Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Monday, September 12, 2011

Jamie Dimon, CEO Of JPMorgan Chase, Calls International Bank Rules 'Anti-American'

The United States should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, said in an interview with the Financial Times.

Dimon said he was supportive of forcing banks to have more capital but argued that moves to impose an additional charge on the largest global banks went too far, particularly for U.S. lenders.

He was quoted as describing new international bank capital rules as "anti-American".

"I'm very close to thinking the U.S. shouldn't be in Basel anymore. I would not have agreed to rules that are blatantly anti-American," he said in the interview.

"Our regulators should go there and say: 'If it's not in the interests of the U.S., we're not doing it'."

The Basel III capital rules are designed to increase the safety of the financial system by making banks build up risk-absorbent "core tier one" capital to at least 7 percent of risk-weighted assets. The biggest, including JPMorgan, have to reach 9.5 percent.

Dimon also criticised liquidity rules, arguing that regulations that viewed covered bonds as highly liquid but discounted government-backed, mortgage-backed securities in the United States were unfair.

He added that other details hit investment banking activity core to U.S. banks hardest because of the threat that Asian banks, in particular, could take U.S. market share due to the combination of U.S. domestic and global rules.

"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."

Origin
Source: Huffington 

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