World-Class Loser Jamie Dimon Pronounces Glass-Steagall "Stupid"
September 15, 2012 • 9:21AM

Calls for Glass-Steagall re-enactment are very useful; so, occasionally, is a denunciation of it from the right person.

Jamie Dimon, the investment banker and JPMorgan Chase head at the center of the MFGlobal and Lehman collapse scandals and an attempt to rig the world derivatives trade by his own bank's London office, thinks a Glass-Steagall return would be "stupid." Dimon knows from stupid. In fact, he is world-class in it, as in everything else.

On Sept. 11, at a forum organized by Barclays Capital (!), Dimon was asked about returning to Glass-Steagall and breaking up the large banks. He answered, "There are huge benefits to size. JPMorgan's size allowed it to be a port in the storm during the market turmoil of 2008. Big banks have a function in society. The United States has the best, widest, deepest, and most transparent capital markets in the world. Lets make sure we keep that before we do a bunch of stupid stuff that destroys that."

Just ask Jefferson County, Alabama, for example, about those transparent capital markets JPMorgan Chase is running.