Business

Buffett faces his Dimon

WARREN Buffett, the billionaire founder of Berkshire Hathaway, whose annual shareholder letters are compulsory reading for connoisseurs of homespun wisdom, has a rival for the affections of literature-loving investors.

Jamie Dimon, the chief executive of the largest US bank, JPMorgan Chase, has just penned his own shareholder letter, which weighs in at 38 pages and reads like the antithesis of a Buffett publication.

Where the Oracle of Omaha gently ribs investment bankers' values and warns of the dangers of financial complexity, Mr Dimonis letter swings to the defence of his industry, champions derivatives and the benefits of lobbying, and rains fiery invective down on politicians who have piled layers of regulation on banks since the credit crisis.

"The result of financial reform has not been intelligent design - simplicity, clarity and speed would be better for the system and better for the economy," he writes.

"Complexity and confusion should have been alleviated, not compounded. We now have multiple regulatory agencies with overlapping rules and oversight responsibilities.

"We have hundreds of rules, many of which are un-coordinated and inconsistent with each other. While legislation obviously is political, we now have allowed regulation to become politicised, which we believe will likely lead to some bad outcomes."

Mr Dimon has been fashioning a role as the public spokesman for Wall Street, and his outspoken letter went into detail on the specific new rules - both in the US and internationally through the Basel III process for deciding new capital requirements for risky banks - that JPMorgan is opposing.

JPMorgan's annual report also revealed that Mr Dimon's pay totalled US$23.1 million last year - an 11 per cent pay rise.

Topics:  wall street, warren buffett




Lovin' and scrubbin' best friends to help local family

Lahnie Shannon-Good with "Duke" in the Love'm Scrub'm grooming salon.

A local dog washing business helps a family through tough times.

Confirmed: Rivers comes running back to Grafton

Boxing Day Fun: The public goes wild at Rivers.Photo: Rob Wright / The Coffs Coast Advocate

Rivers to take up 400 sq m of retail space in Grafton Shoppingworld.

Yamba to chase holy grail on home soil

The Yamba Men's Bowling Club number 3 Pennant side is ready to defend home turf as the State Bowls Titles are held in Yamba and Maclean this weekend.

Lower Clarence clubs hosts No.3 State Pennants finals

Latest deals and offers

Lindsay Lohan 'calls off engagement'

Lohan reportedly called off her engagement to Russian millionaire

Dyer returns to Grafton after Lifetime release

BACK IN TOWN: Melanie Dyer plays the Clocktower on Friday night at 8.30pm.

The Voice 2012 contestant is heading to the Clocktower Hotel

Rob Kardashian 'neglected' by Blac Chyna

Friends say they are now 'back in love'

Isla Fisher: I don't like talking about my private life

Isla Fisher shut down TV hosts when they asked about her husband

Mariah Carey: I 'can't believe' Prince has gone

'Prince was one of the best people I've met'

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

Massive residential 9-storey high-rise hit by delays

An artist’s impression of the eight-storey-high apartment complex that Bernoth Holdings wants to build in South Toowoomba, next to the City Golf Club.

Developer struggles to get approved high-rise development started