For those wondering why we have such a failed banking system, take a look at how it works. People like Jamie Dimon are sitting on the board of the NY Federal Reserve, the board that is supposed to be keeping an eye on Wall Street. Tim Geithner was schmoozed by Wall Street and bought into their lies, just as NY Fed presidents before and after. The relationship between banks and those tasked with oversight are too cozy.
Warren is right to ask for Dimon to step down, but that should be a minimum. The days of close and friendly relationships between the feds and the banks needs to end. That system has run its course and needs major reform. Bloomberg, speaking with Elizabeth Warren:
“After the biggest financial crisis in generations, the American people are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible,” she said. “Dimon should resign from his post at the New York Fed to send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability.”