JP Morgan CEO, Jamie Dimon, recently made the comment that Massachusetts Senator, Elizabeth Warren (D), doesn’t fully understand the global banking system. Her response:
“The problem is not that I don’t understand the global banking system. The problem for these guys is that I fully understand the system and I understand how they make their money. And that’s what they don’t like about me.”
Warren has nearly 20 years of experience teaching corporate law at Harvard. She’s published nine books, chaired the Congressional Oversight Panel that oversaw the bank bailouts in 2008 (according to Think Progress, JP Morgan was a beneficiary of that), and she came up with the idea for, and helped to create, the Consumer Financial Protection Bureau. It’s helped consumers avoid predatory lending schemes and has recouped more than $4.8 billion through its enforcement actions.
She is known for being critical of both the banking industry, as well as the regulators’ reluctance to pursue major banks for their misconduct. In a report from the Washington Examiner, Warren made this statement:
“Regulators are always two steps behind trying to figure it out.”
According to Think Progress:
She has questioned why the government didn’t break up the biggest banks, like JP Morgan, when it offered bailout money in 2008 and joined a group of Senators in 2013 to propose reinstating a Depression-era rule that separated commercial and investment banking. She’s been a staunch supporter of the 2010 Dodd-Frank financial reform bill and stood in opposition to Republicans’ attempts to roll parts of it back.
Warren has gone rounds with JP Morgan before, and Dimon’s remarks aren’t the first of their kind. Berkshire Hathaway CEO, Warren Buffet, made the comment that she is too “angry” and “violent” in her critiques of Wall Street. Banks have also threatened to withhold campaign donations to all Senate Democrats to protest her. According to JP Morgan, donations hinge on a “friendlier atmosphere for banks,” as reported by Think Progress.
This Article (Bank CEO Says Elizabeth Warren Doesn’t Understand Wall Street, Here’s Her Response) is a free and open source. You have permission to republish this article under a Creative Commons license with attribution to the author and AnonHQ.com.
Sources:
Covert, Bryce. Think Progress. Jun 12, 2015. (http://thinkprogress.org/economy/2015/06/12/3668972/elizabeth-warren-response-jamie-dimon/)
Lawler, Joseph. The Washington Examiner. Jun 12, 2015. (http://www.washingtonexaminer.com/warren-responds-to-jpmorgan-chief-i-understand-how-they-make-their-money/article/2566130)
> Banks have also threatened to withhold campaign donations to all
> Senate Democrats to protest her.
So, wait…if Warren keeps up her shit the banks will stop bribing Democrats? I fail to see how this is a threat to anybody but the banks.
I think Elizabeth Warren should call Warren Buffett’s bluff…I bet the banks cave and pay the Dems double!
Every single election in USA has been won by the party with the most money. Money is everything. It’s basically threatening to make the the democrats that much more likely to loose the election.
Elizabeth Warren absolutely does not understand the intricacies of finance. She is attacking ‘Wall Street’ for political gain while putting the lives and savings of the exact people she claims to support at risk by trying to make it harder for them to receive sound advice. If the rules she is supporting go through, advisers and their clients alike will suffer. Americans will have less access to adviser services, which are often free, and she wants to tighten fiduciary standards that already exist. The issue is not in the standard, it’s in people being held accountable to it. Don’t trust her. Her motives and methods are not even questionable, they are harmful.
The you’re-not-smart-enough-to-understand argument is the same nonsense on which Wall Street crooks have been trading (literally and metaphorically) for years. Their bottom line is always the same: we’re smart, and you’re stupid. And they use that narrative to keep government interference at bay—except, of course, when they blow the system up and demand that the government ride to their rescue with taxpayer money. These people are not geniuses. The very fact that we’ve had two catastrophic downturns in the last 15 years alone is proof of that. But they have near-unchecked power, and like any person in that circumstance, they’re prepared to keep it at all costs.
The you’re-not-smart-enough-to-understand argument is the same nonsense on which Wall Street crooks have been trading (literally and metaphorically) for years. Their bottom line is always the same: we’re smart, and you’re stupid. And they use that narrative to keep government interference at bay—except, of course, when they blow the system up and demand that the government ride to their rescue with taxpayer money. These people are not geniuses. The very fact that we’ve had two catastrophic downturns in the last 15 years alone is proof of that. But they have near-unchecked power, and like any person in that circumstance, they’re prepared to keep it at all costs.
Okay, so we’ve had 35 years, in a row, where the “job creators” have had almost everything they’ve wanted & much of the time they’ve gotten everything they’ve wanted. How ya’ doin’? Are you better off than your parents if you’re middle aged, or grandparents if you’re younger? These people have been selling the lie that if they have obscene wealth the rest of us will be okay. That hasn’t happened because they neither save, nor spend, nor pay taxes on their money here in this country. The “job creators” have finagled a tax code that gives them taxes breaks for shipping our jobs overseas & buying small foreign companies that allow them to “move” their headquarters to those countries to avoid corporate taxes here. The headquarters remain in the United States as a matter of fact because the executives board members still live in the United States most of the time & meet in the United States most of the time. Meanwhile, the people they call moochers & claim are lazy takers looking for a handout are the ones responsible for every single cent that comes into a company. The best made business plans are worth $0.00 if there’s no one to move the product to the store, stock the shelves & collect payments. It’s time to open your eyes & take a look at the people who are sitting on their behinds. They’re the Waltons, the owners of Walmart they are the wealthiest family in the country. Not one of them has ever earned a dollar with their own sweat. These people are the moochers. Daddy Walton worked hard & handed them everything & they’ve got. They are ravenous animals gorging themselves on the lives of others & have…there are not words to describe the slime who crushes people & calls them nothing. No folks, you don’t get wealthy in this country through hard work. You get money by being shat out by someone who has money to give you. Period.
Don’t trust HER??? You lying son of a bitch. Who’s paying YOU? Go to hell. I lost a load of money because of scumbags like you. I’d love to get hold of you.
Good for you. These crooks made their money off people like you, and they took it with them when the shit hit the fan. They are lying scum.
Every cent a company makes is the result of the hard, backbreaking work done by “moochers”. The best business plan is worth $0.00 without the people who move the products from warehouse to warehouse to store; without the people who receive to product at the store; without the people who pack out product on the sales floor and assist customers while they pack out; without the people who collect payment. The “moochers” create the wealth in this country by bring money into the stores through their jobs & spending the money they’ve earned. The people responsible for every cent “earned” by people who sit on their behinds deserve a comfortable living. It’s very sad that many people don’t agree.