Thursday, January 15, 2015
The CEO of JP Morgan, Jamie Dimon, is accusing federal regulators of piling on his bank. Rather than one regulator, he says, he now has five or six to deal with. While that might be true, his complaint smacks of special pleading. Large banks were in the thick of the financial meltdown, and they are still cleaning up the mess seven years later. JP Morgan avoided some of the mire early on but was caught later. Dimon might have a case, but he lacks the credibility to make it, and he might not gain credence for years to come. It is a tough position to be in. The public perceives regulators to be on the side of the angels and reining in irresponsible banks. Dimon can complain but he is fighting an embedded perception and distrust of large financial institutions. Perhaps his best course of action is to remain silent. Speaking out doesn't appear to be working, and it makes him seem like a petulant whiner.