“The guy in the street in 2008 and 2009 was worried about his or her deposits, and now it’s clear they should still be worried,” said Charles Geisst, a Wall Street historian and professor at Manhattan College. “An average person looks at this and thinks, ‘What exactly happened here? How could this happen again?’ And they don’t want excuses as to why it happened. They just want it to go away. But it’s not going away.” – Obama’s Wall Street problem, by Ben White
OVERSIGHT AND REGULATION are critical, because once again we learn that the big banks won’t do it themselves. Elizabeth Warren demanded accountability once again, starting with Jamie Dimon.
“I’d like to see Jamie Dimon, for example, resign from his position as a class a director of the New York Federal Reserve Bank.” – Senate candidate Elizabeth Warrren
Speaking to Charlie Rose on CBS “This Morning” today, the woman who envisioned the Consumer Financial Protection Bureau, only to have Pres. Obama overlook her to run the agency, which has her now running for the Senate in Massachusetts against Scott Brown, took on JPMorgan Chase’s $2 billion loss, which could put the entire American recovery in danger.
From Warren’s website, an online petition demanding Wall Street accountability. Considering Warren began the accountability call, it’s not like this is just an empty campaign trick.
JP Morgan Chase CEO Jamie Dimon should resign from the NY Federal Reserve Bank Board
Last week, JP Morgan Chase announced a $2 billion trading loss in two months.
Sunday on Meet the Press, JP Morgan CEO Jamie Dimon said, “We know we were sloppy, we know we were stupid, we know there was bad judgment.”
After the biggest financial crisis in generations, Americans are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible. Wall Street banks continue to have fundamental problems, and tough oversight and accountability are urgently needed.
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.
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.
If this is happening to Dimon’s bank you can bet it’s happening elsewhere.
This is yet another wake up call for the Obama administration, because nothing threatens Barack Obama’s reelection trajectory more than an economic assault on the recovery. The problem is that damning the Administration won’t solve the problem, because conservatives of both parties are against regulation, with Republicans the leading advocate for banks regulating themselves.
Mitt Romney is against Wall Street regulation, including Dodd-Frank.
The two rock stars of Wall Street reform remain Elizabeth Warren and Ron Paul.
Jamie Dimon, a 1% Wall Street tycoon with one of the best records in banking, though anyone can argue that’s not saying much, proves that even the mightiest can fall, which includes the American economic system, too. It happened in 2008 and don’t think it can’t happen again.