'"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag. "The question is, is that what regulators want?"... he also said the banking industry could do with more influence on politicians." Reuters
In response to calls for an investigation of Goldman Sachs and tighter regulations on the Wall Street Banks, the CEO of JP Morgan has delivered fresh promises of financial damage if the Banks are restrained in their derivatives dealings by government regulation, and even more arrogantly, demanded greater access to European politicians.
Germany would do well to send a strong message that the European government will not be intimidated by financial threats and manipulation by foreign banks, no matter how powerful in both size and political connections.
Appeasement does not work against unbridled greed and pervasive fraud. It picks its victims, one by one, but none are safe.
The solution to this is simple. Take away the power of the large Multinational Banks to sway markets with their enormous derivatives positions.
They seek to control you by controlling your currencies and the issuance of debt. This is nothing new, except for the scale and power of a few Banks, most of which are US based.
This interview could be the result of a cultural misunderstanding. The New York Bankers are accustomed to threatening the US politicians and people if they do not get their way. This is what they had done when they received their trillions in public money with much secrecy and little accountability
Break the Banks up, and put them to the traditional task of allocating capital to commercial markets. If the US will not reform the financial system, ban them from any banking activities in your region.
Change the dollar reserve currency system which is firmly in the hands of the Wall Street money center banks, their friends at the Treasury and in the Congress, and their employees at the Fed.
Do it now while you still can.
Reuters
JPMorgan chief warns of overregulation
By Vera Eckert
April 18, 2010
(Reuters) - The head of JPMorgan Chase & Co (JPM.N) in a German newspaper interview on Sunday turned against the possibility of stricter bank regulation and asked for better access for bankers to politicians.
"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag.
"The question is, is that what regulators want?," said Dimon who heads the second-largest U.S. bank.
Dimon has been an outspoken critic of the Obama administration's proposed financial regulatory reforms, particularly of a proposed bailout fee on big banks which he has called a "punitive bank tax."
In the German interview, he also said the banking industry could do with more influence on politicians.
Both the industry and government wanted what was best for their country and the economic system but there were areas where the banks lacked possibilities to demonstrate their arguments to politicians and supply them with the right facts, he said.
