JPMorgan Economist Apologizes For Saying What Many Think Of US Lawmakers

Bloomberg reports that JPMorgan's senior economist, James Glassman, has apologized for characterizing US senators as children in a research note to clients.

Speaking about last week's Goldman hearings, Glassman said: 'The hearings exposed an unnerving ignorance of fundamental principles of market economics by folks who have a hand in remapping rules of finance that will be with us for a while. Now that the financial reform debate is in the final innings, it's time for the grown-ups to step in'.

JPMorgan has quickly distanced itself from Glassman's remarks, and the economist himself has said: 'It was a stupid thing to do. I fell into the same trap of getting emotional about these issues, when what I meant by saying the 'grown-ups need to step in' was that we all need to cool down and find some common ground'.

In the meantime, The Financial Times reports that Johnny Cameron, the former head of Royal Bank of Scotland's Global Banking & Markets Division, is thought to be in talks with UK market regulator The Financial Services Authority (FSA) that could result in him being banned from the industry for life. Cameron is one of several former RBS senior executives who have been questioned by the FSA, as it attempts to apportion blame for the huge losses sustained by RBS which resulted in the bank being bailed out by the UK taxpayer.

Finally, the London Evening Standard reports the one hundred ex-Dresdner Kleinwort bankers who are suing Commerzbank for around $51.5m in unpaid bonuses are said to have a powerful ally in their corner. Stefan Jentsch, the former head of Dresdner Kleinwort, is thought to have given a witness statement which supports the bankers' claims, and could well be called to testify if the matter proceeds to a full trial.

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