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



Visitors advised not to enter state forest

Fires Near Me show fire in Barcoongere State Forrest.

Local RFS has been battling a fire since 10am

Maree forced to calls it quits after 34 years

TIME CALLED: A diagnosis of multiple sclerosis has finally caught up with Maree McKenna who has worked at the South Grafton Ex-Servicemen's Club for 34 years. Her last day on the job is Friday.

A career through fire, flood and a 20-year battle with MS

Memorial board race not held for first time since 2009 tragedy

ON HIATUS: Competitors in last year's Jacob Lollback Memorial Board Race stand for a minute's silence before they hit the surf.

"It was a good time to call time and go out on a good note"

Local Partners

Kim Kardashian West 'sick of talking about Taylor Swift'

Kim Kardashian West is sick of talking about Taylor Swift.

Justin Bieber ordered to attend Miami deposition

Justin Bieber has been ordered to travel to Miami for a deposition

Sludge metal heaven served up across Australia

Black Rheno bring their stripped back sludge metal through regional Australia.

Black Rheno to hit a town near you

Prog metal upstarts to tour Australia

Caligula’s Horse, one of the country’s most exciting and innovative progressive bands, will hit the road for a national tour in November.

Australian prog masters announce national tour

Debra Messing wants to do a 'naughty' Will and Grace reunion

'Will & Grace' star Debra Messing wants a "naughty" reunion

Brad Pitt and Angelina Jolie 'working on custody agreement'

Brad Pitt and Angelina Jolie are thrashing out a custody agreement

Beach-side real estate starts at $85k on Fraser Coast

HERVEY BAY REAL ESTATE: You can buy this townhouse in Scarness for under $300k.

Live your beach-living dream locally.

Clarence Valley property prices go through the roof

Buyers are hungry to sink their teeth into the Clarence Valley

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.

Sunshine Beach property breaks real estate record

The property overlooks Sunshine Beach, as the backyard lawn meets the sand.

Sunshine Beach mansion sale smashes real estate record

NEW HOME: Agents to the rescue for family of nine

RELIEF: Tanya Cone (middle) with her kids and McKimm's Real Estate property managers Regan Firth and Nadine Greenhalgh who helped find her family a home.

DEX article prompts property managers to help family find new home