Elliott's Singer, JPMorgan's Dimon Exchange Barbs At Davos

Jan 23 2013 | 11:12am ET

Elliott Management's Paul Singer isn't shy about expressing himself or picking fights, and he managed to do both pretty quickly during the opening session of the World Economic Forum in Davos, Switzerland.

Singer and JPMorgan Chase chief Jamie Dimon exchanged some sharp words during a panel on big banks. Singer complained that banks made "completely opaque" disclosures that made it difficult to determine which were "actually risky or sound." He added that he feared that banks did not always collateralize their derivatives positions.

When Dimon said JPMorgan did so for all "major" clients, Singer shot back, "Well, we're a minor client then."

Dimon could give as good as he got, however. He all but called Singer a hypocrite on matters of transparency, noting, "with all due respect, hedge funds are pretty opaque, too." Not that he was giving ground on the opacity issue, telling Singer, "our 10K is 400 pages long. What would you like to know?"

Singer eventually relented some, calling JPMorgan one of the most respected financial institutions in the world. "It is not size that provides systemic risk, it's leverage, opacity, accounting standards."


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note