A Bank CEO Said Elizabeth Warren Doesn’t Understand Wall Street. Her Response Was Perfect. [View all]

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A Bank CEO Said Elizabeth Warren Doesn’t Understand Wall Street. Her Response Was Perfect.

by Bryce Covert at Think Progress

http://thinkprogress.org/economy/2015/06/12/3668972/elizabeth-warren-response-jamie-dimon/

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On Wednesday, JP Morgan CEO Jamie Dimon said of Massachusetts Senator Elizabeth Warren (D), “I don’t know if she fully understands the global banking system.”

By Thursday, Warren already had a response. Speaking on the Huffington Post’s “So, That Happened” podcast, she said, “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. And that’s what they don’t like about me.”

Warren’s résumé comes with nearly 20 years of experience teaching corporate law at Harvard University, publishing nine books, chairing the Congressional Oversight Panel that oversaw the bank bailouts in 2008 (of which JP Morgan was a beneficiary), and coming up with the idea for and helping to create the Consumer Financial Protection Bureau, which has already helped consumers avoid numerous predatory lending schemes and recouped more than $4.8 billion through its enforcement actions.

She has also become widely known for her tough critiques of the banking industry. She has questioned why the government didn’t break up the biggest banks, like JP Morgan, when it offered bailout money in 2008 and joined a group of Senators in 2013 to propose reinstating a Depression-era rule that separated commercial and investment banking. She’s been a staunch supporter of the 2010 Dodd-Frank financial reform bill and stood in opposition to Republicans’ attempts to roll parts of it back.




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