{"id":23698,"date":"2015-01-14T23:43:56","date_gmt":"2015-01-14T22:43:56","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=23698"},"modified":"2015-01-14T23:44:07","modified_gmt":"2015-01-14T22:44:07","slug":"jamie-dimon-whines","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/jamie-dimon-whines\/","title":{"rendered":"Jamie Dimon Whines"},"content":{"rendered":"

Hugh Son writes: Jamie Dimon, grappling with multibillion-dollar legal costs and rising capital requirements at JP Morgan Chase\u00a0 said overlapping efforts by U.S. regulators place banks \u201cunder assault.\u201d<\/p>\n

\u201cWe have five or six regulators or people coming after us on every different issue,\u201d Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. \u201cIt\u2019s a hard thing to deal with.\u201d<\/p>\n

JPMorgan, the largest U.S. bank, posted a drop in fourth-quarter profit amid $990 million of legal expenses, about double what some analysts predicted. The legal costs, mostly tied to probes into currency rate-rigging, follow even bigger payments in 2013 related to mortgage bonds sold before the 2008 crisis by JPMorgan and firms it acquired.<\/p>\n

Dimon, who previously blamed regulators for stifling economic growth, struck a more conciliatory tone last year. The bank had a \u201ctin ear\u201d when dealing with overseers before settling probes into mortgage lapses and trading losses, he said in an April letter to shareholders.<\/p>\n

New Federal Reserve rules that exceed the global standard also could mean JPMorgan needs more than $20 billion in additional capital by 2019.<\/p>\n

\u201cThe regulators clearly want even more capital,\u201d Dimon said today. \u201cWe\u2019ll meet those requirements. But those measures aren\u2019t a measure of risk at all. It is simply a measure of size. This company is as sound as it gets.\u201d<\/p>\n

Dimon, who was lauded during the crisis for JPMorgan\u2019s role in buying Bear Stearns Cos. and Washington Mutual Inc.\u2019s banking operations, has criticized the government for penalizing JPMorgan for those firms\u2019 actions.<\/p>\n

In 2013, Dimon settled a litany of disputes, including government probes of mortgage-bond sales, energy trading, oversight of a trader known as the London Whale, and scrutiny of services provided to Ponzi-scheme operator Bernard Madoff.
\n<\/a><\/p>\n

The bank settled foreign-exchange investigations with three regulators in November, paying about $1 billion, and still faces a Justice Department probe.<\/p>\n

\u201cIn the old days, you dealt with one regulator when you had an issue, maybe two,\u201d said Dimon, 58. \u201cNow it\u2019s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is. And how fair that is. And how complex that is for companies.\u201d<\/p>\n

Dimon’s bank, of course, does only 20% of its business as a conventional commercial bank.\u00a0 It is in the derivatives market, the commodities market and has already gotten spanked for its involvement in LIBOR.\u00a0 Maybe Dimon should listen to Goldman Sachs, who has suggested the company should be divided up.\u00a0 Then each section could deal with its own regulators.<\/p>\n

\"Jamie<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hugh Son writes: Jamie Dimon, grappling with multibillion-dollar legal costs and rising capital requirements at JP Morgan Chase\u00a0 said overlapping efforts by U.S. regulators place banks \u201cunder assault.\u201d \u201cWe have five or six regulators or people coming after us on … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[70,22,13],"tags":[],"class_list":["post-23698","post","type-post","status-publish","format-standard","hentry","category-big-banks","category-corruption","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t