Pres. Sarkozy Gives Jamie Dimon a Tongue Lashing

Jamie Dimon, the JPMorgan chief executive, on Jan. 27 clashed with French President Nicolas Sarkozy at the World Economic Forum in Davos.

Dimon urged a pause in financial sector rule-making. “The G20 should take a deep breath,” he said in response to an address by Sarkozy. “Too much is too much.”

Earlier in the day, Dimon lashed out at persistent bank bashing, saying it was “unproductive and unfair”.

Sarkozy replied: “The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything … Major institutions did things that had nothing to do with common sense … it was a game of Russian roulette with our money – with our savings.”

Peter Sands, chief executive of Standard Chartered, told a panel on Jan. 26 that regulators should focus on systemic problems rather than regulating individual banks. “It’s hard to argue you shouldn’t have really good seatbelts on planes. But when the plane crashes, it’s a bit on the margin.”

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