Jamie Dimon Tells Bankers He’s Unsure If Elizabeth Warren Understands Global Banking
“The finance guys argue that if you’re never in the club, you can’t understand it, but I think they have it backward. Not being in the club means not drinking the Kool-Aid.” -Senator Elizabeth Warren
JPMorgan Chase & Co. CEO Jamie Dimon fired off another salvo in Wall Street’s war on U.S. Senator Elizabeth Warren by telling a group of bankers in Chicago, “I don’t know if she fully understands the global banking system,”
Dimon followed his comments by making a generous offer as only a condescending Wall Street lawyer can to meet with her any time she wants, so he can explain it to her in small words that she can grasp.
The war of words between Wall Street bankers and Warren began in March when Wall Street Bankers threatened to withhold campaign contributions next year if Democratic Party leadership didn’t silence Elizabeth Warren who has been an outspoken critic of the Wall Street since 2007.
Warren, a Senate Banking Committee member, has won popular support and gained influence in the Democratic Party by openly challenging the size of large lenders and their political power. She has stated many times it was a huge mistake for the U.S. government to refrain from breaking up big banks such as Citigroup after the 2008 financial crisis.
Warren led the congressional oversight panel for the Treasury Department’s 2008 TARP bailout of the financial system. She also proposed the creation of what eventually became the Consumer Financial Protection Bureau or CFPB to help shield Americans from predatory financial products.
Elizabeth Warren said in a speech in April, “The problem was never that I didn’t understand what the finance guys were doing. The problem was that I understood exactly what the finance guys were doing. I knew it, and they knew it.”
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