It’s been a few days since Jamie Dimon’s apparently random questioning of Ben Bernanke over a regulation glut that he says will strangle innovation and the finance industry.Some on Wall Street welcomed Dimon’s candor and the way he went about it.
According to John Carney at NetNet, there were cheers on a large midtown trading floor during Dimon’s sermon.
One Wall Streeter described Dimon as “Our Pericles” in an email to other financiers; Pericles being the “prominent and influential statesman, orator, and general of Athens during the city’s Golden Age” after the Persian Wars.
Evercore’s CEO Ralph Schlosstein said Dimon’s comments were a “wake-up call.”
Others, like Jim Cramer for example, said the JP Morgan chief “should not have picked this fight.“
Robert Reich asked: “On what planet has Jamie Dimon been living?”
We asked our Street sources about the tussle. Some bankers missed it completely. “Didn’t even know it happened until saw your email,” one told us.
In some investment firms, there was both approval and disapproval of Dimon’s actions.
“I’ve liked Mr. Dimon, until now,” one source said.
He added, “If I had been Dr. Bernanke, I would have replied: “Mr. Dimon, we know what the long-term effects of ineffective regulation are… You can’t have government guaranteed deposit insurance and implicitly benefit from ‘too big to fail’ without having extensive regulation. Next Question.”
However, at that same office, Dimon also had a sympathetic audience among high-level executives.
What was your reaction?
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