Quantcast
Connect with us

Warren calls for JPMorgan CEO to resign from NY Fed

Published

on

Massachusetts Senate candidate Elizabeth Warren (D) is calling for JPMorgan CEO Jamie Dimon to resign from his position at the New York Federal Reserve Bank to acknowledge that he was in a position of trust after his company revealed that it had recently lost $2 billion as a result of bad bets on derivatives.

“I’d like to see some real accountability here,” Warren told CBS host Charlie Rose on Monday. “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.”

ADVERTISEMENT

During a Sunday interview on NBC, Dimon had explained he had been “dead wrong” to dismiss concerns about his company’s banking practices.

“In hindsight, we took far too much risk,” the CEO said. “The strategy we had was badly vetted. It was badly monitored. It should never have happened.”

Warren on Monday blasted Dimon for his history of fighting government regulation of banks.

“Notwithstanding the fact that we are just coming out of this huge crisis, Jamie Dimon has been the one who has led the charge in order to say, nope, no more regulation, fight back against regulation, called the regulation un-American, and resist, tried to put loopholes into the regulation, hire an army of lobbyists,” she said. “This has really got to stop.”

“What happened here is not just about JPMorgan Chase, it’s about the kind of attitudes, that the bank should be regulating themselves instead of having real oversight… we have to say as a country, no, the banks cannot regulate themselves,” Warren added. “They are financial institutions that run the risk of taking down everyone’s job, run the risk of taking down everyone’s pension, run the risk of taking down the entire economy. And that means it’s appropriate to have some government oversight.”

ADVERTISEMENT

“When something happens like what’s happened at JP Morgan Chase, someone needs to be accountable, and part of that is Jamie Dimon should resign from his position of public trust.”

The Wall Street Journal reported on Sunday that three top executives at JPMorgan were expected to resign over the recent losses, but Dimon was not one of them.

Watch this video from CBS’s This Morning, broadcast May 14, 2012.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2012

Here are 7 wild, bizarre and pathetic moments from Trump’s ‘campaign launch’

Published

on

On Tuesday night, President Donald Trump held a rally that was billed as the official launch his re-election campaign — though he has never really stopped holding campaign rallies.

As expected, the president ranted, lied, and engaged in the raucous attacks that are central to his connection with Republican voters. Some of it was actually just sad, such as his continued obsession with Hillary Clinton.

Here are seven of the wildest, disturbing and pathetic moments from the rally:

1. He said Democrats "want to destroy our country as we know it."

Trump casually accuses Democrats of "want[ing] to destroy you and they want to destroy our country as we know it." pic.twitter.com/4K79KlbEeR

Continue Reading

2012

British PM candidates clash over Brexit as Boris Johnson skips debate

Published

on

Candidates to become Britain's next prime minister clashed over Brexit strategy at their first debate on Sunday but the frontrunner, Boris Johnson, dodged the confrontation.

The 90-minute debate on Channel 4 featured the five remaining candidates and an empty podium for Johnson, the gaffe-prone former foreign secretary and former mayor of London.

In sometimes ill-tempered exchanges, four of the five candidates said they would seek to renegotiate the draft Brexit divorce deal agreed with Brussels even though EU leaders have repeatedly ruled this out.

Continue Reading
 

2012

Michael Cohen ordered back to Congress on March 6

Published

on

President Donald Trump's so-called "fixer" is being asked to return to Congress for more questioning on March 6.

Outside of the closed-door committee hearing Thursday, Cohen said that the House Intelligence Committee is seeking further information, according to Washington Examiner writer Byron York.

Michael Cohen finished closed-door testimony before House Intel Committee, says he's coming back for another session March 6. Again: No reason for secrecy. Transcripts should be released ASAP.

— Byron York (@ByronYork) February 28, 2019

Continue Reading