Feb. 27 - Reuters Columnist James Saft says we all know JPM CEO Jamie Dimon is richer than most of us because he's running banks with high leverage under comparatively loose regulatory regimes.
I'm -- columnist James -- In case you were wondering. Done this thoughtfully explained why he's richer than you and all the analysts covering JPMorgan. Is. As I thought because of our inability to pick lottery numbers. It's -- -- he runs up. Actually it's entirely. Is richer than we are because you were on the bank and understands relationships and capital of regulation. Profits -- JPMorgan investor and this week Mike Mayo an analyst at C illustrated at dawn asked to JPMorgan wasn't add. At a disadvantage compared highly. Said UBS is reporting to affluent customers like being. -- after defending JPMorgan's capital levels essentially dismissed the argument by telling analysts -- while I'm Richard. Indeed he's black diamond is richer than us not. -- running a bank on nineteenth century. Conservative with high -- and Tony clients can't. He's gotten rich and he's not alone investment high leverage under compared to release regulatory genes. JPMorgan shareholders it should be noted it down a lot less well. Since -- and became president COO in July 2004 banks are. Since you became the chairman and CEO in 2006. -- barely at all. Understand what's going on -- you really have to understand why you yes. And scaling back investment banking raising capital and trying to concentrate on wealthy clients under. -- pressure from its Ortiz or essentially. Swiss banks are gonna. And while UBS is gone beyond what's strictly required of it. It's taking its regulatory lemons and making -- accepting. The profits are going to be lower trying to market to. Donovan isn't going to -- UBS unless he's forced and regulator so our. He's right and he's wrong. Yes or deluding themselves if they think he's there -- characterized. Attract a lot. In the nineteenth century network is -- male depositors were here. -- -- -- -- choosing between JPMorgan and UBS likely thinks even with UBS earned more money will be Schaefer with the US. Backed by the US government. And anyway probability of -- and -- The real issue isn't who's rich or rather lose interest of being parents are and who are. Diamonds and -- short shrift to both shareholders and tax. Taxpayers carry substantial risk for which -- are not being. Shareholders do badly because the economy and diamond runs these -- the loss symbolic too. Leading markets to set a low value on -- answer. UBS may lose the battle for depositors but. If it's lower earnings are less volatile ultimately. Went higher valuation and better reward it's true owners.