Earlier this week, JPMorgan Chase CEO questioned Senator Elizabeth Warren's knowledge of global banking. In a very swift, straight forward jab, Warren cuts Dimon down.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon tried to take a shot at U.S. Senator Elizabeth Warren, but was outmanned in a swift jab of her own. Bloomberg reports at a Chicago event on Wednesday, Dimon questioned her aptitude at banking. "I don’t know if she fully understands the global banking system."
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As a Senate Banking Committee member, there's a fair chance the Massachusetts Democrat may know a thing or two about financing. After all, she did a lot of research legwork in the bankruptcy, the middle-class economic sector, and consumer protection.
Instead, the senator returned with a volley of her own. When speaking to a Huffington Post’s So What podcast, she noted "regulators always two steps behind” and was a little more honest in "taking the risk out of the system." Playing with clients’ money and using tricky language to profit doesn't sit well with Warren at all.
"The problem is not that I don't understand the global banking system. The problem for these guys is that I fully understand the system and I understand how they make their money. And that's what they don't like about me."
And her actions back the statements. Creating the Consumer Financial Protection Bureau after the 2008 housing bubble sparked a lot of predatory lending, Warren knows what citizens are asking about and more importantly why. She also knows how to get effective change started.
Bloomberg notes where Warren said in an April speech that not being a banker isn't always bad. “The finance guys argue that if you’re never in the club, you can’t understand it, but I think they have it backward. Not being in the club means not drinking the Kool-Aid.”
Being critical of Wall Street has pushed the politician into the cross hairs of many colleagues, party and opponent alike.
Last month, President Obama lambasted Democrats not in agreement with his 12-nation Trans-Pacific Partnership policy were being speculative. Well, Friday night, Congress stopped any fast tracking. Senator Warren made that list, saying “She’s absolutely wrong.” In a voice eerily similar to Dimon, he added that “her arguments don’t stand the test of fact and scrutiny.”
The podcast hosts pointed out Obama went as far as to say Warren was “manipulating the base” to not push for the agreement. Any criticism of the deal for the former Harvard Law School revolves around American employment and benefits, stateside.
Saying that TPP would give multinational corporations too much power and “not be a good deal for America’s working families.” Insisting that the lack of support is “not personal,” she admits to going back and forth with Obama over the policies and what she believes “are the risks associated with this deal.”
Additionally, a rider was added that disallowed environmental issues due to climate change to be part of a trade deal. For areas with low paying workers, the idea of potential exploitation probably did not set well with Warren, who made her name defending those who need a financial voice.
“I don’t doubt President Obama’s sincerity when he claims this trade deal’s going to be tough. That it’s going to have unprecedented work protect for workers or the environment.”
Instead, she notes that promises from the past three presidents have not shown any kind of quality work for American or foreign workers. Sweatshops pop up while American workers lose more and more jobs that require a specific skill that’s no longer valued.
But Obama’s not the only headlining critic for Senator Warren. Warren Buffett, one of the leading business advisers who made money on faulting banks after 2008, especially feels she’s not soft enough around Wall Street leaders.
Talking to CNBC in March, Buffet didn't care for the more abrasive attitude. “She would do better if she was less angry and demonized less.” In a softball comment to keep the financial district happy, the Berkshire Hathaway CEO holds a different view.
“I believe in ‘hate the sin, and love the sinner.’ I also believe in praising by name and criticizing by category and I'm not sure that I've totally convinced Elizabeth Warren that's the way to go."
Buffett believes the U.S. Senator doesn't know how to play the game. "It's a mistake to get angry with people that disagree with you. In the end, we do have to work together." In other words, scratching backs gets the job done.
Going after America’s financial core was never going to make friends in New York or the nation’s capital. According to Talking Points Memo, she gave a rousing speech last December about how rolling back parts of the Dodd-Frank reform bill wouldn’t end well.
Tired of the constant bailouts that eventually end with the highest ranking workers holding the most cash while the economy still tries to survive, Elizabeth Warren went to bat for her constituents.
“So let me say this to anyone listening at Citi—I agree with you. Dodd-Frank isn't perfect. It should have broken you into pieces. If this Congress is going to open up Dodd-Frank in the months ahead then let's open it up to get tougher, not to create more bailout opportunities."
Republican Senator Lindsey Graham from South Carolina vehemently disagreed, flatly saying Warren was the problem and didn’t understand her area of expertise. Maybe that background of understanding the public’s plight is what has many current politicians on edge.
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Not understanding the problem is a constant refrain Senator Warren hears. However, her talking points and methods seem to resonate with voters when many politicians struggle to hold onto a base. Perhaps Elizabeth Warren understands a little too much and that’s why they’re afraid she won’t be following financial leaders into another failing system of debt and recovery.