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Jamie Dimon's Tirade Against Bank Regulators
CNBC.com | September 26, 2011 | 11:19 AM EDT

The battle over bank capital requirements boiled over once again late last week when JPMorgan Chase chief Jamie Dimon delivered an angry “tirade” against the idea of a “capital surcharge” for systemically important banks.

The new Basel III agreement—the rules regulators from around the globe agreed to late last year—calls for all banks to hold 7 percent capital, up from 3 percent. The biggest banks would be required to hold an additional 2.5 percent capital.

Dimon’s tirade was directed at Mark Carney, Bank of Canada governor, in a closed-door meeting in front of more than dozens of leading bankers and regulators, the Financial Times reports. According to the FT , things got so heated that Goldman Sachs CEO Lloyd Blankfein sent an apologetic email to Carney afterwards.

Dimon is obviously furious about the new capital surcharge. My sources tell me other top bankers are also dismayed — and grateful to Dimon for taking on the role of lead critic. It’s not something the heads of weaker banks — say, Citigroup or Bank of America — or more controversial banks — Goldman Sachs — are eager to undertake.

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