JPMorgan CEO blasts banks, regulators

DAVOS: Jamie Dimon, chief executive officer of JPMorgan Chase & Co, blamed banks and regulators for letting consumers amass debt like ���weapons of mass destruction,��� leading to the global economic crisis.

���God knows, some really stupid things were done by American banks and by American investment banks,��� Dimon said at the World Economic Forum in Davos. ���To policy makers, I say where were they? They approved all these banks.���

JPMorgan has fared better than most of its peers in the crisis, reporting a fourth-quarter profit of $702 million while New York-based Citigroup Inc posted its fifth straight loss. Dimon���s bank salvaged Bear Stearns Cos and Washington Mutual Inc from insolvency last year, and is unlikely to make more acquisitions while it consolidates, he said.

���We���re pretty busy,��� Dimon told reporters at the forum. ���We���re fully employed doing those two things, so it���s unlikely. But I would never say never.��� ���We gave them the weapons of mass destruction to borrow too much,��� Dimon told a panel at the forum. ���I don���t blame them, I blame the CEOs of their own businesses.���