Says Responsibility and Accountability Long Overdue
Architect of the Consumer Financial Protection Bureau
Warren Continues Challenging Wall Street Arrogance
BOSTON, MA – In the wake of $2 billion in losses at JP Morgan Chase due to risky trading, Elizabeth Warren, the architect of the Consumer Financial Protection Bureau, today called on Jamie Dimon, JP Morgan’s CEO, to resign from his position on the Board of Directors of the New York Federal Reserve Bank as a first step to signal to the American people that Wall Street understands the need for greater responsibility and accountability.
“Wall Street banks continue to have fundamental problems, and tough oversight and accountability are urgently needed. Jamie Dimon deserves credit for taking public responsibility for $2 billion in losses based on a trading strategy he called ‘poorly reviewed,’ ‘poorly monitored,’ and even ‘sloppy.’ But Dimon is not only the CEO of JP Morgan, he is also a member of the Board of Directors of the New York Federal Reserve Bank, where he advises the Federal Reserve on the oversight of the financial industry,” Warren said.
“After the biggest financial crisis in generations, the American people are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible. Dimon should resign from his post at the New York Fed to send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability,” Warren said.
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IF HE IS ON THE FEDERAL RESERVE BOARD HE NEED TO BEEN GONE . ALL IT TAKES IS ONE BAD APPLE AND JAMMIE DIOMOND IS THE ONE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Mr its not mr dimon , its the adminstration he work for , need to be jailed for 200 years . For robbing everybody on this planet . All of this is going to fall on who ever giving out the laws for all of this to take place , and with out a end too it ether , u can take mr dimon off the chair of the manhatten bank , but , when u have a low down boss , giving the order , a good person has to carrie them out , or be job less . Nobody want to be with out a job so they do what the theves tell them to do . People need to stop thinking about money so much and start thinking about life now . These banker are taking people lives now . That murder .who do mr james dimon of the bank work for ? Who ever they are need to be book into a good jail .
Wrong in this case. If you knew what I found at the time about MR Dimon. Affiliate of JP Morgan, Blackrock. It seem that Blackrock on a shareholder call lightly mentioned that they had found themselves with a liquidity problem, but now to worry it would be taken care of in the very near future. 36 hours later JP Morgan swallowed Bear Stearns whole aided by, according to news reports, an unidentified member of a NY Fed board. Jamie Dimon was sitting on the board of the Buffalo N Y Fed at the time. All this done in the last days of GW and just the beginning of the financial crisis that we are still recovering from.