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Over the years, Jamie Dimon has had a little bit of mild unpleasantness with banking regulators. But he’s always been bullish on America, which has formulated a secret sauce made out of “the best universities, best military, best rule of law, most innovation, the hardest working ethic of all.” Most important, America has this little thing called “freedom,” specifically Jamie Dimon’s freedom to run his bank for his shareholders, not for regulators.
That’s why it pains Dimon so much to have to tell us that our freedoms are slipping away into the clutches of some Swiss commies:
“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’.”
What’s so anti-American about the Basel III rules? The FT account suggests that treatment of investment banking businesses and capital treatment of GSE securities is part of the problem, as are global systemically important financial institution surcharges which discriminate against JPM in favor of small and/or nonexistent Chinese banks:
Regulators say all countries compromised on agreeing the rules, which put eight banks – five from outside the US – in the top level of capital. But Mr Dimon said there was a threat that Asian banks, in particular, could take US market share because of the combination of US domestic and global rules.
And if you think that having smaller, less systemically important banks might not be such a bad thing for America – then you are no patriot. Dimon doesn’t even understand how to talk to you:
“I think any American president, secretary of Treasury, regulator or other leader would want strong, healthy global financial firms and not think that somehow we should give up that position in the world and that would be good for your country,” said Mr Dimon. “If they think that’s good for the country then we have a different view on how the economy operates, how the world operates.”