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Dimon Backs Shadow Banking as Necessary Service Providers

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.”