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.