Jamie Dimon Doubts Elizabeth Warren “Fully Understands” Global Banking

<a href="https://www.flickr.com/photos/afge/17036323278/in/photolist-rXrBnG-rVGULR-ri2TrY-scK667-rXzMNr-ri2NAq-seThUW-seZ6T4-rXsRVQ-seZ7Qz-riehzi-rXzM9R-rXzQTe-rVGYAp-seTfAs-rXsRzu-seZdrp-rXrG2w-ri2NDb-rXsU2d-riektz-seTgBA-sf31bk-seTm3j-scK2WS-rVGX7x-seTjJh-ri2Qty-rXsPkQ-rVGZrc-rXzPxD-rVGYiv-scK2ZC-rXrFy7-ri2QVf-riejU8-scK5yq-rXrDKs-sf355n-sf35pk-rXrHtE-rVH1pV-seTjby-rXrAXU-sf35a2-sf3482-rXrAU7-rXrEtm-seZaMB-3AhtXt">AFGE</a>/Flickr


Jamie Dimon, the billionaire CEO of JP Morgan Chase, is concerned about Elizabeth Warren. He worries that the former Harvard Law bankruptcy professor and the senate’s loudest Wall Street critic might not grasp the complexities of high finance.

“I don’t know if she fully understands the global banking system,” Dimon said at an executive luncheon in Chicago on Wednesday.

Although he acknowledged that Warren had a few “legitimate complaints,” he ultimately doubts the Massachusetts senator understands his business.

This isn’t the first time the two have clashed. In her book “A Fighting Chance,” Warren wrote about a tense 2013 meeting in which Dimon expressed unhappiness with her ongoing work to strengthen financial regulations. When she eventually told him, “I think you guys are breaking the law,” Warren writes Dimon suddenly got quiet and responded, “So hit me with a fine. We can afford it.”

That’s for sure. JP Morgan Chase was one of five of the world’s largest banks hit with a total $5.7 billion fine after pleading guilty to global currency manipulation charges. Add to that, the $13 billion settlement it paid because of its funding of bad mortgages. Nonetheless, in the fourth quarter of 2014 alone, the company reaped in a $4.9 billion profit.

But Dimon proves to be far more benevolent than Warren may realize. On Wednesday, he kindly offered to sit down with the senator whenever she wants so he could explain Global Banking 101 to her—one transaction at a time.

$500,000 MATCHING GIFT

In 2014, before Donald Trump announced his run for president, we knew we had to do something different to address the fundamental challenge facing journalism: how hard-hitting reporting that can hold the powerful accountable can survive as the bottom falls out of the news business.

Being a nonprofit, we started planning The Moment for Mother Jones: A special campaign to raise $25 million for key investments to make Mother Jones the strongest watchdog it can be. Five years later, readers have stepped up and contributed an astonishing $23 million in gifts and future pledges. This is an incredible statement from the Mother Jones community in the face of the huge threats—both economic and political—against the free press.

Read more about The Moment and see what we've been able to accomplish thanks to readers' incredible generosity so far, and please join them today. Your gift will be matched dollar for dollar, up to $500,000 total, during this critical moment for journalism.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

We have a new comment system! We are now using Coral, from Vox Media, for comments on all new articles. We'd love your feedback.