Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Monday, May 14, 2012

Elizabeth Warren: Jamie Dimon Should Resign From New York Fed Board

Elizabeth Warren called on JPMorgan Chase CEO Jamie Dimon to resign from his post on the Federal Reserve Bank of New York's board, citing the need for "responsibility and accountability" in the financial industry.

Dimon, who disclosed a $2 billion loss by the banking giant last week, should "send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability," Warren said in a statement following Dimon's Sunday appearance on "Meet the Press."

During that interview, Dimon said he "absolutely" believed that the enormous loss would give regulators more ammunition against the banks. Warren latched onto that comment, stating that Dimon's place on the board of directors gave him the power to advise the New York Fed on "management oversight and policy," creating what the Massachusetts Democrat feels is a clear conflict of interest.

"We need to stop the cycle of bankers taking on risky activities, getting bailed out by the taxpayers, then using their army of lobbyists to water down regulations," Warren said. "We need a tough cop on the beat so that no one steals your purse on Main Street or your pension on Wall Street."

Warren, an outspoken advocate of banking reform who oversaw the Troubled Asset Relief Program and helped create the Consumer Financial Protection Bureau, is running in a closely-watched Senate race against incumbent Scott Brown, a Republican. She has stressed her role as a consumer advocate throughout the campaign.

Original Article
Source: Huff
Author: Mollie Reilly 

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