Washington, D.C. – Once referred to by President Obama as “one of the smartest bankers we’ve got,” JPMorgan Chase CEO Jamie Dimon is now called CREW’s Scoundrel of the Month. In May, Dimon disclosed that “errors, sloppiness and bad judgment” were responsible for the more than $2 billion in trading losses his company suffered. As a result, JPMorgan is now under investigation by several federal entities, including the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the FBI.
Just a week before the news of the massive trading loss broke, Dimon and his fellow Wall Street “titans” were lobbying the Federal Reserve to weaken reforms established by the Volcker Rule, which would prohibit the very gambles JPMorgan bungled. While $2 billion in losses may not break the banking giant, it’s clear that Americans have had enough of being misled by executives clinging to a broken system.
“When it comes to meaningful financial reform and good leadership, Jamie Dimon hasn’t practiced what he preaches,” stated CREW Executive Director Melanie Sloan. “We won’t have to wait long to hear what he has to say about this latest catastrophe – he’s been invited to testify before the Senate Banking Committee on June 7th. Let’s hope he’s now ready to support reforms more serious than ‘maybe’ reclaiming executive bonuses.”
We won’t hold our breath.
Nominations are being accepted for June’s Scoundrel of the Month. People, entities, and agencies are all eligible. Get your choices in by Friday, June 15. Voting will begin the following week.