A Quote by Jamie Dimon
Capping the size of American banks won't eliminate the needs of big businesses; it will force them to turn to foreign banks that won't face the same restrictions.
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The Federal Reserve needs to provide small businesses in America with the same low-interest loans it gave to foreign banks.
Banks hold deposits and savings entrusted to them by individuals, by businesses, by governments and by central banks. They put that money to work, helping people to buy homes, for example, or lending to businesses to invest in expansion.
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
My guess is the big Chinese banks will be in 100?countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U.S. at some point. Whether they do or not, or if it's allowed or not, I don't know.
One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.
Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
The same things happen to quite an extent around the globe. I mean, the European banks were doing what the American banks were.
The big issue is how much money can the government infuse for the capitalisation of the banks when we have quite a few private banks doing well. Does the government of India really require this number of public sector banks?
I think there's a disconnect between political leaders and young voters around a lot of things related to the private sector. For example, a lot of politicians continue to attack big banks. While I'm not a defender of big banks, my sense is younger voters have had generally pretty good experiences with banks.
The ECB puts out money that is meant to help our banks, but they do not use it to finance our businesses, but they give it to them to buy back their debt, to help French and German banks.
Banks are there to support businesses that have justifiable needs.
Economically, ISIS is making money every day on the black market with their oil fields. But they are also putting money in banks. We know where those banks are. We should go after the banks and the facilitators using them.
If the government has any courage, it will punish those at the top of failed banks. Accountability is critical in every area of human endeavour - there has to be a penalty for failure; otherwise, it's only a matter of time before the economic pain our banks have caused to so many innocent businesses and homeowners is forgotten.
The capping of cash transactions will help the banks reduce cash intensity.
In the old days we were the challenger brand competing against the big banks, but today I go round the world and I sit with governors of central banks and finance ministers and, in some cases, prime ministers. They all know Travelex. We are regarded as the establishment - the world's largest retailer of foreign currency.
The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar's exchange value, which is the basis of U.S. power.
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