JP Morgan CEO playing both sides

There is a quiet war going on in Washington and on Wall Street but it is not your typical war.  This war is not being fought with bullets and bandages but with cell phones and fax machines.  It’s the fight for who can claim the crown of the biggest hypocrite and so far Mr. Jaime Diamond, CEO of JP Morgan might just be leading right now.

According to an article by Dave Clarke of Reuters titled  JPMorgan CEO concerned about bank capital rules, Mr. Dimon has many great concerns while also catering to those who believe that everyone needs to share in the burden of restoring our country back to its near-perfect form.  The report says that “JPMorgan Chase Chief Executive Jamie Dimon warned on Tuesday the new international bank capital standards are excessive and may impede economic growth, "It will stifle economic growth and I already believe it is," said Dimon, who was speaking at the annual spring meeting of the Council of Institutional Investors.”  “In his remarks on Tuesday, Dimon also warned of the anti-competitive effects of the Dodd-Frank Wall Street reform law, he said new rules being developed for the roughly $600 trillion over-the-counter derivatives market could drive business oversees. He voiced similar criticisms of the derivatives rules last week at a U.S. Chamber of Commerce event.”  That was one side of the debate and one that he has had a hand in pushing with donations to lawmakers to ease, restrict and even abolish these invasive regulations.

The other side of the debate was also presented by this same person without appearing to change even the pitch of his voice.  The same article quotes him as saying that “the new U.S. risk council, the Financial Stability Oversight Council required by the Dodd-Frank law, lacks teeth and to make things even cloudier said “that he feels higher taxes for the wealthy should be an option in the budget debate.”  If you are a little like me, I am taken back to the old cowboy movies when the Indian chief would say that “man speaks with forked tongue”.  Maybe because he is aware that enough investment has been made to insure that the wealthy never pay their share of taxes or the Financial Stability Oversight Council will never have teeth.  Either way, it never ceases to amaze me just how we keep coming back to the same talking heads as if they are going to say or do anything different than they already have.  Is that not another sign of insanity?

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