JPMorgan's Dimon urges uniform approach to failing firms

04/1/2009 | Bloomberg

Jamie Dimon, CEO of JPMorgan Chase, said regulators need to develop a consistent approach for coping with failing companies as a means to avoid confusing markets. "The first goal should be to regulate financial institutions so they don't fail. If they do fail, a proper resolution process would ensure that action is swift, appropriate and consistent," Mr. Dimon said in a letter to shareholders. Last week, Treasury Secretary Timothy Geithner proposed giving regulators the authority to seize nonbank financial firms, similar to the way the Federal Deposit Insurance Corp. takes over banks.

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