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June 1, 2012

JPMorgan's Dimon loses clout as reform critic

WASHINGTON (Reuters) – “Wall Street may have lost its most potent spokesman against Washington reforms.”

“JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon has parlayed his bank’s reputation as a white knight during the financial crisis into a position as the de facto representative fighting against excessive post-crisis regulation.”

“But the revelation of a shocking trading loss of at least $2 billion from a failed hedging strategy diminishes Dimon’s credibility, and is already unleashing calls to get even tougher on big banks.”

” ‘Jamie Dimon and JPMorgan Chase just proved what anyone not getting a paycheck from a Wall Street bank already knows: gigantic too-big-to-fail banks are too-big-to-manage,’ said Dennis Kelleher, president of Better Markets, a group that advocates for strict oversight of Wall Street.’ “


Read full First Post article here.

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