Jamie Dimon, Chairman &amp; CEO of JPMorgan Chase, endorsed Elon Musk&#8217;s proposed &#8220;government efficiency commission&#8221; during an interview where he also weighed in on the state of the U.S. presidential race.
Dimon, who made the remarks during a Tuesday interview on CNBC-TV18, said that he was not planning to endorse either candidate and was more focused on policy.
He said he wanted to do things &#8220;to make America healthier and to lift up all of our citizens.&#8221;
Dimon said that the bottom 20 percent of Americans have been &#8220;left behind&#8221; and that populism is on the rise because they are &#8220;dying younger,&#8221; &#8220;their schools are worse,&#8221; and &#8220;they have more crime in the neighborhoods.&#8221;
Regarding the prospect of Musk joining a potential future Trump administration, Dimon said: &#8220;So, Elon &#8211; this idea about having an efficiency commission &#8211; I actually like the idea.&#8221;
<a href="https://www.amiracist.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amiracist.com/&amp;source=gmail&amp;ust=1726313279401000&amp;usg=AOvVaw115_qPFFEePDP86-Fvo-Vd">Am I Racist? Is In Theaters NOW — Get Your Tickets Here!</a>
&#8220;I mean, I think governments have to become more efficient, more competent, and look at when they take money, what do they get for it?&#8221; he continued. &#8220;And I actually think it&#8217;s a very good idea.&#8221;
&#8220;We really need to do it,&#8221; he added. &#8220;I mean in America we need to do it, I&#8217;m sure a lot of other countries need to do the same thing.&#8221;
<blockquote class="twitter-tweet" data-media-max-width="560">
<a href="https://twitter.com/hashtag/Exclusive?src=hash&amp;ref_src=twsrc%5Etfw">#Exclusive</a> | Jamie Dimon, Chairman &amp; CEO of JPMorgan Chase, says he likes Elon Musk&#8217;s idea of an Efficiency Commission. Dimon tells Prashant Nair that governments must be more competent
(<a href="https://twitter.com/_prashantnair?ref_src=twsrc%5Etfw">@_prashantnair</a>) <a href="https://twitter.com/hashtag/JPMorganChase?src=hash&amp;ref_src=twsrc%5Etfw">#JPMorganChase</a> <a href="https://twitter.com/hashtag/JamieDimon?src=hash&amp;ref_src=twsrc%5Etfw">#JamieDimon</a> <a href="https://twitter.com/hashtag/ElonMusk?src=hash&amp;ref_src=twsrc%5Etfw">#ElonMusk</a> <a href="https://twitter.com/hashtag/cnbctv18digital?src=hash&amp;ref_src=twsrc%5Etfw">#cnbctv18digital</a> <a href="https://t.co/19TqOSDilq">pic.twitter.com/19TqOSDilq</a>
— CNBC-TV18 (@CNBCTV18News) <a href="https://twitter.com/CNBCTV18News/status/1838534717903171681?ref_src=twsrc%5Etfw">September 24, 2024</a></blockquote>
Dimon also said he was worried about geopolitical events because of their ability to &#8220;determine the state of the economy.&#8221;
&#8220;It&#8217;s really the geopolitics, that these things, you know, they&#8217;re getting worse, they&#8217;re not getting better,&#8221; he said. &#8220;There&#8217;s a chance for accidents in energy supply. God knows other countries get involved. You have a lot of war taking place right now. You have American warships being attacked almost every day in the Red Seas. That&#8217;s my biggest caution.&#8221;
&#8220;We&#8217;ve got to really think through how much debt countries can put on before it causes a real problem,&#8221; he added. &#8220;So I&#8217;m a long-term optimist. Short run, I&#8217;m a little more skeptical than other people that everything&#8217;s going to be great. Markets are pricing things like they&#8217;re going to be great. Put me on the cautious side of that one.&#8221;
<blockquote class="twitter-tweet">
Geopolitics &amp; conflicts are getting worse &amp; remain the biggest risk for the state of the economy, that&#8217;s the word coming in from the world&#8217;s top banker, Jamie Dimon, Chairman &amp; CEO, JPMorgan Chase, from the sidelines of JPMorgan India Investor Summit. He tells Prashant Nair that… <a href="https://t.co/ump3eFq4VY">pic.twitter.com/ump3eFq4VY</a>
— CNBC-TV18 (@CNBCTV18News) <a href="https://twitter.com/CNBCTV18News/status/1838486357863186579?ref_src=twsrc%5Etfw">September 24, 2024</a></blockquote>

Interviews At JPMorgan Global Markets Conference

Jamie Dimon Endorses Elon Musk’s ‘Efficiency Commission’; Weighs In On Presidential Race

