Dimon Backs Shadow Banking as Necessary Service Providers
This article is for subscribers only.
Money market funds and investors forming the so-called shadow banking sector should be allowed to pursue their business as they provide a necessary service, said JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon.
“It’s a free market,” Dimon said in Davos, Switzerland today in response to a question from a participant at the World Economic Forum who said he was a shadow banker. “You’re entitled to build a business and I agree that there are a lot of needs out there and people should find ways to fill them.”