JP Morgan Faces Pressure from the Left

By Change.org, Special for US Daily Review.

Former IMF Chief Economist Simon Johnson has launched a new petition on Change.org calling on the Federal Reserve Board of Governors to remove JPMorgan Chase CEO Jamie Dimon from the board of New York’s Federal Reserve Bank.

The campaign on Change.org was started by Simon Johnson following Dimon’s disclosure that JPMorgan Chase lost billions of dollars and threatened the stability of financial markets in a series of risky financial maneuvers. Recent estimates put JPMorgan Chase’s losses at six to seven billion dollars from the trade, in addition to more than $25 billion in stock value.

“JPMorgan Chase must be subjected to as thorough an investigation as possible,” said Johnson. “But with Jamie Dimon on the Board of Directors of the New York Fed, which has the duty to supervise and regulate JPMorgan Chase, the public can’t believe that an honest investigation can occur or that real accountability can ever come from it.”

“With figures from Elizabeth Warren to Treasury Secretary Geithner calling for Dimon’s resignation, pressure is clearly mounting,” Johnson added. “The Federal Reserve Board of Governors must heed the public’s outcry and remove Mr. Dimon immediately.”

Johnson plans to deliver his petition signatures in-person at the New York Federal Reserve in coming weeks.

“At a time when people are seeking increased transparency from their banks and credit card companies, Simon Johnson’s campaign on Change.org demonstrates how everyone, from regular consumers to world-renown economists, are finding new ways to build popular support around the issues that matter to them” said William Winters, senior campaigner at Change.org. “It’s clear from the hundreds of people who have signed his petition that people  want to see more accountability in the U.S. financial sector.”

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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