Sign the petition
The petition reads:
“Step down from the New York Fed board. Bankers who lose $9 billion shouldn’t be in charge of regulating themselves.”
[your name here]“
Complete the following to sign. (You’ll also receive updates from The Other 98%.)
Jamie Dimon: Step Down from the Fed Board
JPMorgan CEO Jamie Dimon announced his company’s most recent gamble had lost big: $3 billion [now $9 billion] dollars of depositors’ money big. Right after leading a crusade against Wall Street reform in Congress that would have guarded against big banks riskiest bets.
Dimon’s excuse? “We were stupid.” Maybe so, but that’s not quite the problem. For big banks like JPMorgan, winning gambles produce massive payoffs and losses are covered by taxpayer bailouts That’s why Dimon still opposes restrictions on Wall Street’s high stakes gambling for the safety of depositors and the economy.
Here’s the worst part: Dimon is a member of the New York Federal Reserve Board, in charge of policing Wall Street. Bankers who lose $9 billion in federally insured money shouldn’t be in charge of regulating themselves.
Note: The 3 billion number was revised to 9 billion after we learned Dimon screwed up 3x more than originally stated.