"Jamie Dimon Worries That Financial Regulation Will Doom Banks, Forever"

[Xicano]

Huffington Post: March 31

As you may or may not recall, in 2008, the insane, overleveraged derivatives casino that Wall Street had built for itself came crashing down, taking the part of the economy many of us enjoyed -- the part that allowed us to have "jobs" -- down with it. And the reaction was swift: "Here, banks, take several trillion dollars and live, my friends! Pay yourself bonuses and hire lobbyists and feel free to mark your assets to whatever fantasy value you would like." And no one was held responsible for any of this, except for unemployed people, who wanted "unemployment benefits" to pay for things like "some food."

Against this backdrop, there were a few naive, inexperienced and unserious people who thought, "Hey, maybe we should actually do something to prevent this from happening again? Like maybe some sort of regulation? Transparency in the derivatives market? Could we do something about predatory lending? Could we even just make a credit card agreement legible?" But those people were and are, of course, socialist monsters. Here's Jamie Dimon, still pillorying the idea of such a regulation yesterday:

Jamie Dimon, chief executive of JPMorgan Chase, launched a broadside against financial regulation on Wednesday, warning that new capital rules could be "the nail in our coffin for big American banks."

...Restrictions on debit card fees charged to retailers are also coming under attack in Congress...."It basically penalises us for having debit cards," he said. "I think it was very unfairly done in the middle of the night with no facts and analysis whatsoever. This is not the way legislation should be done."

http://www.huffingtonpost.com/2011/03/31/jamie-dimon-worries-that-_n_843198.html

[closeupready]

1. Please don't believe stuff you read on Huff. Post.

nt

[villager]

2. God, let's hope so.

n/t

[EstimatedProphet]

3. And?

We can only hope that the kind of banks that destroyed our economy so that overprivileged Repub brats could party hard on hookers and blow are doomed forever.

[Turbineguy]

4. Crooks who run banks into the ground doom banks.

[truebrit71]

5. I hope so and fuck Jamie Dimon..

..twice...:grr:

[indepat]

6. Jamie, you are no twit: the lack of adequate financial regulation has almost caused a complete f

financial meltdown, stemmed only to this point by the Federal government outlaying/making available trillions of dollars to the system. Jamie, if you don't understand this simple thesis, you have no business holding the position you have. :patriot: