You can’t buy class.
A couple of days ago, JPMorgan Chase & Co CEO Jamie Dimon thought it would be funny to take a pot shot at Senator Elizabeth Warren. He was trying to undermine her and other Washington lawmakers’ investigations and proposed regulations of the financial district.
“I don’t know if she fully understands the global banking system,” Dimon, speaking Wednesday at an event in Chicago, said of the Massachusetts Democrat. Still, he said he agrees with some of her concerns about risks.
Warren, a Senate Banking Committee member, has won popular support and gained influence in her party by openly challenging the size of large lenders and their political power. She has said it was a mistake for the U.S. government to refrain from breaking up big banks, such as Citigroup Inc., after the 2008 financial crisis. Last month, as firms including JPMorgan pleaded guilty to resolve probes into market-rigging, she criticized regulators for granting waivers that let the companies continue operating certain businesses.
Elizabeth Warren addressed Dimon’s comments on “So, That Happened” Podcast:
“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.”