This guy...

 

I just cant stand him.

I just really can't, for a long time now.

Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’

APR 4 2023

April 4th?

Way to be at the forefront of things there bud...

The stress on the financial sector caused by two bank failures in the United States last month is still a threat and should be addressed by a reimagining of the regulatory process, according to JPMorgan Chase CEO Jamie Dimon.

“As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” the longtime CEO said in his annual letter to shareholders Tuesday. 

“But importantly, recent events are nothing like what occurred during the 2008 global financial crisis,” he added. 

(yeah...it's worse this time.)

(Dont just love these captains of industry and finance who fight "the regulatory process" and then when the proverbial you know what hits the fan the first thing they holler for is the exact thing they have fought all along "the regulatory process"?)

"The stress on the regional banks has led investors and analysts to suggest that the “too big to fail” institutions would be a beneficiary of the crisis, but Dimon said JPMorgan wants to strengthen the smaller banks for the benefit of the whole financial system."

(Thats right about where I just wanna choke him cause you know, The big banks? They have always been so altruistic and such for so long now...This guy just likes to hear his own voice and see his name in the media it seems like.)

"While it is true that this bank crisis ‘benefited’ larger banks due to the inflow of deposits they received from smaller institutions, the notion that this meltdown was good for them in any way is absurd,” Dimon wrote. 

(Whats he supposed to say? "Hey! were making a fortune over here with this crisis?" Just the complete arrogance with which he talks and assumes people cant figure out wats up is...well...it's just repulsive, it really is.)

"Dimon also cautioned against knee-jerk changes to the regulatory system. He wrote that most of the risks, including the potential losses from held-to-maturity bonds, were “hiding in plain sight.”

(Who else is suggesting that they (the risk) weren't “hiding in plain sight.”? That there was intent to take risk knowing they would be bailed out because of the systemic risk to the banking system they took on? I got a chair for him at my table when you find him.)

"The recent failures of Silicon Valley Bank (SVB) in the United States and Credit Suisse in Europe, and the related stress in the banking system, underscore that simply satisfying regulatory requirements is not sufficient.

(When I was growing up? We used to say, "Well no shit sherlock." As in Sherlock Holmes. Or as they say on the Bob and Tom show: "Thank you Captain Obvious."

Let me tell ya something.

The guy in the garage with no internet service?

Yeah..

He said the same thing on March 13th :

"Just

 because:

“First Republic’s 

capital and liquidity positions 

are very strong, 

and 

its capital remains well above 

the regulatory threshold 

for well-capitalized banks,”

said founder Jim Herbert and CEO Mike Roffler in a statement.

Doesn't mean there wont be underlying problems."

"The JPMorgan CEO instead called for more forward-looking regulation. He pointed out that the held-to-maturity bonds that have become problems for many banks are actually highly rated government debt that scores well under current rules, and that recent stress tests did not game out a rapid rise in interest rates."

(Ever notice they are only for "regulation" after the problem arises but always seem to fight it tooth and nail before hand?)

He didn't say a thing that myself and plenty of others weren't already clamoring about weeks in advance of him saying anything. In fact? He didn't say anything that wasn't already covered by the guy in the garage. maybe I should be CEo of one of the worlds largest financial institutions then?

This guy seems to pass himself off as some kinda financial sage when in fact? He mostly just says what others have already said weeks before he ever does.)