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« BANKSTER DEATH PENALTY - Iran Sentences Four Bankers To Hang For $2.6 Billion Fraud - Meanwhile Jamie Dimon & Lloyd Blankfein Are Still Safe In America | Main | INTERVIEW - Knight CEO Tom Joyce Explains What Went Wrong And How His Firm Lost $440 Million In 30 Minutes »
Friday
Aug032012

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!

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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'...

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Jamie laughs about buying Bear for $2 per share (with taxpayer help)...

 

Related:

 

 

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Reader Comments (19)

I stil have this as my absolute favorite among many explanations lately about the decline of America, and this is an epic episode by J. Napolitano, the plain truth, the fall of an empire.
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
Jul 20, 2012 at 5:03 PM | Unregistered Commentermikael
@ mikael
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.
Jul 20, 2012 at 7:00 PM | Unregistered CommenterSagebrush
If J. P. Morgan's Jamie Dimon purchased stock on 10/21/2008, how were the shares not purchased with Insider Information?

http://hartzman.blogspot.com/2012/07/if-j-p-morgans-jamie-dimon-purchased.html
Jul 20, 2012 at 11:44 PM | Unregistered CommenterHartzman
Simon Johnson gets my MAN OF THE WEEK award for this petition to oust Jaime Dimon. The other day, A democrat with massive financial backing and state government experience shoved his hand between my face and my laptop at the local Starbucks. I looked up. "Hi. I'm Ed Case", he chirped. "I'm running for U.S. Senate." "Who did 9/11", I asked before I would take his leaflet. "Osama bin Laden", was his dead pan response. "Who?", I asked. "Osama bin Laden", he repeated. "You're a liar. Get away from me", I said as evenly as I could. As he turned to walk away, I again sternly said, "You are a liar, go away."
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.
Jul 20, 2012 at 11:52 PM | Unregistered CommenterHoward T. Lewis III
Hartzman

Very interesting...
Jul 21, 2012 at 2:29 AM | Registered CommenterDailyBail
Jul 21, 2012 at 2:31 AM | Registered CommenterDailyBail
Nice one Hartzman. Speaking of JP Morgan, this doozy was run by Reuters early this morning.


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.
Jul 21, 2012 at 7:28 AM | Unregistered Commenterjohn
Hartzman--

That's a really good question. What is the answer?
Jul 21, 2012 at 10:10 AM | Unregistered CommenterCheyenne
Great find. Thanks john.
Jul 21, 2012 at 11:06 AM | Registered CommenterDailyBail
By the way, I just wamted to make a record od this since Bailout got started on these pages, but we're filming the last scene today. I am drunk and very high on bad, vicious drugs because I got my bank's meritless foreclosure case tiossed on its ass. Now that I don't have to make the $4000 mortgage payment anymore, I am getting drunk and celebrating over the dead Wall Street dickheads. Oh, yeah, and we're filiming the party.
Jul 21, 2012 at 7:28 PM | Unregistered CommenterCheyenne
If you avoid the powders, it will give your victory more power. Congratulations to Cheyenne

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.
Jul 21, 2012 at 8:30 PM | Unregistered CommenterHoward T. Lewis III
Congrats Cheyenne! I have a special bottle of scotch I have been saving just to celebrate (long distance) this occasion.

Fucking A+

john
Jul 21, 2012 at 8:45 PM | Unregistered Commenterjohn
Most hearty congrats to you Cheyyenne!!!!!
Jul 21, 2012 at 8:55 PM | Unregistered CommenterSKINFLINT
Cheyenne put his ass on the line and won because he was right. Somehow in that complicated clusterfuck called law, he managed to show (he should be nominated to to Supreme Court and a Nobel prize in at least 2 categories as well as Steve (DB), that black letter law reigns supreme.
Jul 21, 2012 at 9:18 PM | Unregistered Commenterjohn
Personal victories are limited. No major legal decision occurred regarding Cheyenne's case, YET.
Jul 21, 2012 at 9:28 PM | Unregistered CommenterHoward T. Lewis III
Wow, that is great Cheyenne, you might want to publish a how to on that, many could use it...

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.
Jul 22, 2012 at 1:52 AM | Unregistered CommenterS. Gompers
These banks are such scumbags. Unfortunately, it takes money to battle these bastards in court, where you can get into their dirtyaundry and air it.

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.
Jul 22, 2012 at 5:38 AM | Unregistered CommenterCheyenne
Which is why these folks are climbing all over themselves trying to defficate on the idea of eminent domain. How dare the plebes try something without their say so. I would expect that there be some sort of effort at the state levels to change the laws.
Jul 22, 2012 at 10:34 AM | Unregistered CommenterSKINFLINT
Diamon is a sleaze bag and deserves to be in the www.deckofdirtydeeds.com
Jul 22, 2012 at 7:15 PM | Unregistered Commenterchiller

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