As a deregulation romance novel, hedge-fund manager Daniel Loeb's "investor letter" is a bodice-ripper. It's the latest salvo in an ongoing war against real financial regulations that protect the American people.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."
An anonymous email's been making the rounds on Wall Street from some loser who thinks he's a shark. Let's get this out of the way first: The only thing worse than a spoiled, self-satisfied brat is a whiny, spoiled, self-satisfied brat.
Mr. Dimon regards himself as just trying to make a reasonable case regarding what is sensible public policy regarding banking. We would welcome a debate with him in any forum, preferably in public and with TV cameras present.
The financial crisis hit in the summer of 2007. By the fall of 2008, Wall Street had nearly destroyed itself. Obama put forth a reform proposal in June of 2009. It is now the spring of 2010. The time for action is long overdue.
Here's the danger: the centralization of risk and power is leading us right into another disaster. We need to get the banking oligopoly under control. But Jamie Dimon is fighting back tooth and nail. And that's why we must fight Jamie Dimon.