JPMorgan CEO Jamie Dimon during a recent interview with New York magazine decried overbearing government regulations, at one point practically shouting, “It’s a free. F**king. Country!”
Dimon also made the case for deregulation (or at least a general “loosening up”) because, he says, fear of retribution has many small bank owners terrified to make a move.
“The whole world has become crazy. Businesses get attacked every time they do something,” he said. “Everyone is afraid of retaliation.”
“We recently had an event with a hundred small bankers here, and 85 percent of them said they can’t challenge the regulation because of the potential retribution. That’s a terrible thing, okay? This is not the Soviet Union — this is the United States of America. That’s what I remember. Guess what?” he asked with a raised voice, “It’s a free. F**king. Country.”
Dimon went on to argue that anyone who says the banks are “too big” doesn’t understand the benefits that come with the size.
“We bank [machinery and engine company] Caterpillar in like 40 countries. We can do a $20 billion bridge loan overnight for a company that’s about to do a major acquisition,” he said.
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