Celebrities

Donald Trump

Elon Musk

Jamie Dimon

Politics

Trump Administration

Jamie Dimon, the CEO of JPMorgan Chase, issued a sober warning for the U.S. economy in his annual letter to investors this week.
Dimon pointed to wars breaking out in Europe, the Middle East, and growing tensions with China as major drivers to economic uncertainty which have helped fuel &#8220;higher energy and food prices, inflation rates and volatile markets.&#8221;
The crises on the foreign policy front are largely a reflection of President Joe Biden&#8217;s weakness on the world stage as America&#8217;s adversaries have felt that they have more latitude in what they are able to get away with under the current administration, critics say.
&#8220;It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus,&#8221; Dimon said. &#8220;There is also a growing need for increased spending as we continue transitioning to a greener economy, restructuring global supply chains, boosting military expenditure and battling rising healthcare costs. This may lead to stickier inflation and higher rates than markets expect. Furthermore, there are downside risks to watch.&#8221;
Dimon warned that too many were focused on the short-term and not nearly enough people were focused on the long-term trends and what they could mean for the U.S. economy:
<blockquote>For example, today there is tremendous interest in monthly inflation data, although it seems to me that every long-term trend I see increases inflation relative to the last 20 years. Huge fiscal spending, the trillions needed each year for the green economy, the remilitarization of the world and the restructuring of global trade — all are inflationary. I’m not sure models could pick this up. And you must use judgment if you want to evaluate impacts like these.
Also, a block of time as short as one year is an artificial framework for judging the impact of long-term trends that could easily play out over years. A helpful exercise is to think “future back,” in which you imagine different future outcomes, including the ones you want, and then work backward to events that are happening today (or that might happen or that you cause to happen), closely examining the connections between those events and your projected or desired outcomes. Those connections inform your risk and R&amp;D planning. Similarly, when companies compare the attributes of their products and services with their competitors, they usually only consider where they are versus their competitors. But nothing is static — they should consider where their competitors will be in the future. Conditions are always changing, crises are always emerging. When analyzing the playing field, it is better to assume that your competitors are strong and are already in the process of improving and innovating. This minimizes the chance of arrogance leading to complacency.</blockquote>
He said that markets believe there is a &#8220;70% to 80% chance of a soft landing&#8221; for the U.S. economy — meaning modest growth along with declining inflation and interest rates — but he believes that number is far too high.
&#8220;I believe the odds are a lot lower than that,&#8221; he said. &#8220;In the meantime, there seems to be an enormous focus, too much so, on monthly inflation data and modest changes to interest rates. But the die may be cast — interest rates looking out a year or two may be predetermined by all of the factors I mentioned above. Small changes in interest rates today may have less impact on inflation in the future than many people believe.&#8221;
He said that people need to be prepared for inflation rates to skyrocket again to potentially higher than 8%, &#8220;with equally wide-ranging economic outcomes — from strong economic growth with moderate inflation (in this case, higher interest rates would result from higher demand for capital) to a recession with inflation; i.e., stagflation.&#8221;

U.S.-WASHINGTON, D.C.-SENATE-HEARING-BANK-CEO

America’s Top Bank CEO Warns Biden’s Inflation Crisis Not Over

Economy

Inflation

Joe Biden

JPMorgan Chase CEO Jamie Dimon blasted Democrats for “scapegoating” Trump supporters, saying on Wednesday that people voted for Trump because he was right about important issues. 
Dimon joined a panel on CNBC&#8217;s &#8220;Squawk Box&#8221; in Davos, Switzerland, during the World Economic Forum’s (WEF) <a href="https://www.dailywire.com/news/javier-milei-slams-western-leaders-in-speech-at-wef-they-have-abandoned-the-model-of-freedom" target="_blank" rel="noopener">annual meeting</a> this week. The billionaire executive was asked about the role the economy will play in the 2024 presidential election, and Dimon said he’s not optimistic about the position of the U.S. economy, adding that he’s concerned about the plethora of issues the country will face in the next two years.
Dimon then slammed Democrats who are focusing their 2024 political campaign on criticizing former President Donald Trump’s supporters, who made up nearly 75 million voters in 2020. 
“I wish the Democrats would think a little bit more carefully when they talk about MAGA,” Dimon said, adding, “When people say ‘MAGA,’ they’re looking at people voting for Trump, and they’re basically scapegoating them, [saying] ‘You are like him.’”    
“But I don’t think they’re voting for Trump because of his family values,” Dimon continued. “Just take a step back, be honest. He was kind of right about NATO, he was kind of right about immigration, he grew the economy quite well, tax reform worked, he was right about some of China.” 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BREAKING &#8211; EXPLOSIVE: JPMorgan CEO Jamie Dimon tells CNBC people are voting for Trump because he was right about the economy, immigration, and China, says people should be a bit more respectful of MAGA people. They know what they are doing. WATCH <a href="https://t.co/fMHgLrZF0d">pic.twitter.com/fMHgLrZF0d</a>
&mdash; Simon Ateba (@simonateba) <a href="https://twitter.com/simonateba/status/1747649336727474298?ref_src=twsrc%5Etfw">January 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Dimon, who is <a href="https://www.politico.com/story/2012/05/the-dimon-obama-saga-076304" target="_blank" rel="noopener">close</a> with former President Barack Obama, reportedly considered a presidential run against Trump in 2020, sparking Trump’s ire. 
“I think I could beat Trump because I&#8217;m as tough as he is, I&#8217;m smarter than he is,&#8221; Dimon <a href="https://www.nbcnews.com/politics/donald-trump/trump-slams-jp-morgan-ceo-dimon-nervous-mess-n909171" target="_blank" rel="noopener">said</a> at a company event in 2018. 
Trump <a href="https://twitter.com/realDonaldTrump/status/1040198906842427392?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1040198906842427392%7Ctwgr%5E159753f202f34dbcf651b21959b953d96e380875%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.nbcnews.com%2Fpolitics%2Fdonald-trump%2Ftrump-slams-jp-morgan-ceo-dimon-nervous-mess-n909171" target="_blank" rel="noopener">hit back</a> at Dimon, saying he doesn’t have the “aptitude” or “smarts” to be president, adding that he “is a poor public speaker &amp; nervous mess.” 
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Despite the war of words over five years ago, Dimon acknowledged the policy accomplishments of the former president, saying people have a good argument to vote for Trump. 
“I don’t like how he said things about Mexico, but he wasn’t wrong about some of these critical issues. And that’s why they’re voting for him. And I think people should be a little bit more respectful of our fellow citizens.”
Dimon then voiced his frustration with Democrats who have demeaned Trump supporters since his campaign in 2016 when Hillary Clinton referred to them as “deplorables.”
“Can we just stop that stuff and actually grow up and treat other people respectfully,” Dimon said. “I think this negative talk about MAGA is going to hurt Biden’s re-election campaign.”

