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

Police raids net a string of arrests

Police generic

Tattoo palours inspected as part of police sweep

Skipper's brilliant century sets up Country Cup win

Clarence batsman Jake Kroehnert during the Clarence rep cricket match at Ellem Oval between Clarence and Coffs on Sunday, 8th February, 2015. Photo Debrah Novak / The Daily Examiner

Dream start on home turf for Clarence River in knockout competition

Dazzling native not to be over-shadowed by jacaranda in bloom

ABOVE AND LEFT: The Silky Oak's impressive golden display.

The silky oak is one of our finest flowering natives

Local Partners

Green light for sports centre to re-open

NEW operators hoping existing users will return to sports centre and get 'business back to normal'.

Tea party with the 'Queen'

TRADITION: 1955 Jacaranda Queen Stella Wilson sits with reigning 2015 Jacaranda Queen Charlotte White at last year's Jacaranda Afternoon Tea.

Meet the royal patyu in style

Making steps for 'Blacky' in Walk 4 Brain Cancer

Grafton locals are doing a Walk 4 Brain Cancer in Sydney for Robert Black.

Team Blacky aims to better $5000 to battle brain cancer.

Sound of Music star to compere An Afternoon at the Proms

This photo provided by Twentieth Century Fox Home Entertainment shows, from left, Chairmian Carr, as Liesl, Nicholas Hammond, as Friedrich, Heather Menzies, as Louisa, Duane Chase, as Kurt, Angela Cartwright, as Brigitta, Debbie Turner, as Marta, Kym Karath, as Gretl, and Christopher Plummer, as Captain Von Trapp, in a scene from the film, \"The Sound of Music.\" The 1965 Oscar-winning film adaptation of the Rodgers & Hammerstein musical \"The Sound of Music\" is celebrating its 50th birthday in 2015. To honor the milestone, 20th Century Fox is releasing a five-disc Blu-ray/DVD/Digital HD collector's edition, the soundtrack is being re-released, the film will be screened at the TCM Classic Film Festival in Hollywood later this month and to over 500 movie theaters in April. (AP Photo/Twentieth Century Fox Home Entertainment)

Saraton's rich history of stage and screen honoured in musical tribu

Check out some fashions from the Coast festival

FASHION: Ocean Zen range.

Images from the Sunshine Coast Fashion Festival show what's hot

Australian Survivor's magician Matt out of tricks

Australian Survivor contestant Matt Tarrant.

SHOW'S power couple looks unstoppable in race to the finish.

Top floor teams take out The Block's terrace week

Kim and Chris pictured on their winning outdoor terrace in a scene from The Block.

RIVALS Kim and Chris and Julia and Sasha tie in final week of work.

Bob Dylan slammed as 'arrogant' for Nobel silence

Nobel Prize winner Bob Dylan.

Singer the controversial winner of literature Nobel

Shannen Doherty reveals fear of dying in post on chemo

Actor Shannen Doherty shared this image of her lying in a hospital bed after a chemotherapy session.

Actor has been fighting cancer since 2015

Eddie Redmayne's stage fright on latest Harry Potter film

Actor Eddie Redmayne stars in Fantastic Beasts and Where to Find Them.

Actor felt like kid again when he got to film with a wand

Hinterland horse stud passed in for $8.25 million

UNREAL: This Maleny estate is incredible.

12-bedroom hinterland horse stud still available

Hit songwriter's Noosa mansion on market

SPECIAL PLACE: The Cintamani estate is going to tender, marketed by Tom Offermann Real Estate.

Is this Queensland's best property?

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals

Cherrabah's mega resort plans axed

PLANS for a massive development at Cherrabah have been scrapped.

Dusit Thani finance crisis 'just a small hiccup'

ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony.

Property developer says project remains firmly on track