The Fed Sends A Frightening Letter To JPMorgan, Corporate Media Yawns
Yesterday the Federal Reserve released a
19-page letter that it and the FDIC had issued to Jamie Dimon, the
Chairman and CEO of JPMorgan Chase, on April 12 as a result of its
failure to present a credible plan for winding itself down if the bank
failed. The letter carried frightening passages and large blocks of redacted material in critical areas,
instilling in any careful reader a sense of panic about the U.S.
financial system. The Federal regulators didn’t say JPMorgan could pose a
threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.”
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