Jamie Dimon/Donald Trump

Jamie Dimon Rips Democrats For Disrespecting Trump Supporters, Says Trump ‘Wasn’t Wrong’ About Critical Issues

Jamie Dimon Rips Democrats For Disrespecting Trump Supporters, Says Trump 'Wasn't Wrong' About Critical Issues

2024 Election

Democrats

JPMorgan CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> suggested during an interview this week that he is open to potentially running for president.
The 67-year-old leads America&#8217;s largest bank and is arguably the most powerful person in corporate America, according to <a href="https://www.cnn.com/2023/05/31/economy/jamie-dimon-politics/index.html" target="_blank" rel="noopener">CNN</a>.
Dimon would not rule out the possibility when asked about it during an interview on Bloomberg Television on Wednesday.
“I love my country, and maybe one day I’ll serve my country in one capacity or another, but I love what I do,” he said.
Dimon <a href="https://www.cnn.com/2023/05/31/economy/jamie-dimon-politics/index.html#:~:text=But%20if%20he%20did%20eventually,brain%20is%20kind%20of%20Republican.%E2%80%9D" target="_blank" rel="noopener">told</a> CNBC in 2019 that he considers himself  “barely a Democrat,” adding, “my heart is Democratic, my brain is kind of Republican.”
Dimon has hammered Democrats in recent years under the Biden administration, including taking shots at President Joe Biden and far-Left Rep. Rashida Tlaib (D-MI).
Dimon enraged Tlaib during a House hearing when she pressed him over whether his bank had a policy &#8220;against funding new oil and gas products.&#8221;
“Absolutely not,” Dimon responded. “And that would be the road to hell for America.”
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“Yeah, that’s fine,” Tlaib responded. “That’s why, sir, you know what, everybody that got relief from student loans, has a bank account with your bank should probably take out their account and close their account, the fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Rep. <a href="https://twitter.com/RashidaTlaib?ref_src=twsrc%5Etfw">@RashidaTlaib</a> challenges bank CEOs to agree to stop funding fossil fuels, is rejected by every single one 
Jamie Dimon: &quot;That would be the road to Hell for America&quot; <a href="https://t.co/U7yr6AbtyF">pic.twitter.com/U7yr6AbtyF</a>
&mdash; Tom Elliott (@tomselliott) <a href="https://twitter.com/tomselliott/status/1572682957562978304?ref_src=twsrc%5Etfw">September 21, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Dimon said during a CNBC interview last fall that Biden was &#8220;getting energy completely wrong,&#8221; and that the war in Ukraine has only exacerbated the situation.
“We have it completely backwards, and in my view, America should have been pumping oil and gas,” Dimon continued. “And it should have been supported, you know, we’re trying to have our cake and eat it, too, a little bit. And so you have the, you have the problem this winter, which it sounds like they’ve got enough supply to get through this winter. But we have a longer term problem now, which is the world is not producing enough oil and gas to reduce coal, make the transition, create security for people. So I would put it in a critical category.”
“And this should be treated almost as a matter of war at this point, nothing short of that,” he concluded on the matter. “And obviously, America needs to play a real leadership role. America is the swing producer, not Saudi Arabia. And we should have gotten that right starting in March. It’s almost too late to get it right. Because obviously these are longer term investments.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
JPMorgan&#39;s Jamie Dimon: Biden&#39;s &quot;getting energy completely wrong&quot;; restricting drilling has actually &quot;made the climate worse &#8230; we have it completely backwards&quot;
&quot;This should be treated almost as a matter of war &#8230; America needs to play a leadership role&quot; <a href="https://t.co/TBieNorEtH">pic.twitter.com/TBieNorEtH</a>
&mdash; Tom Elliott (@tomselliott) <a href="https://twitter.com/tomselliott/status/1579838854839689216?ref_src=twsrc%5Etfw">October 11, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Key Interviews At the JPMorgan Global China Summit

