Thursday, May 24, 2012

Quotation for Today: It Is Truly 1929 Again or America's Corrupt Banking System

The quotation for today introduces an article which makes a strong case that Jamie Dimon, Chief Executive Officer of JP Morgan Chases, should resign from the board of the Federal Reserve Bank of New York -- the Federal Reserve bank that helps regulate JP Morgan Chase and other Wall Street banks.

There are two diametrically opposed views of how the largest financial companies in our economy operate. On the one hand are views like those of Charles Ferguson, director of the Academy Award-winning documentary “Inside Job” and author of the new book, “Predator Nation.” Mr. Ferguson takes the view that greed and immorality now prevail to an excessive degree at the heart of Wall Street._________________________
The second view is that the people in charge of large banks and bank holding companies have done nothing wrong. To see this view in action, look no further than this week’s debate about whether Jamie Dimon, chief executive of JPMorgan Chase, should resign from the board of the Federal Reserve Bank of New York.
Simon Johnson
The above quotation is from Simon Johnson's New York Times article that explains why Jamie Dimon, CEO of the too-big-to-fail bank JP Morgan Chase, should resign or be forced to resign from the board of directors for the Federal Reserve Bank of New York.  Additionally, Professor Johnson has initiated a petition that calls for the resignation of Jamie Dimon from the Federal Reserve Bank of New York; petition is here.

Simon Johnson was chief economist of the International Monetary Fund and is now a professor at MIT’s Sloan School of Management.  Professor Johnson and his colleague, James Kwak, founded the website, and they co-authored the bestselling book 13 Bankers and the most recent book, White House Burning.

Johnson, Simon. "Economix: Dimon and the Fed’s Legitimacy." The New York Times 24 May, 2012: online edition.

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