Friday, September 30, 2011

Carney's Corner Growing

Ready for Round 3?
And in Mark Carney's corner, according to an open letter to The Globe and Mail:  "Dear Sir,  I wish to express my firm support for Mark Carney’s recent financial regulation speech in Washington.  Despite Mr. Dimon’s alleged criticism of Mr. Carney’s remarks, the fact remains that we would not be in the present situation today were it not for the excessive over-leverage and flagrant misappropriation of capital undertaken by the world’s largest banking corporations. ... It should not be the responsibility of government to rescue these corporations if they continue to make the same mistakes, and engage in the same risks, year after year. ... In our opinion, the current economic crisis is still, at its heart, a banking crisis.  Mr. Dimon’s alleged criticism reflects his inability to acknowledge this.  Banking regulation is a wholly crucial issue and we stand behind Mr. Carney’s attempts to address it.  Yours sincerely, Eric Sprott, FCA, Sprott Asset Management LP."

The Good News:  I have yet to hear anybody defend Mr. Dimon's temper tantrum.