Elizabeth Warren: Jamie Dimon Should Quit the New York Fed’s Board

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Elizabeth Warren, the progressive favorite who’s vying for Republican Scott Brown’s Senate seat in Massachusetts, has a new target: JPMorgan Chase CEO Jamie Dimon.

Dimon has been criticized for the $3 billion hit JPMorgan’s took on a bungled hedge by a London trader. In a release blasted out to reporters on Tuesday, Warren said Dimon should step down from the board of the New York Federal Reserve Bank in the wake of his firm’s big loss. Warren’s call for Dimon’s resignation comes on the eve of the CEO’s appearance before the Senate banking committee to testify about the bad trade.

Here’s more from Warren:

“Jamie Dimon should take the opportunity of this hearing to step down from the New York Fed’s Board, and Congress should pass legislation that will prohibit these kinds of conflicts of interest in the future,” said Warren.

“Four years after the financial crisis, Wall Street has still not been held accountable, and that lack of accountability has history repeating itself—huge, risky financial bets leading to billions in losses. It is time for some accountability,” said Warren. “It’s really frustrating to see these Wall Street firms make the same mistakes over and over again, and for the CEO’s who run these companies to escape accountability. Dimon stepping down from the NY Fed would be at least one small sign that Wall Street will be held accountable for their failures.”

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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