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Related: About this forumDimon: Curbs Needed to Dodd-Frank Reach
Source: Bloomberg News
Dimon: Curbs Needed to Dodd-Frank Reach
By Silla Brush and Emma Fidel on June 19, 2012
Congress and U.S. regulators should limit the international reach of Dodd-Frank Act swaps regulations, JPMorgan Chase & Co. (JPM) (JPM) Chief Executive Officer Jamie Dimon said as he testified about at least $2 billion in losses on trades conducted by his bank in London.
If JPMorgan overseas operates under different rules than our foreign competitors, we can no longer provide the best products and services to our U.S. clients or our foreign clients, Dimon said yesterday at a House Financial Services Committee hearing on the losses. The rules at the transaction level about margin reporting, all those requirements may enable Deutsche Bank to make the better deal.
The U.S. Commodity Futures Trading Commission, the main derivatives regulator, is poised to propose guidance tomorrow that would extend swaps rules to foreign branches and subsidiaries of JPMorgan, Goldman Sachs Group Inc. (GS) (GS), Citigroup Inc. (C) (C) and other U.S. banks. The international reach of Dodd-Frank rules is among the most controversial elements of the derivatives-regulation overhaul and has led to two years of debate between regulators and financial-industry lobby groups.
Gary Gensler, CFTC chairman, has testified to Congress and delivered speeches calling for oversight of U.S. banks overseas operations.
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By Silla Brush and Emma Fidel on June 19, 2012
Congress and U.S. regulators should limit the international reach of Dodd-Frank Act swaps regulations, JPMorgan Chase & Co. (JPM) (JPM) Chief Executive Officer Jamie Dimon said as he testified about at least $2 billion in losses on trades conducted by his bank in London.
If JPMorgan overseas operates under different rules than our foreign competitors, we can no longer provide the best products and services to our U.S. clients or our foreign clients, Dimon said yesterday at a House Financial Services Committee hearing on the losses. The rules at the transaction level about margin reporting, all those requirements may enable Deutsche Bank to make the better deal.
The U.S. Commodity Futures Trading Commission, the main derivatives regulator, is poised to propose guidance tomorrow that would extend swaps rules to foreign branches and subsidiaries of JPMorgan, Goldman Sachs Group Inc. (GS) (GS), Citigroup Inc. (C) (C) and other U.S. banks. The international reach of Dodd-Frank rules is among the most controversial elements of the derivatives-regulation overhaul and has led to two years of debate between regulators and financial-industry lobby groups.
Gary Gensler, CFTC chairman, has testified to Congress and delivered speeches calling for oversight of U.S. banks overseas operations.
[font size=1]-snip-[/font]
Read more: http://www.businessweek.com/news/2012-06-19/dimon-says-curbs-needed-to-international-dodd-frank-reach
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Dimon: Curbs Needed to Dodd-Frank Reach (Original Post)
Eugene
Jun 2012
OP
Oh yes, we must heed Dimon's advice, these gamers are so essential to our healthy economy.
mother earth
Jun 2012
#4
rfranklin
(13,200 posts)1. Neutering of Jamie Dimon needed...
this guy has balls the size of Texas.
eridani
(51,907 posts)2. A lifetime in prison for treason would be better n/t
mbperrin
(7,672 posts)3. Why does Dimon still have a job?
Why is he still alive?
mother earth
(6,002 posts)4. Oh yes, we must heed Dimon's advice, these gamers are so essential to our healthy economy.
Words of wisdom from the new gangsters...give that man a top level gov't job! He can hold countries for ransom.
cyberpj
(10,794 posts)5. I hope at least ONE person laughed out loud when he said it. Please? nt