In this excerpt from a live CNBC interview, JPMorgan Chase Chairman and CEO Jamie Dimon says he agrees with regulators that banks shouldn’t take unreasonable risks. But, he says, regulators shouldn’t “over prescribe” and “destroy” the ability of banks to be active market makers, maintaining liquidity that benefits investors.
Transcript and video below:
ourse of business. let me about the regulations. you’ve got new regulations and derivatives that jpmorgan is a leader in.the vocal rule, that’s supposed to be implemented in july. and what do you have to do to change the business? given some of these businesses you’re doing well in may very well see a different economic story. i don’t know about july. i think it needs to be done right, not quickly. first of all, people shouldremember the united states has the deepest, wieest, and mosttransparent markets in the world. if you have to secure atransaction whether it’s an equity, debt, derivative, you can go on your blackberry and get real transparency in those. the value of that is to the investor. that’s a huge value. no more different by giving their client a low price or what costco does or another company. let’s not destroy that. we just want to make sure thatmarket making you can buy and sell securities to make marketsactive for your customers keeps that narrow. that’s a good thing. i understand the regulars don’t want too much risk being taken. i agree with that too. it shouldn’t be overprescribed. if superintendent to be a trader you have to have a lawyer andpsychologist sitting next to you to determine your intent. we need to actively make markets for our clients. all are different. if it’s liquid, it could be different. so it’s good for clients. as a matter of fact, lot of letters are going into washington for major investors saying don’t reduce liquidity of the market place. that’s good for us. and we represent unions, pensions, widows, retirees. military, please don’t do that. i think done the clear light of day, we should be fine.
Yarra Square Partners returned 19.5% net in 2020, outperforming its benchmark, the S&P 500, which returned 18.4% throughout the year. According to a copy of the firm's fourth-quarter and full-year letter to investors, which ValueWalk has been able to review, 2020 was a year of two halves for the investment manager. Q1 2021 hedge fund Read More
|ValueWalk Premium Subscription Includes: