May 13, 2012

Why is Dimon (still) on the NY Fed?

Elizabeth Warren is right. After JPMorgan's $2 billion fiasco (and who knows, it may wind up being more than that), its CEO, Jamie Dimon, has no business serving on the New York Federal Reserve.

Meanwhile, GOP Sen. John Thune is now making the loony arguments that this means we DON"T need more financial regulation.

No, what this really means is this is a test of how much Obama is in thrall to the banksters. If Dimon won't, out of embarrassment if nothing else, resign his NY Fed seat, then, will Obama lean on him?

Expanding support of gay rights is all well and good, but continuing to support a Big Five bankster when the top five banks, since 2007, have upped their share of the banking monetary pie from 43 to 56 percent is in another category altogether.

In fact, if Dear Leader REALLY wanted to stop being in thrall to the banksters, this would be a perfect opportunity to propose reforms of the entire Federal Reserve system so that, especially in New York, but with all the regional Feds, there was more government control and less banksterism.

But, now, it's clear that Dear Leader wants to be in thrall, when he says JPMorgan is so well managed. My ass.

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