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January 24, 2013

JPMorgan and Elliott chiefs clash in Davos

Jamie Dimon, chief executive of JPMorgan Chase, clashed with a leading hedge fund investor over whether big banks are too opaque during the opening session of the World Economic Forum in Switzerland.

Unbowed after a year in which severe problems of risk management at JPMorgan were revealed, Mr Dimon rebuffed criticism from Paul Singer, head of Elliott Capital Management, that banks made “completely opaque” disclosures.

Mr Singer said the unfathomable nature of banks’ public accounts made it impossible to know which were “actually risky or sound”.

Mr Dimon said JPMorgan’s accounts were clear, adding: “With all due respect hedge funds are pretty opaque too.””


Read full Financial Times article here

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