BUSINESS

JPMorgan CEO: High Income Inequality Creates Societal Problems (CORRECTION)

03/20/2013 04:23 pm ET | Updated Mar 22, 2013

CORRECTION: A previous version of this post mistakenly implied Jamie Dimon advocated for inequality and problems in society. Dimon's quote should be taken to read, "You want to have problems in society? Have inequality."

Jamie Dimon has come out against income inequality.

"You want to have problems in society? Have inequality," JPMorgan Chase CEO Jamie Dimon said at an event in Louisville, Ky., on Tuesday, adding that the U.S. has "too much" inequality at present moment, according to the Courier-Journal.

JPMorgan, which did not immediately respond to The Huffington Post's request for comment, appears to have created its fair share of problems lately. A Senate report released last week alleged that JPMorgan's management, including Dimon, ignored warning signs leading up to the bank's $6.2 billion "London Whale" trading losses, all while misleading regulators and investors. It's also faced allegations related to the mortgage crisis and illegal military foreclosures in recent years.

Meanwhile, the U.S. has significantly more income inequality than most advanced countries, including the United Kingdom, Germany and Australia, according to the CIA World Factbook. And it's ballooned quite quickly. Between 1979 and 2007, the incomes of the top 1 percent of households by income spiked 275 percent, while the incomes of the middle class and the poor grew much less, according to the Congressional Budget Office.

(Hat tip: William Alden.)

Earlier on HuffPost:

Jamie Dimon Hates On Regulation: A History
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