Needless to say, she’s not made many friends within our financial sector.
In fact, recently JP Morgan Chase CEO Jamie Dimon said he doesn’t know if Elizabeth Warren “fully understands the global banking system.” Ironic words from a man who was in charge of Chase in 2012 when the company lost $2 billion in trades. The loss by Chase is now currently being investigated by the Federal Reserve, the Securities and Exchange Commission and the FBI.
Well, Senator Warren didn’t take too kindly to Dimon’s insult. In fact, she absolutely shredded him in a response accusing the Chase CEO, and others on Wall Street who’ve spoken out against her, of just being upset because she’s exposing their bullcrap.
“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. “And that’s what they don’t like about me.”
And she’s absolutely right.
Clearly she’s not going to make many (if any) friends on Wall Street as someone who’s frequently calling out the unethical abuses that go on within our financial sector. And because she’s making life more difficult for those who are trying to become filthy rich through shady and unscrupulous ways, they’re becoming more aggressively vocal against her.
Dimon’s comments follow rumors that began swirling back in March that several big banks such as Citigroup, JP Morgan Chase, Bank of America and a few others have discussed blackmailing the Democratic party by withholding campaign funds over Warren’s frequent attacks on Wall Street.
“They want a showy way to tell Democrats across the country to be scared of speaking out, to be timid about standing up, and to stay away from fighting for what’s right,” Warren wrote back in March. “I’m not going to stop talking about the unprecedented grasp that Citigroup has on our government’s economic policymaking apparatus and I’m not going to pretend the work of financial reform is done, when the so-called ‘too big to fail’ banks are even bigger now than they were in 2008.”
Clearly Warren is really starting to get to some of the big wigs on Wall Street. The last thing most of these big banks want is more Americans pushing for laws that would block or eliminate the loopholes that many working within our financial sector have been exploiting for decades to make millions while screwing over ordinary people.
The only “problem” I see with any of this is that we don’t have enough politicians like Warren calling out the unethical behavior on Wall Street.