Heraldonline.com reports that Jamie Dimon, America’s most celebrated banker, heaped criticism on regulators and politicians during a high-profile visit to the nation’s capital Wednesday, warning that overregulation is inhibiting business and that political stalemates threaten the economy.
The chief executive officer and chairman of JPMorgan Chase spoke before the Council on Foreign Relations, denying he has any interest in becoming Treasury secretary but sounding exactly like a man who wanted the job. One example: He sympathized with critics who complain that no major Wall Street actor has gone to jail for the financial crisis.
'I do think the American public feels there was no Old Testament judgment. They saw banks bailed out and people making all that money', said Dimon, 56, adding that 'it pisses me off too'.
In the meantime, Bloomberg reports that JPMorgan Chase was ordered by an Oklahoma court to pay $18.1m to the trust fund of a 75-year-old oil heiress for selling her derivatives that she claimed she didn’t understand.
The bank must also pay punitive damages to the Carolyn S. Burford Trust, which benefits the granddaughter of Oklahoma oilman William G. Skelly, Tulsa County District Court Judge Linda Morrissey ruled yesterday. The evidence 'overwhelmingly demonstrates the bank’s grossly negligent and reckless administration of the trust', Morrissey said.
Finally, Bloomberg also reports that Gene Saffold, a former JPMorgan Managing Director who served as Chicago’s chief financial officer and a top adviser to former Mayor Richard M. Daley, has died. He was 57.
He died October 8th, following heart surgery, the Alexandria, Virginia-based Municipal Securities Rulemaking Board said Wednesday in a statement. Saffold was named a public member in August.