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February 12, 2014

Sen. Elizabeth Warren questions government's Wall Street enforcement strategy following JP Morgan CEO Jamie Dimon's $8.5 million pay raise

U.S. Sen. Elizabeth Warren has, since her first Senate Banking Committee hearing, used the power of her committee assignment to make good on a campaign promise to push for additional Wall Street reforms, considering the financial crisis which nearly led to the collapse of the entire U.S. economy.

This week, she continued on that mission. Warren, a Massachusetts Democrat, took a stand against JP Morgan Chase’s decision to give CEO Jamie Dimon a nearly 75 percent raise, despite his leadership during an era when the company’s questionable trading practices led to the loss of billions of dollars.

“In 2013 alone, JP Morgan spent nearly $13 billion to settle claims with the federal government. Claims relating to its sale of fraudulent mortgage-backed securities, its illegal foreclosure practices like robo-signing, its manipulation of energy markets in California and the midwest, and its handling of the disastrous London Whale Trade,” Warren said during a Senate Banking Committee hearing in Washington Thursday. “You might think that presiding over activities that led to payouts for illegal conduct would hurt your case for a fat pay bump.”

 

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Read full Mass Live article here.

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