Sen. Elizabeth Warren (D-MA) didn’t take a comment by JPMorgan Chase CEO Jamie Dimon sitting down.
On Wednesday Dimon said that he didn’t know if Warren “fully understands the global banking system.” Not quite, Warren responded.
“The problem is not that I don’t understand the global banking system. The problem for these guys is that I fully understand the system and I understand how they make their money,” Warren said in response in an interview with The Huffington Post reported on Friday. “And that’s what they don’t like about me.”
Warren has found herself in the crosshairs of the banking industry thanks to her work helping to craft the Consumer Financial Protection Bureau (CFPB) and railing against the amount of influence Wall Street has in the halls of Congress.
In December, for example, Warren gave a searing speech bashing CitiGroup’s connections to Congress and attacking a provision that rolled back parts of the Dodd-Frank financial reform law.
“You know, there is a lot of talk lately about how Dodd-Frank isn’t perfect. There is a lot of talk coming from CitiGroup about how Dodd-Frank isn’t perfect,” Warren said in that speech. “So let me say this to anyone listening at Citi —I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces.”
This is going to be fun. You go, Elizabeth. This is why I like her staying where she is, and ready for an “in your face” response.
“So let me say this to anyone listening at Citi —I agree with you. Dodd-Frank isn’t perfect. It should have broken you into pieces.”
As a nation, we missed a golden opportunity back then. We need more Elizabeth Warrens to keep the issue alive.
For all the non-economists, who have spent entirely too much time learning how the banks have screwed the American public and the Congress that really wants to continue to get down on their knees in front of Dimon, et al. Elizabeth Warren should be rewarded the highest honor for telling them that TBTF should be broken into pieces. Anyone here really want to bail out WS…again?
I think I’m going to enjoy this. Normally, I don’t get much from seeing a grown-ass man kicked repeatedly in the testicles, but in this case, it may be a fun weekend.
memo to Jamie Dimon: never go to a gunfight with only a knife.