JPMorgan CEO Dimon launches tirade against Bank of Canada governor Mark Carney

[Kassz007]

http://www.cbc.ca/news/business/story/2011/09/26/carney-basel-reforms-dimon.html

A Wall Street banker launched into a tirade against the Bank of Canada Governor Mark Carney for suggesting global banks increase their cash reserves as a hedge against another financial crisis, according to a report Monday.

The London-based Financial Times reported that Jamie Dimon, the CEO of JPMorgan Chase, railed against Carney after the Canadian central banker endorsed proposals for systemically important banks to increase the capital on their balance sheets from three per cent to seven per cent of the money invested or loaned.

The biggest banks would hold 9.5 per cent."

Dimon’s tirade was reported to have happened behind closed doors in Washington, D.C., Sunday at a meeting of dozens of leading bankers and regulators, people Carney would know from his 13 years working at another Wall Street giant, Goldman Sachs, beginning in the 1990s.

It became so heated, according to the FT, that Goldman CEO Lloyd Blankfein sent an apologetic email to Carney afterwards.

Dimon has used the term “anti-American” to describe the reforms. But Carney’s prepared remarks suggest some skepticism.

"If some institutions feel pressure today, it is because they have done too little for too long, rather than because they are being asked to do too much, too soon," he said.

“Everyone is claiming to be a boy scout while accusing others of juvenile delinquency,” he remarked.