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Dimon Letter Derides Contrived, Confusing Financial Rules

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., used his annual letter to shareholders to rail against “contrived” and confusing financial rules that he said may stymie lending.

U.S. and international officials “made the recovery worse than it otherwise would have been,” Dimon wrote in the letter released yesterday. They almost botched the U.S. debt-ceiling vote, constrained bank leverage “at precisely the wrong time” and adopted bad and uncoordinated policy, he wrote.