America’s Top Banking CEO Suggests He May Run For President

America's Top Banking CEO Suggests He May Run For President

Elections

JP Morgan

Nineteen <a href="https://www.dailywire.com/topic/republican-party" target="_blank" rel="noopener">Republican</a> state attorneys general asserted on Tuesday that <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> “de-banked” organizations for their conservative and religious tendencies, calling on the nation’s largest <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">financial</a> institution to respect the <a href="https://www.dailywire.com/topic/free-speech" target="_blank" rel="noopener">viewpoints</a> of their customers.
The officials stated in a letter to the firm provided to The Daily Wire that the National Committee for Religious Freedom, a “nonpartisan, faith-based nonprofit organization dedicated to defending the right of everyone in America to live one’s faith freely,” had its Chase account nixed three weeks into starting a relationship with the company and was asked to provide a list of their donors to the firm. A credit card processor owned by Chase likewise terminated the account for Family Council, a conservative organization working to strengthen traditional family values, while a firm called WePay, which is also owned by Chase, refused to serve Defense of Liberty, a Missouri-based political action committee.
JPMorgan Chase nevertheless contends that the firm remains devoted to diversity and inclusion because of its high scores on the Corporate Equality Index, an initiative from the Human Rights Campaign, a prominent LGBTQ activism and political lobbying organization.
“To be clear, banks generally have the right to conduct their business however and with whomever they choose,” the attorneys general said in the letter. “But a bank does not have the right to mislead its customers. Chase cannot call itself ‘inclusive,’ publicize that it ‘opposes discrimination in any form,’ promise to ‘prevent discrimination’ against customers, and then refuse to commit to the most basic equality of treatment and fair dealing.”
The officials asked JPMorgan Chase to participate in the survey component of the Viewpoint Diversity Score Business Index, an initiative from the Alliance Defending Freedom that evaluates prominent firms for their commitments to religious liberty and freedom of speech. JPMorgan Chase <a href="https://www.viewpointdiversityscore.org/company/jpmorgan-chase" target="_blank" rel="noopener">scored</a> 15% out of 100% due to “unclear or imprecise policies” which allow the bank to “deny service for arbitrary or politically biased reasons,” according to the letter.
JPMorgan Chase CEO Jamie Dimon, to whom the letter was addressed, has previously professed support for the liberties guaranteed by the United States and contended that free expression is a core component of free markets. “We live in the greatest country in the world predicated on foundational beliefs in freedom of speech, freedom of religion, freedom of enterprise, the sanctity of the individual, and the promise of equality and opportunity for all,” he said in <a href="https://www.banking.senate.gov/imo/media/doc/Dimon%20Testimony%209-22-22.pdf" target="_blank" rel="noopener">testimony</a> before the Senate Banking Committee last year.
The state attorneys general urged Dimon and his firm to act consistently with fundamental American values. “No individual or organization should have to worry that religious or political beliefs will limit access to financial services or undermine financial stability,” the letter continued. “Surely Chase’s promised inclusivity should extend to these fundamental characteristics of American identity. Accordingly, we call on Chase to stop its religious and politically biased discrimination and start living up to its commitment to an inclusive society where everyone feels welcomed, equal, and included.”
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The financial system has been leveraged by public and private actors to oppose certain political perspectives, including those often held by conservatives. Canadian Prime Minister Justin Trudeau <a href="https://www.dailywire.com/news/breaking-trudeau-announces-unprecedented-action-freezing-bank-accounts-of-freedom-convoy-protesters" target="_blank" rel="noopener">invoked</a> emergency powers last year to freeze the personal and corporate bank accounts of people involved with demonstrations against vaccine mandates, while PayPal <a href="https://www.dailywire.com/news/new-paypal-policy-lets-company-pull-2500-from-users-accounts-if-they-promote-misinformation" target="_blank" rel="noopener">announced</a> that the firm would withdraw funds from accounts deemed to be promoting racism or misinformation, a policy that the company later claimed was published by mistake.

