Poll: Should Jamie Dimon of JPMorgan Chase Go to Jail for $2 Billion Loss?

Chairman/CEO of one of the nation’s biggest banks is under fire by investors, faces FBI probe.

When a bank is robbed, the FBI swoops in.  When a major bank loses $2 billion, other agencies take the lead. But in the case of Jamie Dimon and JPMorgan Chase, the FBI is investigating there as well in the wake of its stunning loss, which has triggered investor lawsuits. Bank regulation remains a contentious issue, but what about criminal liability?  Should CEO and Chairman of the Board Dimon be brought up on charges?  Should he and other bank executives face jail terms?

David B Secor May 23, 2012 at 07:11 PM
As to WAGE inflation, the Fed's other mandate, the numbers show this is in no way a problem. Wages for workers in most parts of the economy have shown DOWNWARD pressure, not upward. This is due to lack of demand for goods and services in our economy which is based (70%) on consumption. Depressed wages - half of Americans now earn $25k/yr and 3/4 of us make under $54k/yr - means we cannot afford to spend, which would boost the economy. Most Americans must spend only on necessities, and our limited resources mean shopping at Wal-Mart instead of supporting local small businesses. In actuality, the Fed has set it's target of 2% wage inflation too LOW in this time of deep recession. The WAGE inflation target should be raised to 4% during this time of economic downturn. Financial institutions are sitting on $2 trillion in CASH and refuse to make loans because there is not enough demand for there products to hire. Only higher wages, and thus disposable income, will bring demand back, so that companies and small businesses will hire again, and set us on a path of growth. Big banks are sitting on $1.5 trillion in cash and don't make loans to us because the big banks STIll make more money on complicated financial deals, swaps, etc. than they would make if they loaned to you. It's the same scenario as it was before the crash! The 5000(and growing) pages of Dodd-Frank are a total joke. Glass-Steagall is 37 pages, bulletproof, and needs reinstatement NOW!
Mary May 23, 2012 at 07:28 PM
How or who is going to introduce Glass-Steagall Act? We know the Republican House is not going to do it and it will never get past them. I say try to strengthen the Volcker Rule section of Dodd–Frank or ensure that Democratic candidates retake the House. I don’t think retaking the House is an option, but we can hope. If they can hang onto the Senate we will continue to have this stalemate.
Jay Berman May 23, 2012 at 07:38 PM
The democrats were responsible for this mess. Dodd and Frank are two bufoon career hacks who have no business writing anything like the act named for them. The newly elected democratic house and senate were warned 17 times by the Bush administration and others of the impending disaster and they kept accelerating the bad loans, forcing Freddie and Fannie along with banks to make these loans so the "poor" can have houses too ... http://www.youtube.com/watch?v=cMnSp4qEXNM let's not let the facts get in the way ...
Things I Learned May 23, 2012 at 08:02 PM
Lynn Marr May 23, 2012 at 11:23 PM
Thanks, David. Your explanation makes a lot of sense to me, although I still question that the Federal Reserve is not regulated by any oversight group. From what you suggest, I agree, we should reinstate Glass-Steagall. How I hope that Obama can get re-elected, and make that happen! I see no hope with Romney, but yes, both Democrats and Republicans seem tied into the corrupt status quo right now!


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