The famously gruff Volcker had no patience for the arguments of the big-bank lobby against higher capital requirements and other regulations just after the 2008 financial crisis. An equally fitting word is “nonsense,” a favorite of Anat Admati, an economist at Stanford University, who has also applied it repeatedly since 2008.
Instead of having his most talented employees figuring out how to better serve customers or allocate credit to the real economy, Jamie Dimon has his best and brightest scheming how to evade tougher rules on bank capital that regulators are writing to make the financial system safer.
At the peak of the coronavirus pandemic, big banks will be paying some $13 billion in shareholder dividends. If this level of dividends continues for the rest of 2020, big banks could be permitted to pay out over $50 billion in dividends for 2020.
AFR joins 22 organizations in letter urging members of the Senate Banking Committee to oppose the nomination of Walter Joseph ‘Jay’ Clayton to serve as Chair of the Securities and Exchange Commission.