Jamie Dimon's Role On NY Fed Board 'Damaging The Legitimacy' Of The Federal Reserve

The New York Times:

There are two diametrically opposed views of how the largest financial companies in our economy operate. On the one hand are views like those of Charles Ferguson, director of the Academy Award-winning documentary “Inside Job” and author of the new book, “Predator Nation.” Mr. Ferguson takes the view that greed and immorality now prevail to an excessive degree at the heart of Wall Street.

Read the whole story at The New York Times

Comments

[kamact]

11:37 PM on 05/24/2012

Jamie, another butt-hole crook....

[Grichde]

06:07 PM on 05/24/2012

We should just end the fed.

[Megan Millett]

11:38 AM on 05/24/2012

I don't think Jamie Dimon is the straw that broke the camel's back. I'd be hard pressed to find anyone who thinks the Federal Reserve has an ounce of legitimacy

[littlepuffycloud]

11:13 AM on 05/24/2012

What legitimacy did TheFed ever have to begin with?

[Donatella]

10:22 AM on 05/24/2012

The Fed has no legitimacy. It is a central bank run by bankers for the benefit of bankers not for the benefit of the greater American economic good. Eliminate the Fed and create a real American Central Bank that bankers do not control.

[Trey Rogers]

10:33 AM on 05/24/2012

Who do you want in control? Beauracrats in washington? Are you insane?

[olitenup]

10:55 AM on 05/24/2012

They are all one in the same. They come and go, in and out of Washington, like there are revolving doors on the beltway.

[PragmaticStatistic]

09:52 AM on 05/24/2012

Since these banks are now making proprietary trades using their own money, their representation on the Federal Reserve Board is a conflict of interest because they are making trades for their own companies that involve inside information on what the Fed's plans are.

[Trey Rogers]

10:36 AM on 05/24/2012

Do you think the fed doesn't share the information with the banks? This is not an insider trading job. You obviously have no clue what the responsibility of the FED actually is.

[PragmaticStatistic]

12:05 PM on 05/24/2012

Oh! Your mean like this Fed. document: http://www.federalreserve.gov/pf/pf.htm Yeah, sure, I read it. Nothing in it says I am wrong. On the other hand, insider information helped JP Morgan Chase benefit from secret Fed. loans. See: "The Federal Reserve's $3.3 Trillion Insider Loans Follow a History of Corrupt Practices"

http://www.huffingtonpost.com/robert-auerbach/the-federal-reserves-33-t_b_794155.html

The banks that benefited from the Fed's secret actions described in the article and include this list of banks which happen to include JP Morgan Chase:

https://docs.google.com/spreadsheet/ccc?key=0Ap2hHMRyBvEsdHV3alROWnRUU0JDUkwwMHN6elZXRmc#gid=0

[rhymney]

12:21 AM on 05/26/2012

It's the banks that own the 12 Federal Reserve Banks. They are the shareholders, that's why they sit on the Boards. How could it be a conflict of interest to sit on the board of something you own?

[PragmaticStatistic]

07:08 AM on 05/26/2012

So, you acknowledge that the system is rigged? And, justifying it?

These Federal Reserve Board members make decisions that affect economic policy for the entire nation, not just a for-profit corporation. Thus, their siting on the board requires a higher standard of conduct that eliminates any involvement in self interest. To do otherwise means the entire financial system is rigged and that we are all slaves to the financial system.

[Royce09]

09:50 AM on 05/24/2012

Who decides if he stays on the Board or not? Next question WHY HAS HE NOT BE REMOVED. This makes no sense.

[Trey Rogers]

10:35 AM on 05/24/2012

Jamie Dimon is the smartest banker on the planet. Ask Obama, he even said it himself. The FED and country benefit from his advice.