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

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


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.”

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate