GET RID OF DIMON! - Simon Johnson's Petition To Remove Jamie Dimon From The New York Fed Passes 40,000 Signatures
The petition was launched in early May. It garnered 30,000 signatures by June 1, but has stalled recently, still short of the target of 50,000.
Get to work, people:
Thank you!
---
---
Excerpt from Simon Johnson's Letter:
The bankers who run big Wall Street firms feel they can act with impunity because there's no real accountability; the foxes are guarding the proverbial henhouse. It is not acceptable to have Mr. Dimon involved in overseeing the management of the New York Fed, an organization that oversees his activities, decisions, and potential losses. There need to be real consequences for bankers who act recklessly with other people's money.
That accountability starts here. Jamie Dimon must immediately resign his post at the New York Federal Reserve Bank. If he will not, then the Federal Reserve System should take whatever action is needed to remove him immediately from that position.
Tim Geithner and Elizabeth Warren are both calling for Jamie Dimon to resign his New York Fed board position. Even so, Jamie Dimon is one of the best connected bankers in the country and won't give up this valuable post without a fight.
If thousands of Americans stand up to Dimon and demand his removal, the Federal Reserve System will be forced to listen. To ignore this reasonable request, increasingly being heard across the political spectrum, would risk the legitimacy and effectiveness of the entire Federal Reserve.
Bloomberg - Jamie Dimon lies about 'need for bailout'...
---
Jamie laughs about buying Bear for $2 per share (with taxpayer help)...
Related:
Aug 3, 2012 at 8:21 AM
Reader Comments (19)
This is as I see it, the very best explanation ever to this day, about the situation in the USA.
http://www.youtube.com/watch?v=TSHFWQAFINQ
respect
peace
“Man will never be free until the last king is strangled with the entrails of the last priest.” ― Denis Diderot
Your right about the Judge Napolitano episode, and I think if Diderot were alive today living in the USA he might say,
Americans will never be free until the last banker is strangled with the entrails of the last politician.
http://hartzman.blogspot.com/2012/07/if-j-p-morgans-jamie-dimon-purchased.html
I felt pretty big about myself and friends applauded me. Later I heard a rumor that may or may not be true. This is only a rumor, so be careful until we can check this out. The rumor is before entering politics, his name used to start with an 'H'. ONLY A RUMOR.
Very interesting...
http://baselinescenario.com/2012/05/17/geithner-to-dimon-resign-from-the-board-of-the-new-york-fed/
Exclusive: Labor Dept looking into JPMorgan stable value fund
http://www.reuters.com/article/2012/07/21/us-labor-jpmorgan-idUSBRE86J1B720120721
[snip]
(Reuters) - The U.S. Department of Labor is looking into whether JPMorgan Chase & Co violated its fiduciary duty under the Employee Retirement Income Security Act in connection with one of its stable value funds.
Stable value funds are used in 80 percent of 401(k) self-directed retirement plans and are meant to be the most conservative choice for employees - liquid and backed by insurance.
But, the $1.8 billion JPMorgan Stable Asset Income Fund has had as much as 13 percent of its assets invested in private mortgage debt underwritten and rated by the bank itself. It has reduced that to just under 4 percent, as of June 30, according to a spokesperson.
Many employers with 401(k) plans were unaware of the private mortgage component of the fund until after the 2008 market crash, according to retirement plan consultants who worked with companies that held the portfolios.
Over the past several weeks, the Labor Department has been examining whether the New York-based bank breached its fiduciary responsibilities under ERISA, according to two people with direct knowledge of the situation who declined to be named because of the sensitivity around discussing potential investigations.
One source, who had been contacted by the Labor Department about the JPMorgan fund, said he did not know if the Labor Department had begun a formal investigation or was still in the exploratory process.
"If it's not a formal investigation, it's pretty damn close," the person said.
That's a really good question. What is the answer?
Hartzmann, until we ditch the dem/rep SEC/FTC CJ group, and Eric 'The Holder' Holder as U.S. Attorney general, the coordinated financial and personal attacks on the U.S. from the many fronts will continue. We must speak as the military personnel can not. And believe me. I have been assured that I am popular amongst service personnel. The system is b roken and 9-11 was THE kick off date for the invasion. The CFRtv and the central bank have their fangs sunk in deep.I ditched vulnerable investment and I LOATHE the CFRtv. Dimon's cufflinks will be his downfall.
Fucking A+
john
If Dimon was an Ohioan they would elect him Governor.
"Many employers with 401(k) plans were unaware of the private mortgage component of the fund until after the 2008 market crash, according to retirement plan consultants who worked with companies that held the portfolios."
I had been stating all along that it was more than the pensions getting pilferred, but many just thought it was fun to glorify the theft of retirements...
These losses will get bigger as funds can no longer hide the AAA rated nothingness within them. A generation of old and broke is swiftly being created while the glorification and even election to high office will continue for the grifters.
WilliamBanzai7 suggested that I set up a fund using movie revenue to just enable people to kick the ever-living shit out of the banks in foreclosure lawsuits. And while I have a rough time imagining how that might occur exactly, I think his impulse is on the money. People can beat these fuckers if they have the time to go through the documents and know how to launch the motions in a public forum to take down these rotten people.
It's not that difficult. And, you end up with a free house.
Speaking of which, when you stop paying your mortgage, do you know who's on the hook for your real estate taxes? Your bank! That's superb.
You know, if everyone stopped paying their mortgage, we shut these fuckers down overnight. We do have leverage. No one talks about it, but real estate accounts for 50 percent of Wall Street's value, 65 percent if you add in side-bets.
We believe we can't do anything about it, but that's just propaganda. The fact is we have Wall Street by the balls, we're just afraid to squeeze.
That will change in our lifetimes.