JPMorgan Chase

JPMorgan Chase Repeatedly ‘De-Banked’ Conservative And Religious Groups, Republican State Officials Say

JPMorgan Chase Repeatedly ‘De-Banked’ Conservative And Religious Groups, State Attorneys General Say

Banks

Free Speech

General

Republican

The relationship between investment bank <a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> and deceased child sex predator <a href="http://dailywire.com/topic/jeffrey-epstein?_gl=1*1q43wp9*_ga*NzUzNDA5ODIxLjE2NzkzMjkzNzM.*_ga_CZKR9ZYKJP*MTY4MjA5NjU1OS4xMjguMS4xNjgyMTA3OTU3LjUwLjAuMA.." target="_blank" rel="noopener">Jeffrey Epstein</a> was deeper than the firm has previously admitted, according to a Friday <a href="https://www.wsj.com/articles/jpmorgan-jeffrey-epstein-525febe3?mod=hp_lead_pos1" target="_blank" rel="noopener">report</a> from The Wall Street Journal.
Recent <a href="https://www.dailywire.com/news/jpmorgan-chase-ceo-jamie-dimon-will-be-deposed-under-oath-about-banks-links-to-jeffrey-epstein" target="_blank" rel="noopener">lawsuits</a> filed against JPMorgan Chase assert that Epstein, who ran a hedge fund before his apparent suicide in 2019, benefited from special treatment at the investment bank because he attracted a number of wealthy clients. Even as attorneys insist that the firm is not liable for the crimes committed by Epstein, the firm continued to conduct business with him for five years after his 2008 state-level conviction for procuring prostitution from a minor.
Mary Erdoes, a senior lieutenant to veteran JPMorgan Chase CEO Jamie Dimon, made two visits to Epstein’s townhouse in the Upper East Side of Manhattan in 2011 and 2013, unnamed people familiar with the matter told The Wall Street Journal. Erdoes communicated with Epstein via email about a charitable fund JPMorgan Chase was seeking to launch.
John Duffy, who formerly led JPMorgan Chase’s private bank, reportedly visited the townhouse in 2013 for a meeting; despite multiple warnings from compliance officers, the company renewed an authorization one month later permitting Epstein to borrow funds against his account. Justin Nelson, a banker who worked with Epstein at JPMorgan Chase, traveled to a New Mexico ranch owned by the pedophile in 2016 and participated in a handful of meetings at the Manhattan townhouse between 2014 and 2017.
The report from The Wall Street Journal comes one month before Dimon, who has served as the bank’s chief executive since 2005, is scheduled to be deposed behind closed doors. Attorneys recently uncovered communications from employees who mentioned a “Dimon review” into the company’s relationship with Epstein, according to a <a href="https://www.ft.com/content/f5e7d581-6369-4b0b-92f4-b5fe9a55b2f2" target="_blank" rel="noopener">report</a> from the Financial Times likewise based upon unnamed sources. JPMorgan Chase faces legal actions from the government of the U.S. Virgin Islands and an unnamed Epstein victim contending that the firm benefited financially from the deceased hedge fund manager’s crimes.
JPMorgan Chase has denied that Dimon, widely regarded as one of the financial sector’s most powerful executives, had knowledge of a review into the firm’s associations with Epstein. Another source told the Financial Times that there exists no record of direct communications between the two individuals.
U.S. District Judge Jed Rakoff <a href="https://www.dailywire.com/news/epstein-victim-allowed-to-sue-big-banks-for-allegedly-enabling-sex-offender-we-will-leave-no-stone-unturned" target="_blank" rel="noopener">tossed</a> most charges against JPMorgan Chase and Deutsche Bank last month in the proposed class action lawsuits from the Epstein accuser and the U.S. Virgin Islands officials. Deutsche Bank received most of the Epstein hedge fund’s business after his partnership with JPMorgan Chase concluded in 2013.
“Epstein’s sex trafficking operation was impossible without the assistance of JPMorgan Chase, and later Deutsche Bank, and we assure the public that we will leave no stone unturned in our quest for justice for the many victims who deserved better from one of America’s largest financial institutions,” lawyers for the U.S. Virgin Islands and the Epstein victim, identified only as Jane Doe, asserted in a statement.
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Managers of the Epstein estate <a href="https://www.dailywire.com/news/epstein-estate-to-pay-more-than-105-million-to-u-s-virgin-islands" target="_blank" rel="noopener">agreed</a> to settle a lawsuit with the U.S. Virgin Islands last year related to the territory’s laws against fraud, sex trafficking, and child exploitation. The estate agreed to pay $105 million and half of the proceeds earned from selling the island of Little St. James, which acquired nicknames such as “Pedophile Island” after the demise of Epstein.

Epstein

JPMorgan Chase Had Deeper Ties To Jeffrey Epstein Than Previously Acknowledged: Report

JPMorgan Chase Had Deeper Ties To Jeffrey Epstein Than They Admitted: Report

Crime

Jeffrey Epstein

Lawsuit

U.S.

