LATEST NEWS: Savings accounts are at risk as long as JP Morgan CEO gets everything he wants

If you want to understand what’s wrong with the US financial system, start by asking this question: why does Jamie Dimon always get his way?

Dimon is the charismatic chief executive of the nation’s biggest bank, JP Morgan. JP Morgan has $2.5tn in assets and holds more than 10% of all the savings deposits in America. As a result, Dimon has a lot of financial firepower. This week, Dimon was one of the forces in an argument that nearly caused a government shutdown over how much power Wall Street should have. Barack Obama also backed the bill, but even Democrats are defying the president on this one.

continue reading at theguardian.com

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