Business Books

A letter to JPMorgan: Dimon is wrong -COLUMN

WHY I AM WRITING

The economic pain from the financial crisis was substantial and is still being felt. A major cause of the crisis was the excessive leverage used and the risky investments made by many financial entities. The resulting distress of large institutions was extremely costly and disruptive to the economy.

Bank debt involves legally-binding promises. Shareholders, by contrast, do not have fixed claims but are entitled to the residual after debt is paid, the “spread.” A drop in the value of the bank’s assets can lead to difficulties in fulfilling its debt obligations. The more debt is used relative to equity, i.e., the higher the leverage, the more likely this is to happen.

High leverage makes the financial system fragile. One institution’s distress can have severe implications for the entire system, causing market freezes, runs and lending contraction.

Requiring banks to operate with much-reduced leverage, using significantly more equity to fund their investments even beyond currently proposed regulation, is likely the most straightforward and cost-effective approach to improving the health and stability of the financial system and preventing future crises. It must be the key ingredient in any meaningful financial reform and can reduce the need for other, more costly measures. This would greatly benefit the economy and JPM.

Source: Reuters Blogs (blog)

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