2016 Postmortem
Related: About this forumGuess What Happened When JPMorgan's CEO Visited Elizabeth Warren's Office
A meeting between Sen. Elizabeth Warren (D-Mass.) and Jamie Dimon deteriorated almost immediately after the JPMorgan Chase & Co. CEO visited the recently elected senator and consumer advocate at her Capitol Hill office in 2013.
snip.......
When the conversation turned to financial regulation and Dimon began complaining about all the burdensome rules his bank had to follow, I finally interrupted. I was polite, but definite. No, I didnt think the biggest banks were overregulated. In fact, I couldnt believe he was complaining about regulatory constraints less than a year after his bank had lost billions in the infamous London Whale high-risk trading episode. I said I thought the banks were still taking on too much risk and that they seemed to believe the taxpayers would bail them out -- again -- if something went wrong.
Our exchange heated up quickly. By the time we got to the Consumer Financial Protection Bureau, we werent quite shouting, but we were definitely raising our voices. At this point -- early in 2013 -- Rich Cordray was still serving as director of the consumer agency under a recess appointment; he hadnt yet been confirmed by the Senate, which meant that the agency was vulnerable to legal challenges over its work. Dimon told me what he thought it would take to get Congress to confirm a director, terms that included gutting the agencys power to regulate banks like his. By this point I was furious. Dodd-Frank had created default provisions that would automatically go into effect if there was no confirmed director, and his bank was almost certainly not in compliance with the those rules. I told him that if that happened, I think you guys are breaking the law.
Suddenly Dimon got quiet. He leaned back and slowly smiled. So hit me with a fine. We can afford it.
http://www.huffingtonpost.com/2015/03/31/elizabeth-warren-jamie-dimon_n_6972182.html?cps=gravity_2425_-4045045229863091840
scscholar
(2,902 posts)This is disappointing. The party is letting the banksters run amok.
UCmeNdc
(9,601 posts)The GOP wanted to give them more TAX payer money.....
joshcryer
(62,276 posts)Warren didn't fight against it and that's what happens, in the end.
Arkana
(24,347 posts)lame54
(35,326 posts)davidpdx
(22,000 posts)Dangle him outside his highrise office window by his feet for a few hours. Honestly I think they should slap some serious charges against him and give him like 10,000 hours of community service, the type in which a phone can't be used and he would have to work with disadvantaged children.
Mz Pip
(27,453 posts)He makes more money than God and still has the nerve to whine about the government over-regulating his business.
Angel Martin
(942 posts)the govt/Fed have red circled his bank for survival, no matter what they do, what risks they take, and how big a future crisis they create
stuffmatters
(2,574 posts)TeamPooka
(24,259 posts)Sunlei
(22,651 posts)All the banks hand loans out and gather, amass refinance loans.
https://www.google.com/?gws_rd=ssl#q=banks+with+student+loans
banks set up another big profit windfall of revenue, gov money, possible bail-out revenue and asset seizures.
UCmeNdc
(9,601 posts)Or Indentured Servant
Indentured servitude was a labor system whereby young people paid for their passage to the New World by working for an employer for a certain number of years. It was widely employed in the 18th century in the British colonies in North America and elsewhere.
Sunlei
(22,651 posts)Even death will not settle the debt.
I bet banks already start to bundle and trade the student loans like they did with mortgages. Waiting for Gov. bailout money.