<a href="http://dailywire.com/topic/jp-morgan?_gl=1*112qc8c*_ga*NzUzNDA5ODIxLjE2NzkzMjkzNzM.*_ga_CZKR9ZYKJP*MTY4MDc5MDk5MS42OC4xLjE2ODA3OTUzNTcuNDQuMC4w" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="http://dailywire.com/topic/jamie-dimon?_gl=1*blp342*_ga*NzUzNDA5ODIxLjE2NzkzMjkzNzM.*_ga_CZKR9ZYKJP*MTY4MDc5MDk5MS42OC4xLjE2ODA3OTUzNTcuNDQuMC4w" target="_blank" rel="noopener">Jamie Dimon</a> called for lawmakers to take drastic action in favor of a <a href="http://dailywire.com/topic/climate-change" target="_blank" rel="noopener">renewable</a> energy transition, including the seizure of private property to make more land available for <a href="https://www.dailywire.com/topic/solar-power" target="_blank" rel="noopener">solar</a> and wind farms.
Dimon, regarded as one of the most powerful investment <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bankers</a> on Wall Street, <a href="https://reports.jpmorganchase.com/investor-relations/2022/ar-ceo-letters.htm">wrote</a> in his annual shareholder <a href="https://www.dailywire.com/news/the-positives-are-huge-jpmorgan-chase-ceo-changes-his-tune-about-the-economy" target="_blank" rel="noopener">letter</a> that “bolstering growth” in the global economy “must go hand in hand with both securing an energy future and meeting science-based climate targets.” He mentioned eminent domain, the power of a government to seize private land for public use, as one possible mechanism to accelerate the development of green energy sources.
“Permitting reforms are desperately needed to allow investment to be done in any kind of timely way. We may even need to evoke eminent domain,” he said. “We simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.”
Dimon also noted that the Russian invasion of Ukraine complicates efforts from many nations to move toward renewable energy due to elevated worldwide fuel costs. “We need to do more, and we need to do so immediately,” he continued. “Governments, businesses and non-governmental organizations need to align across a series of practical policy changes that comprehensively address fundamental issues that are holding us back. Massive global investment in clean energy technologies must be done and must continue to grow year-over-year.”
The executive contended that various Biden administration legislative actions, such as the Inflation Reduction Act and the Bipartisan Infrastructure Law, will enable $1 trillion in green energy initiatives as long as they are “implemented effectively.” The administration has indeed <a href="https://www.whitehouse.gov/climate/" target="_blank" rel="noopener">established</a> a “whole-of-government effort” to reduce carbon emissions.
The dire commentary from Dimon follows his previous <a href="https://www.dailywire.com/news/jpmorgan-ceo-scoffs-at-climate-crazy-energy-policies-gives-his-take-on-woke-capitalism" target="_blank" rel="noopener">observation</a> that rising energy prices have prompted many nations to <a href="https://www.dailywire.com/news/china-is-full-steam-ahead-with-new-coal-plants-as-the-west-goes-green" target="_blank" rel="noopener">increase</a> their reliance on coal, thereby worsening emissions and necessitating the continued production of cleaner fossil fuels. “We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on their coal plants,” he remarked last year. “It is dirtier. Why can’t we get it through our thick skulls, that if you want to solve climate, it is not against climate for America to boost more oil and gas?”
Dimon has also <a href="https://www.dailywire.com/news/top-wall-street-ceo-slams-biden-for-going-hat-in-hand-to-saudi-arabia-for-oil-admits-investors-dont-give-a-s-about-wokeness" target="_blank" rel="noopener">condemned</a> the Biden administration for approaching hostile countries such as Saudi Arabia and Venezuela “hat in hand” to secure more oil. He likewise <a href="https://www.dailywire.com/news/americas-top-bank-executive-nukes-rashida-tlaib-when-she-pushes-climate-alarmism-absolutely-not" target="_blank" rel="noopener">told</a> lawmakers that banks refusing to fund new oil and gas ventures would create “the road to hell for America.”
Critics have nevertheless noted that JPMorgan Chase is involved with entities such as the Net-Zero Banking Alliance, an <a href="https://www.unepfi.org/net-zero-banking/" target="_blank" rel="noopener">initiative</a> of the United Nations which seeks to unify bank portfolios toward the goal of eliminating carbon emissions by 2050. Several Republican attorneys general <a href="https://www.dailywire.com/news/conservative-attorneys-general-investigate-six-major-banks-for-wokeness" target="_blank" rel="noopener">contended</a> last year that such objectives place the economic wellbeing of their constituents at risk due to higher energy costs as member companies “starve companies engaged in fossil fuel-related activities of credit on national and international markets.”
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Dimon noted that “climate risk” is a contentious issue among many investors as shareholder meetings convene. One member of the new Climate-Related Financial Risk Advisory Committee, a body recently <a href="https://www.dailywire.com/news/treasury-secretary-janet-yellen-claims-effects-of-climate-change-could-cascade-through-the-financial-system" target="_blank" rel="noopener">created</a> by the Treasury Department to “understand and mitigate the risks that climate change poses” to economic stability, is Catherine Ansell, the executive director of climate risk at JPMorgan Chase.

