Jamie Dimon rails against 'rich is bad' talk

[December 08, 2011]  NEW YORK (AP) -- Jamie Dimon, the CEO of JPMorgan Chase & Co., is railing against bashing the rich.

Dimon was responding Wednesday to a question at an investor conference about the hostile political environment towards banks.

"Acting like everyone who's been successful is bad and that everyone who is rich is bad -- I just don't get it," said Dimon at the conference, which was organized by Goldman Sachs Group Inc.

Dimon said he's worked on Wall Street for much of his life and contributed his fair share.

"Most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we're paying 50 percent of our income in taxes," Dimon said in defense of his fellow Wall Street bankers.

In his presentation to investors, Dimon warned that investment banking revenue at JPMorgan Chase in the fourth quarter would be flat and that the bank's private equity unit would post a loss. That's because clients and companies have been less active in markets in the fourth quarter, a particularly volatile period because of uncertainty surrounding the European debt crisis.

Dimon said the bank hopes to pay slightly higher dividends and buy back stock next year if regulators allow it. Following the financial crisis, the Federal Reserve, which regulates banks, has to approve the largest banks' plans of raising capital, buying back shares or paying out dividends.

[Associated Press]

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