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Tue Jun 19, 2012, 07:49 PM

Dimon: 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.

-snip-


Read more: http://www.businessweek.com/news/2012-06-19/dimon-says-curbs-needed-to-international-dodd-frank-reach

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Reply Dimon: Curbs Needed to Dodd-Frank Reach (Original post)
Eugene Jun 2012 OP
rfranklin Jun 2012 #1
eridani Jun 2012 #2
mbperrin Jun 2012 #3
mother earth Jun 2012 #4
cyberpj Jun 2012 #5

Response to Eugene (Original post)

Tue Jun 19, 2012, 08:10 PM

1. Neutering of Jamie Dimon needed...

 

this guy has balls the size of Texas.

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Response to rfranklin (Reply #1)

Wed Jun 20, 2012, 05:00 AM

2. A lifetime in prison for treason would be better n/t

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Response to Eugene (Original post)

Wed Jun 20, 2012, 07:23 PM

3. Why does Dimon still have a job?

Why is he still alive?

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Response to Eugene (Original post)

Thu Jun 21, 2012, 06:56 AM

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.

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Response to Eugene (Original post)

Thu Jun 21, 2012, 06:10 PM

5. I hope at least ONE person laughed out loud when he said it. Please? nt

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