cycle

Here’s what I don’t understand – Why is Ina Drew taking the fall for what is basically standard practice at JP Morgan Chase?

From Elizabeth Warren:

Warren said JP Morgan’s $2 billion loss as a result of risky bets since April this showed Wall Street is still taking risky gambles of the kind that crushed the economy in 2008.

“We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations,” Warren said. “We need a tough cop on the beat so that no one steals your purse on Main Street or your pension on Wall Street.”

Warren yesterday called on Dimon to resign his position as a member of the Board of Directors of the New York Federal Reserve Bank where he helps advise the Fed on management oversight and policy. By stepping down, Dimon would “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.”

More later.