Tags: Beaman | JPMorgan | Dimon | Sorry

Steve Beaman: 'It's Hard to Feel Sorry' for Jamie Dimon

By    |   Thursday, 15 January 2015 06:13 PM

JPMorgan Chase CEO Jamie Dimon needs to stop whining, Steve Beaman, chairman of the Society to Advance Financial Education, tells Newsmax TV.

With JPMorgan continuing to rack up billions of dollars in legal expenses, Dimon took a swing at government regulators and prosecutors Wednesday.

"Banks are under assault," he told reporters, according to The New York Times. "You all should ask the question, 'How American that is? How fair that is?'"

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Beaman wasn't too impressed. "It is hard to feel too sorry for him," Beaman said on Newsmax TV's "MidPoint" program.

In the late 1990s banks and brokerage firms successfully pushed the government to abrogate the Glass-Steagall Act, which had forbidden firms to engage in both commercial and investment banking.

"That [change] gave people like Jamie Dimon license to steal, and they took advantage of it throughout the early 2000s," Beaman said. "For them to then come back and say, oh, we're being overregulated, well he made his bed, let him lay in it."

JPMorgan has paid billions of dollars in fines for "activities that were not exactly on the up and up," he said. "So for Dimon to complain that regulation is costing his shareholders money, they ought to look at him and ask his business practices."

Meanwhile, despite the added regulation since the 2008 financial crisis there's "absolutely' a chance for another meltdown, Beaman said. "They've band-aided over things. They haven't really fixed the problem."








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JPMorgan Chase CEO Jamie Dimon needs to stop whining, Steve Beaman, chairman of the Society to Advance Financial Education, tells Newsmax TV.
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2015-13-15
Thursday, 15 January 2015 06:13 PM
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