For a long time, people thought our solar system revolved around the Earth. Copernicus (or Galileo to some) came around and proved the planets revolved around our Sun.

Models are important - they are the perspective of an individual's perception of any given event. Models are always biased, but the objective should be to choose a model with the least bias possible.

How is this achieved?

Scrutinize opposing aspects, think critically, and have an open mind.

"All Truth passes through three stages: First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident."

- Arthur Schopenhauer

Truth is stranger than fiction, but it is because Fiction is obliged to stick to possibilities; Truth isn't.

- Mark Twain

These opinions below may be my own or may belong to the authors whom I reference. They are posted for the benefit of mankind, so that we may collectively achieve a common ground and transition into a new golden era as seamlessly as possible.

Monday, May 14, 2012

Elizabeth Warren Calls on JP Morgan Chief to Resign from NY Federal Reserve Bank Board

Says Responsibility and Accountability Long Overdue

Architect of the Consumer Financial Protection Bureau
Warren Continues Challenging Wall Street Arrogance

BOSTON, MA - In the wake of $2 billion in losses at JP Morgan Chase due to risky trading, Elizabeth Warren, the architect of the Consumer Financial Protection Bureau, today called on Jamie Dimon, JP Morgan's CEO, to resign from his position on the Board of Directors of the New York Federal Reserve Bank as a first step to signal to the American people that Wall Street understands the need for greater responsibility and accountability.

"Wall Street banks continue to have fundamental problems, and tough oversight and accountability are urgently needed. Jamie Dimon deserves credit for taking public responsibility for $2 billion in losses based on a trading strategy he called 'poorly reviewed,' 'poorly monitored,' and even 'sloppy.' But Dimon is not only the CEO of JP Morgan, he is also a member of the Board of Directors of the New York Federal Reserve Bank, where he advises the Federal Reserve on the oversight of the financial industry," Warren said.

"After the biggest financial crisis in generations, the American people are frustrated that Wall Street has still not been held accountable and does not appear to consider itself responsible. Dimon should resign from his post at the New York Fed to 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.

Dimon has fought against Wall Street reform regulations, including the Volcker Rule, which restricts certain kinds of speculative trades that increase risk in the banking system. Dimon also serves as a member of the Board of Directors of the New York Federal Reserve Bank. Among other things, board members are involved in overseeing the Reserve Bank, participating in the development of credit and monetary policies, and ensuring effective internal auditing systems.

Warren is widely credited with the idea for the Consumer Financial Protection Bureau, and she served as Assistant to the President and Special Advisor to the Secretary of the Treasury in 2010 and 2011, with the authority to set up the consumer agency. Time Magazine named her one of the "New Sheriffs of Wall Street" for her clear and fearless oversight efforts during the financial crisis on behalf of the American people, and the Boston Globe named her Bostonian of the Year in 2009.

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