JPMorgan chief says bank rules ‘anti-US’

[alp227]

Source: Financial Times

New international bank capital rules are “anti-American” and the US should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, has said.

In an interview with the Financial Times, Mr Dimon said he was supportive of forcing banks to have more capital but argued that moves to impose an additional charge on the largest global banks went too far, particularly for American banks.

The Basel III capital rules are designed to make the financial system safer by making banks build up risk-absorbent “core tier one” capital to at least 7 per cent of risk-weighted assets. The biggest, including JPMorgan, have to reach 9.5 per cent.

“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American,” he said. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it’.”

Read more: http://www.ft.com/cms/s/0/905aeb88-dc50-11e0-8654-00144feabdc0.html

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[Turbineguy]

1. Stronger banks.

A dangerous concept to the Bonus Boys.

[roguevalley]

25. if he says so, we stay

[No Elephants]

2. Bank bailouts were anti-Americans.

[JackRiddler]

3. Defrauding the universe was apparently okay.

[malaise]

19. Ditto

+1,000

[Volaris]

4. 10%!!!!!?????

A WHOLE 10%?!!!!!That's outrageous! Whatever shall poor, poor Mr. Dimon and his Fellows do now, except to prepare for the enivitable DOOM that awaits them from----TEN whole percentage points????? Oh Woe is me, Woe I say!!!(sarcasm OFF)

He's decided to be an absolute prig over 10% (not even). Fuck Him, and may his body be left to feed the crows.

[potone]

5. Oh, boo hoo!

The arrogance of these banksters knows no bounds.

[defendandprotect]

6. J. P. Morgan is anti-US and democracy -- !!

[In Jest]

7. Banks must be supported no matter what they do

Jesus of C Street wants it that way!

[sam11111]

8. nationalized.... England n'zed all banks about 1947

CNN pundit said WE have a '30's law on the books allowing the President to do that with his pen no Congress needed.

Anyone verify that?

[banned from Kos]

11. Barclay's and HSBC are the largest British banks and are not wards

of the state at all - whatever happened in 1947 is ancient history.

[w0nderer]

9. k&r for reading later n/t

[rpannier]

10. The US should make it 40%

Then we could all hear the whine

[Vinca]

12. He's upset because he has to set aside money to pay gambling debts.

The horror of it all!

[Dutchmaster]

13. Here we go following old Europe again

[marmar]

14. ........

[MrMickeysMom]

15. Dear Jamie Dimon

Shove it up your ass, you little stain of financial terrorism!

Sincerely,

MMM

[47of74]

31. I'll second that motion

[Yon_Yonson]

16. Anti-American how rich coming from this Wall Street glutinous whore

How many American families and communities has JPMorgan Chase destroyed in their gluttony? Fuck you Jamie Dimon, banks, wall street and your political whores you people invented the word greed!

[Yon_Yonson]

33. Bank fatcat

[Odin2005]

17. NATIONALIZE THE BANKS.

[hobbit709]

18. If the banks think it's bad, then I know it's good

[mwooldri]

20. Translation: JP Morgan chief not in favour of regulated capitalism.

Sorry but some things have to have worldwide regulation, especially after the incompetencies demonstrated by various banks around the world as of late. If Mr. Dimon doesn't like the regulations then hard cheddar for him.

[Name removed]

26. Deleted message

Message removed by moderator. Click here to review the message board rules.

[JJW]

21. Too-big-to-fail is anti-American

traitor!

[RickFromMN]

22. Any corporation that can't fail, in the name of national security, should be nationalized.

Big banks seem to be too big and too important to fail. They should be nationalized.

[stockholmer]

23. The international banking cartel is ANTI-HUMAN, Mr. Dimon

[reformist2]

24. The last refuge of a scoundrel or a big bank...

...but then, I repeat myself

[SOS]

27. Buying Wamu for less than 1% of it's asset value

and evicting Wamu mortgage holders, while paying himself $42 million a year, is pro-American?
These bankers are twisted.

[OhioChick]

28. If Jamie's crying, the bank rules must be very "American." n/t

[Divernan]

29. Big Banking can't pay off the EU they way they did Obama & Congress to gut regulations.

[Ian David]

30. J.P. Morgan presents The Palladium Card

<snip>

The card itself is made of a mix of palladium—a rare, silvery-white, and very shiny metal—and 23 karat gold. At current prices, the card, if melted, would fetch about $1,000 for its metal alone. The card’s annual fee is only (only?) about half that, at $595. And that comes with free laser engraving—the cardholder’s name is etched into the metallic card by the bank.

The benefits?

To start with, cardholders are given access to Marquis Jets, a private jet company which sells access to a fleet of roughly 800 private planes in increments of 25 hours. Palladium Card members receive one free hour—value starting at just over $5,000—per 25 purchased. And if you happen to be flying commercial, the card has you covered there, as well: access to private lounges in 600 airports worldwide; a free upgrade to first class when flying British Airways to London; and, if you’re flying British Airways in business class elsewhere, well, how’s a free ticket for a companion sound? Consider it done.

Other benefits: Need to be evacuated from an emergency situation? They’ll pay for it, up to $100,000. If the airline loses your bag? J.P. Morgan will give you up to $500 to replace “essentials.” And, heaven forbid, if you die while traveling, they’ll pay up to a grand to bring your body back home. (The full list of benefits is available here.) Oh, and of course, the card has no pre-set spending limit.

All of this for $595? If you think that there has to be a catch, you are correct. Membership is limited to customers of a select group of J.P. Morgan private bank offerings. The average customer of one of these has over $30 million invested with the bank.



More:
http://www.mentalfloss.com/blogs/archives/99904

[jwirr]

32. Poor guy is talking about post raygun American. To the banksters

nothing exists beyond Chicago University style economics and government for the rich. To them anything before that was "socialism". I hope that we do not withdraw from this organization. It sounds like a solution to world banking problems and an answer to corporate style globalization.

[Rex]

34. Yeah and TARP was very anti-American.

The govt bailing out the private sector was pathetic. I get tired of people telling me the Republic would have caved without these big companies...no, they are the REASON we tanked. Get rid of them and someone better suited for the job comes along. Appease and subsidize them and prepare to feed them for the rest of days. Which for a company can be hundreds of years.

[OhioChick]

35. JPMorgan to up outsourcing to India by 25%

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=3774358

JP Morgan told to explain India outsourcing plan

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=3791555

This is what's very "anti-American."

[samsingh]

36. repugs are anti-US

what about focusing on them first?

[theaocp]

37. Wasn't this fucker in the running for SecTreas, should

Timmeh step down? Key-righst!