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January 29, 2015

JP Morgan ‘Under Assault’ By Unpatriotic Regulators, CEO Says

“One of America’s largest banks is facing a regulatory attack so insidious and overbearing that it might even be un-American, according to the head of that bank.

“Banks are under assault,” JP Morgan CEO Jamie Dimon told reporters on a conference call Wednesday, explaining that his company now faces too much oversight. “In the old days, you dealt with one regulator when you had an issue, maybe two,” he added. “Now it’s five or six. It makes it very difficult and very complicated.”

“You all should ask the question about how American that is,” Dimon said to the reporters, according to Forbes, which notes that Dimon has a habit of invoking patriotism in his attacks on financial regulation.

“But Dimon’s firm exemplifies the sort of unregulated financial industry abuses that prompted tighter oversight in the first place. In Dimon’s tenure, regulators have exposed JP Morgan’s involvement in numerous scandals. Three of those scandals are particularly instructive.”

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“What’s more, there is reason to believe the regulatory response to JP Morgan’s scandals has been too weak rather than too heavyhanded. While headlines touted the deal Dimon made with Attorney General Eric Holder over mortgage finance abuses, the fine-print reality of that settlement was far less punitive and costly than the $13 billion figure from the headlines made it seem. Dennis Kelleher, president of a financial watchdog called Better Markets that sued to block that mortgage settlement, called it “a secretive backroom deal” that “appears to have been written more to conceal than to reveal” facts about how the bank behaved. (Dimon has called that settlement “unfair” despite the many ways in which it was tailored to be gentle to his company, and the company’s top legal counsel has said the government should have been kinder to the bank.)”

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Read the full Think Progress Article by Alan Pyke here.

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