Top Leaderboard, Site wide
October 21, 2014
Truthdig: Drilling Beneath the Headlines
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Get Truthdig's headlines in your inbox!






Mad Pilgrimage of the Flesh


Truthdig Bazaar
The New Old World

The New Old World

By Perry Anderson
$26.37

more items

 
Ear to the Ground

Petition Demands Dimon Be Fired From Fed Board

Email this item Email    Print this item Print    Share this item... Share

Posted on Jun 26, 2012
Robin Hood Tax USA (CC BY 2.0)

Activists with the “Robin Hood Welcome Party” showed up for Jamie Dimon’s congressional hearing.

On Monday, economist Simon Johnson presented officials at the Federal Reserve with a petition containing 38,000 signatures appealing for the removal of JPMorgan Chase CEO Jamie Dimon from the Federal Reserve Board of Governors.

Dimon is one of six members selected by banks to sit on the nine-seat board governing the Federal Reserve Bank of New York. Three directors are chosen to represent banks’ interests and three are chosen by banks to represent the public’s interest.

The petition’s signers assert that bankers cannot be relied upon to regulate their own businesses.

—Posted by Alexander Reed Kelly

George Zornick at The Nation:

The essential conflict of interest is that the Federal Reserve is charged with maintaining the safety and soundness of Wall Street banks, and executives at those institutions often resist such changes in the name of riskier gambles and bigger profits. Moreover, in recent years the Fed has handed out over $4 trillion in zero-interest loans to many of those banks. (JPMorgan Chase received $390 billion in emergency funds during the bailouts, and $29 billion to buy Bear Stearns).

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.