Jamie Dimon, often cited as the most responsible head of a Wall Street investment bank, reigned as Chairman and CEO of JP Morgan Chase today.
In a blistering letter published this morning in Britian’s Financial News, Dimon says he is tired of working in the “bankrupt moral culture” of finance and 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.” – Jaime Dimon
“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.”
Long recognized as a less corrupt institution than competing banks such as Goldman Sachs and Barclays, JP Morgan has come under fire in recent months for a number of trading scandals. Most notably the bank lost over $6 billion on bad derivatives bets in the notorious London Whale fiasco.
But in his resignation letter Dimon did not limit his reasoning to recent events, explaining that he is disgusted by the behavior of investment banks during the financial crisis.
“Over four years has passed since the greatest financial collapse in the history of this nation,” Diamond recounts, “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.” - Jamie Dimon Read the rest of this entry →