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JPMorgan chief's sympathy for Occupy

updated 3:23 PM EST, Fri January 27, 2012
  • JPMorgan chief Jamie Dimon says some of Wall Street's actions have been a "disgrace"
  • He says we will all benefit from a more equitable society
  • Progressive taxation and a focus on "giving people better opportunities" will help

(CNN) -- The chief executive of JPMorgan says he can understand some of the grievances of the Occupy movement, describing some of Wall Street's actions as "a total disgrace."

Speaking with CNN's Richard Quest at the World Economic Forum in Davos, Switzerland, JPMorgan CEO Jamie Dimon was asked if he was worried about growing antagonism towards the rich.

"It's becoming an entrenched view, but here's the parts I agree with," he said. "People are angry because a lot of people in Wall Street made a lot of money as companies went down the tubes, and I agree with them. That's a total disgrace."

He stressed his firm had acted responsibly. "We never had special severance packages and stuff like that... So a lot of new rules being promulgated, we were always doing them."

Dimon said he was concerned about the gap between rich and poor. "I do think we're all better off if society gets increasingly equitable. The question we've got to deal with is, how do you do that?"

He advocated progressive taxation, and a focus on "giving people better opportunities."

"In the United States, half the kids in inner city schools don't graduate -- that's the biggest sin we make in our country right there."

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