JPMorgan Chase CEO Suggests Seizing Private Property To Build More Solar Farms

JPMorgan Chase CEO Suggests Seizing Private Property For More Solar Farms

Climate Change

<a href="http://dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="http://dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> expressed confidence about the future of the American <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economy</a> despite the recent <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">banking</a> crisis that gripped the nation and his pessimistic comments last year.
Dimon, regarded as one of the most powerful investment bankers on Wall Street, wrote in his annual shareholder <a href="https://reports.jpmorganchase.com/investor-relations/2022/ar-ceo-letters.htm" target="_blank" rel="noopener">letter</a> that elevated consumer spending and the massive savings that households accumulated during the lockdown-induced recession are likely to produce a strong economy in the near future, notwithstanding the market volatility of the past year.
“Unemployment is extremely low, and wages are going up, particularly at the low end,” the executive wrote. “Even if we go into a recession, consumers would enter it in far better shape than during the great financial crisis. Finally, supply chains are recovering, businesses are pretty healthy and credit losses are extremely low.”
Dimon <a href="https://www.dailywire.com/news/top-banker-brace-yourself-for-looming-economic-hurricane" target="_blank" rel="noopener">commented</a> only last summer that JPMorgan Chase would prepare for an imminent economic “hurricane” and said his firm would “be very conservative” with their balance sheet. The executive shifted his position and expressed optimism that the “hurricane” has been downgraded to “storm clouds” that he hopes will “peacefully and painlessly dissipate.”
He added in the letter that discussion about risk “begins to cloud your judgment” and distracts from true economic realities. “Looking ahead, the positives are huge,” he continued.
The shareholder letter comes weeks after American medium-sized financial institutions Silicon Valley Bank and Signature Bank unexpectedly <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">collapsed</a> as depositors rushed to withdraw their balances, prompting the Federal Deposit Insurance Corporation to assume control of the firms. Credit Suisse, a Swiss investment bank and formerly the eighth largest in the world, was <a href="https://www.dailywire.com/news/switzerlands-two-largest-banks-to-combine" target="_blank" rel="noopener">acquired</a> by competitor UBS amid lackluster risk and compliance management.
Dimon, who leads the largest investment bank in the world, asserted in the letter that the failures “underscore that simply satisfying regulatory requirements is not sufficient” for banks to ensure their own durability through tumultuous conditions. He said that the risks in the American banking sector were “hiding in plain sight” due to investment exposure from rising interest rates and the high percentage of uninsured depositors.
A bond portfolio sold by Silicon Valley Bank to cover withdrawals had declined substantially in value amid Federal Reserve actions to hike interest rates. Assets in the banking system are now $2 trillion lower than their book value due to the rollback in monetary stimulus, which had been previously maintained to stimulate the economy during the recession, according to a <a href="https://www.dailywire.com/news/banking-system-is-sound-and-government-will-back-deposits-at-smaller-banks-yellen-promises" target="_blank" rel="noopener">study</a> from analysts at the National Bureau of Economic Research.
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Dimon clarified that the present volatility is not nearly as severe as the conditions which induced the 2008 financial crisis.
“As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” he wrote. “This current banking crisis involves far fewer financial players and fewer issues that need to be resolved.”
Dimon also cited the robust business climate in the United States and called the federal government a “very important silent partner” in protecting a stable economy relative to those in other nations. He referenced Berkshire Hathaway CEO Warren Buffett’s sentiment that his firm&#8217;s success is “predicated upon the extraordinary conditions our country creates.”

