In the wake of JPMorgan Chase’s $2 billion Fail Whale trade and the ensuing federal investigation into violations of disclosure laws, US Senate candidate Elizabeth Warren has called on JPM CEO Jamie Dimon to resign from his position on the board of the Federal Reserve Bank of New York. The announcement brings to light the fact that bank executives control most of the positions at the regional banks, and they select the Fed regional presidents that help to set monetary policy for the nation.
|By: David Dayen Sunday May 13, 2012 4:00 pm|
|By: masaccio Sunday May 13, 2012 10:40 am|
The Whale Trade fail shows that all banks are poised on the brink of disaster. When it happens, the government will pay, not the banks. So why shouldn’t Jamie Dimon’s operation try to make money betting with credit default swaps with someone else’s money?
|By: Obey Sunday May 13, 2012 8:35 am|
Something has to change.
|By: David Dayen Saturday May 12, 2012 11:00 am|
If you can find another CEO answer a point-blank question about whether or not their company broke the law with, essentially, “I don’t know, the regulators should come in and find out,” you win a cookie.
|By: David Dayen Friday May 11, 2012 1:30 pm|
The fallout from JPMorgan Chase’s “Fail Whale” trade (I’m trying to coin this phrase, so help me out, will you?) continues. But there’s been a thread in one section of the liberal blogosphere that has confounded me. For some reason, writers are trying to position this as a problem for Mitt Romney.