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The world’s most powerful banker has attacked socialism, saying it produces “stagnation, corruption and often worse”.

Jamie Dimon, spare us your crocodile tears about inequality

JP Morgan chief executive Jamie Dimon took aim at socialism in his annual letter to shareholders, and warned it would be “a disaster for our country”.

Dimon, who was paid $31m last year as the head of America’s largest bank and who is estimated by Forbes to be worth $1.3bn, took his swipe as a new wave of left politics has emerged in the US.

Democratic socialism has been embraced by a new generation of politicians, including New York congressman Alexandria Ocasio-Cortez, and supporters of Bernie Sanders, a longtime socialist now making a second bid for the presidency.

Dimon’s attack also comes as many leftwing Democrats, including Sanders and senator Elizabeth Warren, have called for the breakup of big businesses and greater regulation of banking in particular.

In his letter, Dimon wrote: “When governments control companies, economic assets (companies, lenders and so on) over time are used to further political interests – leading to inefficient companies and markets, enormous favoritism and corruption.”

He went on: “Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our country as it has been in the other places it’s been tried.”

He would say that, wouldn't he? Hij moet iets doen voor zijn bedreigde $31M a year.