Elizabeth Warren: Jamie Dimon Should Quit the New York Fed’s Board

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Elizabeth Warren, the progressive favorite who’s vying for Republican Scott Brown’s Senate seat in Massachusetts, has a new target: JPMorgan Chase CEO Jamie Dimon.

Dimon has been criticized for the $3 billion hit JPMorgan’s took on a bungled hedge by a London trader. In a release blasted out to reporters on Tuesday, Warren said Dimon should step down from the board of the New York Federal Reserve Bank in the wake of his firm’s big loss. Warren’s call for Dimon’s resignation comes on the eve of the CEO’s appearance before the Senate banking committee to testify about the bad trade.

Here’s more from Warren:

“Jamie Dimon should take the opportunity of this hearing to step down from the New York Fed’s Board, and Congress should pass legislation that will prohibit these kinds of conflicts of interest in the future,” said Warren.

“Four years after the financial crisis, Wall Street has still not been held accountable, and that lack of accountability has history repeating itself—huge, risky financial bets leading to billions in losses. It is time for some accountability,” said Warren. “It’s really frustrating to see these Wall Street firms make the same mistakes over and over again, and for the CEO’s who run these companies to escape accountability. Dimon stepping down from the NY Fed would be at least one small sign that Wall Street will be held accountable for their failures.”

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WHO DOESN’T LOVE A POSITIVE STORY—OR TWO?

“Great journalism really does make a difference in this world: it can even save kids.”

That’s what a civil rights lawyer wrote to Julia Lurie, the day after her major investigation into a psychiatric hospital chain that uses foster children as “cash cows” published, letting her know he was using her findings that same day in a hearing to keep a child out of one of the facilities we investigated.

That’s awesome. As is the fact that Julia, who spent a full year reporting this challenging story, promptly heard from a Senate committee that will use her work in their own investigation of Universal Health Services. There’s no doubt her revelations will continue to have a big impact in the months and years to come.

Like another story about Mother Jones’ real-world impact.

This one, a multiyear investigation, published in 2021, exposed conditions in sugar work camps in the Dominican Republic owned by Central Romana—the conglomerate behind brands like C&H and Domino, whose product ends up in our Hershey bars and other sweets. A year ago, the Biden administration banned sugar imports from Central Romana. And just recently, we learned of a previously undisclosed investigation from the Department of Homeland Security, looking into working conditions at Central Romana. How big of a deal is this?

“This could be the first time a corporation would be held criminally liable for forced labor in their own supply chains,” according to a retired special agent we talked to.

Wow.

And it is only because Mother Jones is funded primarily by donations from readers that we can mount ambitious, yearlong—or more—investigations like these two stories that are making waves.

About that: It’s unfathomably hard in the news business right now, and we came up about $28,000 short during our recent fall fundraising campaign. We simply have to make that up soon to avoid falling further behind than can be made up for, or needing to somehow trim $1 million from our budget, like happened last year.

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