Apr 4, 2017

Jamie Dimon says "too big to fail" is no longer a problem

JPMorgan Chase Chairman and CEO Jamie Dimon released his closely-watched annual letter to shareholders on Tuesday. He lauds today's more "business friendly environment," in terms of federal regulation, while opining on themes from fintech to European politics. Here's what the head of America's largest bank has to say:

  • The number one geopolitical risk for the global economy is the dissolution of the European Union. "The unraveling of the EU and the monetary union could have devastating economic and political effects. While we are not predicting this will happen, the probabilities have certainly gone up," Dimon writes, presumably referring to this month's French presidential elections.
  • NAFTA reform "will be worked out in a way that is fair and beneficial for both sides," but trade reform with China will be "far more complex," given the many protectionist policies employed by the world's second largest economy.
  • Banks are hungry for regulatory reform. "No rational person could think that everything that was done [with the passage and implementation of Dodd-Frank] was good, fair, sensible and effective, or coherent and consistent in creating a safer and stronger system."
  • Too-big-to fail is over. "The American public has the right to demand that if a major bank fails, they, as taxpayers, would not have to pay for it, and the failure wouldn't unduly harm the U.S. economy. In my view, these demands have now both been met."

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Joe Biden places second in Nevada caucuses, ahead of Pete Buttigieg

Democratic presidential candidate and former Vice President Joe Biden a Nevada Caucus watch party in Las Vegas on Saturday. Photo: Ronda Churchill/AFP via Getty Images

Former Vice President Joe Biden secured second place in the Nevada Democratic caucuses with former Southbend Mayor Pete Buttigieg third, according to NBC News projections Sunday.

By the numbers: With almost 88% of precincts reporting, Biden has 20.9% of the Nevada votes and Buttigieg has 13.6%.

Flashback: Bernie Sanders wins Nevada caucuses

Editor's note: This is a developing news story. Please check back for updates.

Sanders reveals free childcare plan for preschoolers

Democratic presidential candidate Sen. Bernie Sanders speaks during a campaign rally on Saturday in El Paso, Texas. Photo: Cengiz Yar/Getty Images

Democratic presidential candidate Sen. Bernie Sanders announced on CBS' "60 Minutes" Sunday a new plan to guarantee free child care and pre-kindergarten to all American children from infancy to age four.

Details: In the wide-ranging interview, Sanders told Anderson Cooper he planned to pay for universal childcare with a wealth tax. "It's taxes on billionaires," he said.

Exclusive: Trump's "Deep State" hit list

Illustration: Aïda Amer/Axios. Photos: WPA Pool/Getty Pool, Drew Angerer/Getty Staff

The Trump White House and its allies, over the past 18 months, assembled detailed lists of disloyal government officials to oust — and trusted pro-Trump people to replace them — according to more than a dozen sources familiar with the effort who spoke to Axios.

Driving the news: By the time President Trump instructed his 29-year-old former body man and new head of presidential personnel to rid his government of anti-Trump officials, he'd gathered reams of material to support his suspicions.