What regulation needs to look like

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Heidi Moore of the WSJ has a fascinating account of a panel discussion this morning featuring Jamie Dimon of JP Morgan Chase, Larry Fink of BlackRock, Lloyd Blankfein of Goldman Sachs, Steve Schwarzman of Blackstone and Glenn Hutchins of Silver Lake. I know a lot of people have soured on anything anybody on Wall Street says, but this bunch is pretty danged smart and I’m a big fan of Dimon and Fink in particular. Anyway, go on and read the whole thing if you’re interested. But here’s a nice snippet from Fink:

“Any institution that manages over $5 billion should be regulated, whether it’s public or private, an insurance company, bank or private equity fund.” He wants regulation that is principles-based and consistent so that “capitalism will not arbitrage between regulators, capitalism will not arbitrage between public and private. Capitalism at its finest had the ability to arbitrage between different regulators, capital structures and platforms.”