Democrat Elizabeth Warren’s senate campaign office in Massachusetts issued issued this press release on Sunday night.
This is how the story broke over at HuffPo, about three hours ago…
Elizabeth Warren: Jamie Dimon Should Resign From New York Fed Board(continued below the fold)
The Huffington Post
Posted: 05/13/2012 10:55 pm Updated: 05/13/2012 11:55 pm
Elizabeth Warren called on JPMorgan Chase CEO Jamie Dimon to resign from his post on the Federal Reserve Bank of New York's board, citing the need for "responsibility and accountability" in the financial industry.
(continued from above the fold)
Dimon, who disclosed a $2 billion loss by the banking giant last week, should "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 in a statement following Dimon's Sunday appearance on "Meet the Press."# # #
During that interview, Dimon said he "absolutely" believed that the enormous loss would give regulators more ammunition against the banks. Warren latched onto that comment, stating that Dimon's place on the board of directors gave him the power to advise the New York Fed on "management oversight and policy," creating what the Massachusetts Democrat feels is a clear conflict of interest…
You may contribute to Elizabeth Warren’s Senate Campaign via (the link to) THIS WEB PAGE.
# # #
JP Morgan Chase is the largest player in the world in the derivatives marketplace.
The bank is, and has been, involved in a virtually unending series of civil (but never criminal, of course) fraud cases with sovereign and local governments, both internationally, and across the United States, all relating to its derivatives business.
Here are links to just a couple of many posts from yours truly relating to the bank’s over-the-top egregiousness as far as their derivatives business is concerned, and how it has directly and adversely affected a huge segment of U.S. society…
In virtually every instance in the United States where litigation has led to a subsequent civil settlement being paid by JPMC, they have never formally acknowledged fraudulent behavior.
As I noted in my fairly brief post from July 1st, 2011, (see below) it’s now nothing short of a pathetically sick joke on Wall Street when these now “too-big-to-manage” banks get admonished by spineless judges and regulators; at that point, they pay the Wall Street equivalent of a parking ticket; then they continue on with their pillaging and strip-mining of society, only to turn around and repeat their pathological behavior again…and again…and again!
At the end of the day, all there is to show for it is…the political kabuki…the distracting theater that has allowed banks such as JPMorgan Chase to pilfer many billions of dollars from municipal and state governments across the land.
And, we wonder why local governments are having trouble making ends meet when it comes to their inability to deliver basic human services to their citizens?
A Must-Read from Bloomberg’s Jonathan Weil: “JPMorgan Scores Victory for Repeat Offenders”# # #
July 1, 2011
“Sweeping Wall Street reform?” Oh, now I get it! That’s where we sweep everything under the rug and make believe there’s: “Nothing to see here. Move along.”
If you have any questions about the concept of "laws being for little people," or if you wonder whether or not we live in a corporate kleptocracy, then you really should give yesterday’s column by Bloomberg’s Jonathan Weil a quick read. In a (hyphenated) word: mind-boggling!
(h/t to Naked Capitalism Publisher Yves Smith)JPMorgan Scores Victory for Repeat OffendersI strongly encourage you to read Weil’s entire column. (Again, it is a quick read.)
By Jonathan Weil
Jun 30, 2011 12:01 AM ET
Read just about any article in the financial press about a Securities and Exchange Commission settlement with some accused fraudster, and you probably will see two lines bound to get a lot of eyes rolling.
One is that the defendant neither admitted nor denied the SEC’s claims. The other is that the penalties include a court injunction or SEC order barring the alleged crook from breaking the securities laws in the future, as if it had been perfectly legal to violate them beforehand. No one, it seems, ever gets nailed for anything.
As if that weren’t maddening enough, here’s an open secret: The SEC hardly ever enforces these obey-the-law orders. This brings us to last week’s headline-grabbing settlement between the SEC and JPMorgan Chase & Co. (JPM)’s securities arm over a toxic bond deal four years ago called Squared CDO 2007-1…
For much more on this, checkout my post (loaded with links to supporting stories and commentary) from June 14th: NYT Editorial: “It’s Past Time For President Obama To Take Off The Gloves.”
Another reminder: Contribute to Elizabeth Warren’s Senate Campaign via (the link to) THIS WEB PAGE.