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by Jason Gooljar category: Politics
Jamie Dimon is head of JP Morgan Chase, one of the banks that is deemed "too big to fail." For someone who should be focused on safeguarding the bank against failure, it is now clear that he is asleep at the switch.
Recently it was revealed that a rouge trader made huge errors in the derivates market, resulting in a multi-billion dollar loss for JP Morgan Chase. This is directly tied to Jamie Dimon's bad management skills and lack of oversight.
As Simon Johnson has stated:
"Jamie Dimon risked depositors' money and all of our futures. Despite this, Jamie Dimon still sits on the board of directors of the Federal Reserve Bank of New York – an institution charged with supervising JP Morgan Chase and other Wall Street banks. "
Indeed, the fox is guarding the henhouse. Ben Bernanke needs to ask Mr. Dimon to step down from the board of the New York Federal Reserve.
I'm a progressive activist on a crusade for the working class and the poor.