3/12/2010-JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon on Friday came out in support of financial regulatory reform but he cautioned that changes should be carefully targeted and not driven by public anger at industry excesses.
Addressing an economic forum at Stanford University in California, Dimon remarked, "It's pretty obvious that our regulatory system needs a major overhaul, and I think we now have the opportunity to develop a more cohesive, forward-looking, comprehensive regulatory system. What we need is good regulation -- it's really not a question of more or less, it's to make sure it's good and effective, and it needs to be based on facts and analysis and not on populism."
Dimon added that his industry shouldn't have to pay to help finance the bailout of non-financial companies such as General Motors.