It is being reported that James (Jamie) Dimon recently resigned as chairman and CEO of JP Morgan Chase. Stop the press. The letter is just an internet hoax.
In actuality, the board of directors of JP Morgan Chase said on Friday, March 22nd it “strongly endorses” keeping Jamie Dimon as both their chairman and chief executive of the company.
In the resignation letter that is circulating the internet, Dimon says he is tired of being part of the “bankrupt moral culture” of finance. The former executive also reportedly called for a criminal investigation into wrongdoing at JP Morgan and other major investment banks.
“For too long I have been a witness to what I consider to be unethical and sometimes even illegal behavior at the highest levels of Wall Street,” the letter reads. “I thought that I could change the system from the inside. But over the past few years I have been proven wrong.”
“Despite the concerted effort of myself and my closest staff, the recent losses at our Chief Investment Office and the global LIBOR scandal show that firms such as JP Morgan have simply become too big to manage.”
“For that reason I am resigning from my posts as Chairman and Chief Executive Officer of JP Morgan Chase effective at noon EST today. And I urge global regulators to introduce new rules seeking to limit the size of scope of the largest international financial institutions.”
The letter continues, “Over four years has passed since the greatest financial collapse in the history of this nation, and still no one on Wall Street has been held accountable for the crimes which have been committed.”
“Washington says they can’t find one single banker guilty of fraud. I can think of 15 people off the top of my head who should be behind bars. Why aren’t more people in jail? If you rob a bank, you go to jail. If a bank robs you, it gets a bailout. We need to end this cycle of impunity on Wall Street. And I am prepared to testify against my fellow bankers if need be.”
“I don’t know why I’ve held my nose for so long. Honestly it was probably the money. But I started doing yoga last month, and have been thinking about researching Buddhism. I’m ready to turn over a new leaf, and find something else besides money upon which to base my self-worth and value as a human being. ”
From Wall Street magnate to a Buddhist yogi, interesting.
The letter continues, “Let me explain how this system works, politicians protect us from competition and criminal prosecution, and in return we give them money to use in their campaigns.”
“There’s only one word to describe such an arrangement: bribery. And you know what’s really insane? Its not even illegal. Those idiots in Washington actually write laws regulating the manner in which they would like to be bribed.”
“Only $2,000 per person, unless its funneled into a SuperPac or whatever or into a primary fund versus a general election fund… I mean who cares how much goes into which account? Its all just corruption plain and simple. And sadly I have been a part of it.”
This is not the first time the U.S. financial industry has come under scrutiny and it won’t be the last; however, it is one of the more creative attempts to expose Wall Street.
Through extensive research and interviews with major financial insiders, politicians and journalists, Charles Ferguson traced the rise of the rogue U.S. financial industry and unveiled the corrosive relationships between corrupted politics and regulation in his movie Inside Job.
If you have not watched Inside Job, the 2010 Academy Award winning documentary, check it out it’s an excellent film.