Defaulting banks - where will it stop?

[Jan Klimkowski]

JP Morgan man speak with forked tongue:

JPMorgan chief warns of overregulation: report

(Reuters) - The head of JPMorgan Chase & Co (JPM.N) in a German newspaper interview on Sunday turned against the possibility of stricter bank regulation and asked for better access for bankers to politicians.

"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag.

"The question is, is that what regulators want?," said Dimon who heads the second-largest U.S. bank.

Dimon has been an outspoken critic of the Obama administration's proposed financial regulatory reforms, particularly of a proposed bailout fee on big banks which he has called a "punitive bank tax".

In the German interview, he also said the banking industry could do with more influence on politicians.

Both the industry and government wanted what was best for their country and the economic system but there were areas where the banks lacked possibilities to demonstrate their arguments to politicians and supply them with the right facts, he said.

http://www.reuters.com/article/idUSTRE63H1D120100418

According to JP Morgan man, charging the banks a fee for their bailout with taxpayer money is a "punitive bank tax", and there wouldn't be a problem if bankers "had better access" to politicians.