Jamie Dimon Resigns From JP Morgan, Says ‘Put Bankers in Jail’
Tuesday, March 26, 2013 11:33
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Jamie Dimon Resigns From JP Morgan, Says ‘Put Bankers in Jail’
March. 22, 2013
Jamie Dimon, often cited at the most responsible
head of a Wall Street investment bank, resigned as Chairman and CEO of JP
Morgan Chase today.
head of a Wall Street investment bank, resigned as Chairman and CEO of JP
Morgan Chase today.
In a blistering letter published this morning in
Britian’s Financial
News, Dimon says he is tired of working in the “bankrupt
moral culture” of finance and called for a criminal investigation into
wrongdoing at JP Morgan and other major investment
banks.
Britian’s Financial
News, Dimon says he is tired of working in the “bankrupt
moral culture” of finance and called for a criminal investigation into
wrongdoing at JP Morgan and other major investment
banks.
“For too long I have been a witness to what
I consider to be unethical and sometimes even illegal behavior at the highest
levels of Wall Street,” the letter reads. “I thought that I could
change the system from the inside. But over the past few years I have been
proven wrong.
I consider to be unethical and sometimes even illegal behavior at the highest
levels of Wall Street,” the letter reads. “I thought that I could
change the system from the inside. But over the past few years I have been
proven wrong.
“Despite the concerted effort of myself and
my closest staff, the recent losses at our Chief Investment Office and the
global LIBOR scandal show that firms such as JP Morgan have simply become too
big to manage.
my closest staff, the recent losses at our Chief Investment Office and the
global LIBOR scandal show that firms such as JP Morgan have simply become too
big to manage.
“For that reason I am resigning from my
posts as Chairman and Chief Executive Officer of JP Morgan Chase effective at
noon EST today. And I urge global regulators to introduce new rules seeking to
limit the size of scope of the largest international financial institutions.”
posts as Chairman and Chief Executive Officer of JP Morgan Chase effective at
noon EST today. And I urge global regulators to introduce new rules seeking to
limit the size of scope of the largest international financial institutions.”
Starbuck’s Pequod
Long recognized as a
less corrupt institution than competing banks such as Goldman
Sachs and Barclays, JP Morgan has come under fire in recent months for a number
of trading scandals. Most notably the bank lost
over $6 billion on bad derivatives bets in the notorious London
Whale fiasco.
less corrupt institution than competing banks such as Goldman
Sachs and Barclays, JP Morgan has come under fire in recent months for a number
of trading scandals. Most notably the bank lost
over $6 billion on bad derivatives bets in the notorious London
Whale fiasco.
But in his resignation letter Dimon did not
limit his reasoning to recent events, explaining that he is disgusted by the
behavior of investment banks during the financial crisis.
limit his reasoning to recent events, explaining that he is disgusted by the
behavior of investment banks during the financial crisis.
“Over four years has passed since the
greatest financial collapse in the history of this nation,”
Diamond [Dimon] recounts, “and still no one on Wall Street has been held
accountable for the crimes which have been committed.
greatest financial collapse in the history of this nation,”
Diamond [Dimon] recounts, “and still no one on Wall Street has been held
accountable for the crimes which have been committed.
“Washington says they can’t find one single
banker guilty of fraud. I can think of 15 people off the top of my head who
should be behind bars.
banker guilty of fraud. I can think of 15 people off the top of my head who
should be behind bars.
“Why aren’t more people
in jail? If you rob a bank, you go to jail. If a bank robs you, it gets a
bailout. We need to end this cycle of impunity on Wall Street. And I am
prepared to testify against my fellow bankers if need be.
in jail? If you rob a bank, you go to jail. If a bank robs you, it gets a
bailout. We need to end this cycle of impunity on Wall Street. And I am
prepared to testify against my fellow bankers if need be.
“I don’t know why I’ve held my nose for so
long. Honestly it was probably the money. But I started doing yoga last month,
and have been thinking about researching Buddhism. I’m ready to turn over
a new leaf, and find something else besides money upon which to base
my self-worth and value as a human being. “
long. Honestly it was probably the money. But I started doing yoga last month,
and have been thinking about researching Buddhism. I’m ready to turn over
a new leaf, and find something else besides money upon which to base
my self-worth and value as a human being. “
House of Cards
Dimon says he’s not surprised by the lack of
inaction in Washington, given the symbiotic nexus of corruption between
political actors and big banks.
inaction in Washington, given the symbiotic nexus of corruption between
political actors and big banks.
“Let me explain how this system works,”
Dimon writes. “Politicians protect us from competition and criminal
prosecution, and in return we give them money to use in their campaigns.
Dimon writes. “Politicians protect us from competition and criminal
prosecution, and in return we give them money to use in their campaigns.
“There’s only one word to describe such an
arrangement: bribery. And you know what’s really insane? Its not even illegal.
Those idiots in Washington actually write laws regulating the manner in which
they would like to be bribed.
arrangement: bribery. And you know what’s really insane? Its not even illegal.
Those idiots in Washington actually write laws regulating the manner in which
they would like to be bribed.
“Only $2,000 per person, unless its funneled
into a SuperPac or whatever or into a primary fund versus a general election
fund…I mean who cares how much goes into which account? Its all just
corruption plain and simple. And sadly I have been a part of it.”
into a SuperPac or whatever or into a primary fund versus a general election
fund…I mean who cares how much goes into which account? Its all just
corruption plain and simple. And sadly I have been a part of it.”
Mary Sherritt
Phone / NEW fax 626.389.4953, 877.716.3488, fax is option 2
Sovereign and StarSeed / Crystal
Want a Private Charitable Foundation? www.myfoundation.net
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“We are both magnificently blessed and fully
responsible.” Anonymous
responsible.” Anonymous
Opt out? Please click Reply and type “No” in Subject.
Thank you.
Thank you.
Mary Sherritt
Phone / NEW fax 626.389.4953, 877.716.3488,
fax is option 2
fax is option 2
Sovereign and StarSeed /
Crystal
Crystal
Want a Private
Charitable Foundation? www.myfoundation.net
Charitable Foundation? www.myfoundation.net
Fund your Humanitarian
Project! www.prosperityprojects.org
Project! www.prosperityprojects.org
“We are both
magnificently blessed and fully responsible.” Anonymous
magnificently blessed and fully responsible.” Anonymous
Opt out? Please click
Reply and type “No” in Subject. Thank you.
Reply and type “No” in Subject. Thank you.
NESARA- Restore America – Galactic News
2013-03-26 11:25:21
Source: http://nesaranews.blogspot.com/2013/03/jamie-dimon-resigns-from-jp-morgan-says.html
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