Quantcast
Connect with us

Robert Reich issues epic takedown of billionaire JP Morgan Chase CEO for failing his ‘duty’

Published

on

Former Labor Secretary Robert Reich slammed J.P. Morgan Chase CEO Jamie Dimon for “crocodile tears” about inequality in America.

Last week, Dimon complained about inequality in America.

“I don’t want to be a tone deaf CEO; while the company is doing fine, it is absolutely obvious that a big chunk of [people] have been left behind,” Dimon said. “Forty percent of Americans make less than $15 an hour. Forty percent of Americans can’t afford a $400 bill, whether it’s medical or fixing their car.”

“If we don’t [act], society is going to get worse, because these problems aren’t aging well,” he added.

Reich slammed Dimon for his comments in a new Guardian column.

Reich noted that in addition to running J.P. Morgan, Dimon chairs the Business Roundtable lobbying group.

ADVERTISEMENT

“Due to vast amounts they spend lobbying and donating to politicians, these CEOs also have more influence over what happens in Washington than any other group of people,” Reich explained. “They were instrumental in gaining passage of the Trump tax cuts, which they predicted would generate a wave of corporate investment and boost wages. Instead, the tax cuts generated a tsunami of stock buybacks (more than $910bn last year, an all-time high) that boosted their own pay and the stock prices of their companies, but have done little for average workers.”

Reich offered some helpful advice.

“If Dimon and the others were serious about helping most American workers – whose real wages have been going nowhere for decades and job security is dwindling – they could use their outsized political influence to push for laws requiring CEOs to consider all their stakeholders, not just shareholders,” he suggested. “If this sounds far-fetched, that’s only because we’ve come such a long way from the era of the 1950s to the 1970s when the heads of big American businesses viewed themselves as ‘corporate statesmen’ and lobbied for measures to improve the wellbeing of all Americans.”

“But then came the 1980s – corporate raiders, Wall Street ‘greed is good’ manipulators, Ronald Reagan’s market fundamentalism, union-busting, and a gusher of corporate money into politics. Since then, most Americans have come to believe the system is rigged in favor of big corporations and the Street, and they’re right,” he acknowledged.

ADVERTISEMENT

“Yet as heads of institutions with the greatest influence over American politics, they also have a duty to the common good and are uniquely positioned to advance it,” Reich argued. “For 40 years, CEOs of America’s largest corporations and Wall Street banks have abdicated this responsibility.”

Read the full column.

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

Breaking Banner

Indicted Republican gets his passport back — so he can leave the country prior to his bribery trial

Published

on

Despite being indicted and waiting to stand trial, a North Carolina judge returned the passport of a top Republican and is allowing him to leave the country.

Former North Carolina GOP Chair Robin Hayes spent a decade in Congress and was once the Republican nominee for governor.

In April, Hayes was indicted on bribery and wire fraud charges.

Despite the seriousness of the charges, a federal judge will temporarily return Hayes' passport for him to travel abroad in July, WSCO-TV correspondent Joe Bruno reported on Tuesday.

Continue Reading

Breaking Banner

Republican Attorney General sued by four women for retaliating against their sexual harassment complaints: report

Published

on

On Tuesday, Indiana's GOP attorney general, Curtis Hill, was sued in federal court by four women, who accuse him of defaming them and engaging in retaliation after they reported episodes of his sexual harassment.

Democratic state Rep. Mara Reardon, communications director Gabrielle McLemore, and legislative assistants Niki DaSilva and Samantha Lozano, are pursuing both compensatory and punitive damages for sexual harassment, retaliation, sexual battery and defamation, and want the judge to order Hill to apologize and retract his claims that the women are liars.

Continue Reading
 

Breaking Banner

Trump once again suggests the Central Park Five are guilty: ‘You have people on both sides of that’

Published

on

During a brief Q&A with the press on Tuesday, President Donald Trump once again appeared to suggest that he still believes the Central Park Five are guilty.

"You have people on both sides of that," he told reporters. "They admitted their guilt."

Trump has repeatedly tried to worm his way out of condemning racism with this sort of language — most infamously when he said there were "very fine people on both sides" of a neo-Nazi demonstration in Charlottesville, Virginia.

Continue Reading
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

I need your help.

Investigating Trump's henchmen is a full time job, and I'm trying to bring in new team members to do more exclusive reports. We have more stories coming you'll love. Join me and help restore the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link

Investigating Trump is a full-time job, and I want to add new team members to do more exclusive reports. We have stories coming you'll love. Join me and go ad-free, while restoring the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link