Here Little Lady, Let Me Tell You How Banking Works: Jamie Dimon Mansplains To Elizabeth Warren
Jamie Dimon, the billionaire CEO of JP Morgan Chase and face of Wall Street bankers, doesn’t think Senator Elizabeth Warren “fully understands the global banking system” but he’s reportedly offered to meet with her and explain a few things.
Dimon, head of the world’s largest bank with assets of $2.6 trillion, told a group of bankers at a luncheon for The Executives’ Club of Chicago today, in what was described as a particularly political speech, that although he agrees with some of the concerns expressed by America’s most vocal critic of Wall Street, he just doesn’t think that Warren, a former Harvard Law bankruptcy expert, actually gets how the whole global banking thing works.
According to a report from Bloomberg, Dimon recalled a time when he met with Warren, the then head of oversight for the massive government bailout of banks known as TARP, to discuss credit cards. The former CEO of the Chicago-based Bank One, told the room full of Midwest business leaders that he met with the former Harvard bankruptcy professor after she was tapped to charter the new Consumer Financial Protection Bureau, the government agency tasked with providing oversight in the wake of the massive government bank bailout known as TARP, and claimed that Warren confessed to owning and loving his bank’s credit card at the time.
Warren herself recalls a more recent meeting in 2013. She describes in her book, A Fighting Chance, how Dimon shrugged off warnings that JP Morgan was out of compliance with new rules laid out by the Dodd-Frank law. According to Warren “he leaned back and slowly smiled. ‘So hit me with a fine. We can afford it.’”
Dimon’s dismissive attitude towards Warren and shady offer to meet with Warren again seems to be all he can muster against the vocal Wall Street critic who’s worked her way on to the Senate Banking Committee — a move that was quickly met with the threats to halt campaign donations to the Democratic Party from the banking giant.