JPMorgan Chief Jamie Dimon should be in jail, not whining about Basel

yeah, why should u.s. banks, the very ones at the forefront of the rape and pillage of the global economy for years, have to face any rules or regulations...? i mean, after all, banksters are a special breed, right...?

JPMorgan chief says bank rules ‘anti-US’

New international bank capital rules are “anti-American” and the US should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, has said.

In an interview with the Financial Times, Mr Dimon said he was supportive of forcing banks to have more capital but argued that moves to impose an additional charge on the largest global banks went too far, particularly for American banks.

The Basel III capital rules are designed to make the financial system safer by making banks build up risk-absorbent “core tier one” capital to at least 7 per cent of risk-weighted assets. The biggest, including JPMorgan, have to reach 9.5 per cent.

“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American,” he said. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it’.”

Mr Dimon also criticised global liquidity rules, arguing that regulations that viewed covered bonds – a European market feature – as highly liquid but discounted government-backed mortgage-backed securities in the US were unfair and that other details hit investment banking activity core to US banks hardest.

god forbid that "government-backed mortgage-backed securities" ("government-backed" = bailout; "mortgage-backed" = fraudulent) should EVER have to be backed up by real cash... oh, no-o-o-oooooo...

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