Yep, it was Jamie.He spoke at the U.S Chamber of Commerce today, and as predicted, got feisty on the point of regulation.
He hates a lot of recently introduced federal regulation and he wants to spread the word.
First, he went after the CFTC.
He slammed new derivatives regulations that are being considered at Gary Gensler’s agency.
“The C.F.T.C. way would damage America,” Dimon said.
Mr. Dimon assailed the agency for drafting rules that conflict with similar proposals emerging from the Securities and Exchange Commission. “It’s their job to make sure its one set of rules,” he said.
Mr. Dimon also called on regulators to “dismember” banks that were failing. Rather than let the financial industry fail, the government rescued banks and other firms from the brink of collapse in 2008. That gave rise to the notion that Wall Street is “too big to fail.”
“I don’t want too big to fail,” Mr. Dimon said. “Let ’em fail.”
His speech wasn’t all doom and gloom though; he did have some praise for Ben Bernanke.
“I think the Fed, and particularly the chairman, have done a fantastic job throughout the crisis,” he offered.
Dimon’s other verbal highlights, via the Wall Street Journal:
- “We don’t want to throw the baby out with the bathwater. This is still the best system in the world…Let’s not destroy that.”
- “If we have higher capital requirements than the rest of the world, now you are just putting the nail in the coffin.”
- “We had too many regulators, too many gaps and too much overlap…we added more. It’s even more complicated now.”
- “The system would be safer if we also went back to horse and buggies. Derivatives didn’t cause these problems.”
- “Get it done now. I think all this debate and anger and shrillness, that is damaging. If you think that is helping growth, it is not.”