Dimon Has Right to Opinion; I Disagree: Corzine
Jamie Dimon has a right to his opinion. Jon Corzine doesn't share it.
Corzine, chairman of cash and derivatives broker-dealer MF Global, told CNBC Thursday he understands why JPMorgan Chase Chief Executive Dimon would complain to Federal Reserve Chairman Ben Bernanke publicly about overreaching financial regulations when he had the opportunity during a televised banking conference Tuesday.
The banking executive "had every right to make his opinion that regulations are overreaching," said Corzine, former governor of New Jersey and Goldman Sachs chairman.
"If you’re MF Global , on the other hand, the democratization of markets that comes about through exchange-traded products, through a number of the rules that are evolving, it’s actually a real positive as opposed to a negative," Corzine said. The financial rules are "good for spreading out the risk across the system as opposed to the concentration that we had pre-2008."
Would he have questioned Bernanke the same way? "I don’t know if I would’ve taken that path because I would have done a lot of that work behind the scenes," he said.
He still does not think it likely the U.S. economy will go into a double-dip recession. "We have been on a pathway where we’ve certainly leveled off," he said. Thursday's trade-deficit figures "give a little more encouragement to folks that would argue that we’re not moving into a double dip. But there is a lot of risk, a lot of uncertainties in the marketplace."
Correction: An earlier version of this story misidentified Jamie Dimon's affiliation.