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| Jamie Dimon |
A remarkable public exchange took place between JP Morgan Chase CEO Jamie Dimon and Federal Reserve Board Chair Ben Bernanke this week at the International Monetary Conference in Atlanta . This is all the more remarkable since this type of exchange would normally take place behind closed doors or by telephone. Dimon just a few months ago was termed “ America ’s Banker” and was rumored to have nearly unfettered access to not only Bernanke, but also President Obama. So why the sudden public transparency?
Jamie Dimon’s question,
Now we’re told there are going to be even higher capital requirements … and we know there are 300 rules coming, has anyone bothered to study the cumulative effect of these things? And do you have a fear like I do—that when we look back and look at them all, that they will be the reason that it took so long for our banks, our credit, our businesses, and most importantly, our job creation, to start going again? Is this holding us back at this point?”
“Has anybody done a comprehensive analysis of the impact on credit? I can’t pretend that anybody really has. You know, it’s just too complicated. We don’t really (have the) quantitative tools to do that. But we are trying…”
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