Warren calls for Dimon to step down as New York Fed bank director

[JDPriestly]

34. Ending Dimon's career does not mean pushing Morgan out of the picture.

We should fully enforce the Dodd-Frank law. Give it a try and see what happens. Things can't get worse.

What lead to the 2008 crack-up was massive fraud. There is no question about it. CDOs were sold that were not at all what they were claimed to be. And that trend was the case with regard to virtually every financial instrument -- mortgages, the works, from the lowest level, let's say the mortgage sales personnel's contact with the borrower, to the top.

But how many fraud prosecutions have we seen?

Very, very few.

That's the problem. That's why the financial situation is so precarious at this time.

Finding and proving the fraud is a matter of looking through documents and obtaining expert opinions. It isn't that hard on a case-by-case basis. What makes it so difficult to prove with regard to the run-up to the 2008 crisis is the fact that it was ubiquitous -- everywhere. That is the only thing that is protecting the many, many people who were perpetrating the fraud. It's just the size of the job, the numbers of lawyers and clerks you would need to gather the evidence to prosecute.

Jamie Dimon needs to resign. It is not enough that his employees resign. He needs to resign. It would at least symbolize a willingness to take responsibility and put the financial sector back in order.

Anyone who pretends to have confidence in our financial sector at this point, with no prosecutions for past misconduct and very little chance for real reform, is a fool.