Pres. Sarkozy Gives Jamie Dimon a Tongue Lashing

Jamie Dimon, the JPMorgan chief executive, on Jan. 27 clashed with French President Nicolas Sarkozy at the World Economic Forum in Davos.

Dimon urged a pause in financial sector rule-making. “The G20 should take a deep breath,” he said in response to an address by Sarkozy. “Too much is too much.”

Earlier in the day, Dimon lashed out at persistent bank bashing, saying it was “unproductive and unfair”.

Sarkozy replied: “The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything … Major institutions did things that had nothing to do with common sense … it was a game of Russian roulette with our money – with our savings.”

Peter Sands, chief executive of Standard Chartered, told a panel on Jan. 26 that regulators should focus on systemic problems rather than regulating individual banks. “It’s hard to argue you shouldn’t have really good seatbelts on planes. But when the plane crashes, it’s a bit on the margin.”

10 Responses

  1. […] View the original article hereBookmark on DeliciousDigg this postRecommend on Facebookshare via RedditShare with StumblersTweet about itSubscribe to the comments on this post Share and Enjoy: […]

  2. Davos, Switzerland is every year and is nothing but a party for public officials and bankers. I wonder how many hookers they import into town for these guys.

  3. I remember reading about the Community Reinvestment Act, which simple states that when a bank or bank branch is located in a town or city or community, they have to adhere to certain standards insofar as how they lend, to whom they lend, and how much they lend, relative to how much is held by each branch in savings, checking, CDs, etc. The most egregious example of disparity nationwide was a bank in East St.Louis, Missouri, where the bank had taken 587million in deposits, and had lent 8million. end

  4. can we please start throwing tomatoes at these Bankers/Congress during their speeches of BS. I like the British system where they get to heckle. I like going one step further and throw some tomatoes or eggs, violet but yet not and it gets the point across, no guns please.

  5. Regulators??? Where?? What regulators???

  6. Can we make Sarkozy our president? heh

  7. Finally, someone in a high position of government telling it like it is. Jamie Dimon’s ego is only surpassed by his fortune. Sarkozy has been known to tell it like it is in the past. The French are boycotting their big banks. Good for them. Burmese8@yahoo.com

  8. IT IS OUR OBAMA WHO HIRED AN EXEC, FRESH FROM CHASE WITH OVER 7 MILLION DOLLARS IN CHASE STOCK, TO BE HIS CHIEF OF STAFF!!

  9. GO SARKOZY!!
    MORE WORLD LEADERS OUGHT TO TONGUE LASH
    DIMON AND THE OTHER HIGH FINANCE CEOS.

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