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Fed chairman defends Jamie Dimon on board of NY Fed

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Just in case anyone needs yet another example of what's wr with the financial system, here you go. This cozy relationship that is managing the banking system has proven itself to be a failure year after year. We don't need a social club running the banks but that's what we have today.

Let me ask the question again: why is Jamie Dimon still on the board at the Federal Reserve?

Lee Bollinger, chairman of Federal Reserve Bank of New York, defended Dimon on Monday ahead of a Congressional appearance on Wednesday where he will be grilled over the bank's recent $2bn plus trading loss and his role on the New York regulator.

"I do not think he should step down," Bollinger said in an interview with the Wall Street Journal. He said critics attacking the Fed have a "false understanding" of how it works, and that it is "foolish" to say Dimon's presence on the New York Fed board creates an appearance of a conflict as the law requires bankers to serve on such boards.

But Simon Johnson, professor of global economics at the MIT Sloan School of Management and a former chief economist at the International Monetary Fund, dismissed Bollinger's comments and said Dimon should step down immediately. "I can tell you I don't have a false understanding of how it works," he said.
Dimon is there because he can be there for as long as he likes. The ruling class really doesn't care what the 99% thinks and they're happy to rub it in our nose every day.

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