Jamie Dimon hitting Basel group of global regulators

[italkcash]

CEO of JP Morgan, Jamie Dimon, hit the regulatory banking group, also known as Basel. The Basel III capital rules are designed to make the financial system safer by making banks build up risk-absorbent “core tier one” capital to at least 7 percent of risk-weighted assets.

Jamie Dimon finds the rules anti American and wants to pull out of the regulatory body.

“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.”

said Jamie Dimon.

US banks are struggling to deal with new regulations and litigation, both stemming from the financial crisis. Mr Dimon said it could be “three to 10 years” before the industry emerged from lawsuits brought by investors looking for compensation for the losses incurred on structured products underpinned by bad mortgages.