The New York Fed allows private bankers
to sit on its board, even while it crafts bank policy and puts together
financial industry bailouts. "There's a conflict of interest here. You
serve two masters. You can't draw this extraordinary salary from JPMorgan Chase
and, at the same time, say, 'Oh, I'm out here acting in the public interest.'
You can't do both." So said Elizabeth Warren, who came up with the idea
that became the Consumer Financial Protection Bureau as part of the Dodd-Frank
Financial Reform Act of 2010. Referring to Jamie Dimon, the CEO of JP Morgan
who presided over a $2 billion trading loss, she added, "He says he wants
to take responsibility. Then show some responsibility. Show you get it. Putting
Wall Street bankers on the Federal Reserve Board is like finding the guys who
torched the entire town and putting them on the fire advisory board. It makes
no sense."
The full essay is at "JPMorgan: An Unethical Monstrosity?"
