercial Banks,the Fed and their global inteconnections.How many times has this bank been bailed out?
.

Rothschild declared arrogantly, 'Let me issue and control a nation's money, and I care not who writes its laws.'
Thomas Jefferson speaking on the first attempt to establish a central bank in America:

"The system of banking is a blot left in all our Constitutions, which, if not covered, will end in their destruction. I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity is but swindling futurity on a large scale."

"The end of democracy, and the defeat of the American revolution will occur when government falls into the hands of the lending institutions and moneyed incorporations."

"If the people ever allow the banks to issue their currency, the banks and corporations which will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered."



James Madison speaking on the first attempt to establish a central bank in America:

"History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible, to maintain their control over governments, by controlling money and its issuance."

[bethie1941]

12:14 PM on 09/13/2011

" I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the republic is destroyed." - Abraham Lincoln.
Lincoln was not the only one with concerns about Corporations & banking...Jefferson & Madison also spoke to their fears

[JoAnn Kennedy]

12:04 PM on 09/13/2011

They will send Timmy (I love my turbo tax) Geithner to save THEIR DAY. And his side kick Benny Bernanke to try to persuade, bribe, cajole, influence peddle their way into getting BASEL to change the rules to accomodate THEM. Does anyone see them protecting their gangster type ways. What happens when someone directly confronts an obsession. Anger and pout, and that proverbial, "You are picking on me" mentality. I certainly hope that this is the beginning of the end of this horrible economy and all these crooks get to spend time with Bernie Madeoff in Camp Cupcake

[MagicalMisteryTour]

12:34 PM on 09/13/2011

Very well said, it is so important that BASEL implements whatever needs to be done, and leave the U.S. out so that the whole world can see that the great culprits of the world crisis are a series of speculators, crooks and middlemen in the U.S.
America used to be a beacon for the world in the 1940s, 50s and 60s, but now it is the originator of the worst vices and bad habits, all derived from the desire to make a quick buck.
Cheers

[Jeff Klenck]

11:47 AM on 09/13/2011

It's anti-American only because they can't rip everybody off like they used to under the past banking laws. THIS GUY IS ANTI AMERICAN!

[Ezio]

11:35 AM on 09/13/2011

Anything anti-profit is anti-american obviously.

[jwilson1]

04:48 PM on 09/13/2011

Profit is good if earned with integrity!

[Nigel Patel]

10:07 PM on 09/13/2011

Was that in the constitution?

[lindro]

10:46 AM on 09/13/2011

Too big to fail really means too big for jail.

Who of us peons had any say in their taxes going to bail out these thieves out? The culprits are still sitting in their cushy offices with multi-million dollar salaries and benefits while a good percentage of the country is out of work. The corporations who bank with them are sending more jobs overseas. Get your money out of wall street banks and put it in your local economy. There's no such thing as "trickle down."