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

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


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.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly 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