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon Interview

‘The Positives Are Huge’: JPMorgan Chase CEO Changes His Tune About The Economy

JPMorgan Chase CEO Changes His Tune About The Economy

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> will be interviewed under oath about his company’s ties with deceased child sex predator and financier <a href="http://dailywire.com/topic/jeffrey-epstein" target="_blank" rel="noopener">Jeffrey Epstein</a>.
Lawsuits from an unnamed victim of Epstein and the government of the <a href="https://www.dailywire.com/topic/virgin-islands" target="_blank" rel="noopener">U.S. Virgin Islands</a> allege that JPMorgan Chase benefited financially from its relationship with the pedophile. Attorneys have uncovered communications from JPMorgan Chase employees which mentioned a “Dimon review” into the company’s relationship with Epstein, according to a <a href="https://www.ft.com/content/f5e7d581-6369-4b0b-92f4-b5fe9a55b2f2" target="_blank" rel="noopener">report</a> from the Financial Times based upon unnamed sources.
Dimon, who has led the investment bank since 2005 and is widely considered one of the most powerful executives on Wall Street, will be deposed behind closed doors in May. Another source told the Financial Times that there is no record of direct communications between Dimon and Epstein, who worked with JPMorgan Chase between 1998 and 2013.
JPMorgan Chase has denied that Dimon had knowledge of a review into the firm’s associations with Epstein and rejected the notion that the company benefited from sex trafficking.
News of the upcoming deposition comes one week after United States District Judge Jed Rakoff <a href="https://www.dailywire.com/news/epstein-victim-allowed-to-sue-big-banks-for-allegedly-enabling-sex-offender-we-will-leave-no-stone-unturned" target="_blank" rel="noopener">tossed</a> most of the charges against JPMorgan Chase and Deutsche Bank in the proposed class action lawsuits from the Epstein accuser and the U.S. Virgin Islands. Attorneys will be permitted, however, to contend that both companies benefited from the Epstein sex trafficking scheme by providing him with financial services.
“Epstein’s sex trafficking operation was impossible without the assistance of JPMorgan Chase, and later Deutsche Bank, and we assure the public that we will leave no stone unturned in our quest for justice for the many victims who deserved better from one of America’s largest financial institutions,” lawyers for the U.S. Virgin Islands and the Epstein victim, identified only as Jane Doe, said in a statement.
The complaint from Doe asserts that Epstein, who ran a hedge fund before his death in 2019, benefited from special treatment at JPMorgan Chase because he attracted clients to the investment bank. Most of the Epstein hedge fund’s business went to Deutsche Bank after he ceased business with JPMorgan Chase in 2013.
The new complaints against the financial institutions come after managers of the Epstein estate <a href="https://www.dailywire.com/news/epstein-estate-to-pay-more-than-105-million-to-u-s-virgin-islands" target="_blank" rel="noopener">agreed</a> to settle a lawsuit with the U.S. Virgin Islands at the end of last year over enforcement actions related to the territory’s laws against fraud, sex trafficking, and child exploitation. The estate agreed to pay $105 million and half of the proceeds earned from selling the island of Little St. James, which has acquired nicknames such as “Pedophile Island,” and $450,000 to remediate environmental damage around Great St. James, another island owned by Epstein.
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The financier purchased Little St. James in 1998 and owned the property until his death. The island has allegedly hosted former President Bill Clinton and British Prince Andrew; a pilot who formerly worked for Epstein <a href="https://www.dailywire.com/news/two-presidents-and-a-prince-epsteins-former-pilot-testifies-famous-men-flew-on-sex-offenders-plane" target="_blank" rel="noopener">testified</a> that he had seen the two individuals, and former President Donald Trump and actor Kevin Spacey, on the deceased predator’s aircraft.

Key Speakers At IIF Annual Membership Meeting

JPMorgan Chase CEO Jamie Dimon Will Be Deposed Under Oath About Bank’s Links To Jeffrey Epstein

JPMorgan Chase CEO Will Be Deposed Over Bank’s Links To Jeffrey Epstein

Sex Trafficking

Virgin Islands

<a href="https://www.dailywire.com/topic/jp-morgan">JPMorgan Chase</a> signed an agreement with the <a href="http://dailywire.com/topic/ukraine">Ukrainian</a> government in the hopes of coordinating between $20 billion and $30 billion in funds to rebuild the <a href="https://www.dailywire.com/topic/ukraine-russia-war">war-torn</a> country.
Senior officials from the largest bank in the United States met last week in Kyiv and other major cities with Ukrainian President Volodymyr Zelensky and his staffers, according to a <a href="https://www.foxbusiness.com/business-leaders/jp-morgan-reach-agreement-ukraine-zelenskyy-rebuild-infrastructure-present-patriots-jersey" target="_blank" rel="noopener">report</a> from Fox Business. On the eve of the Super Bowl, executives from JPMorgan Chase provided the head of state with a New England Patriots jersey emblazoned with the number 91, signifying the year Ukraine gained independence from the Soviet Union.
&#8220;I understand very well that doing business and investing cannot be beneficial to only one party. We want you to invest in Ukraine and earn money,&#8221; Zelensky said in a <a href="https://www.president.gov.ua/en/news/volodimir-zelenskij-zustrivsya-z-top-menedzherami-jp-morgan-80933" target="_blank" rel="noopener">statement</a>.
The panel of JPMorgan Chase bankers and Ukrainian government officials also hosted an online investment summit with more than 200 corporations, investors, and financial institutions. Participants discussed forming a mechanism through which the nation can attract private capital for information technology, renewable energy sources, and agricultural technology initiatives.
&#8220;We are proud of our long-standing support of Ukraine and committed to doing our part to lift up the country and its people,” JPMorgan Chase CEO Jamie Dimon said, adding that the bank’s “full resources” are available to the nation “as it charts its post-conflict path to growth.&#8221;
The announcement comes two months after asset management company BlackRock <a href="https://www.dailywire.com/news/blackrock-and-ukraine-join-forces-to-manage-investments-for-the-countrys-recovery" target="_blank" rel="noopener">endorsed</a> a similar memorandum of understanding with the Ukrainian government. Analysts at the firm will “include advice on the structure, investment process, governance and use of proceeds for a fund” while creating “opportunity for both public and private investors to participate in reconstructing and rejuvenating the market economy in Ukraine by delivering fair and just returns to investors,” according to another <a href="https://www.president.gov.ua/en/news/volodimir-zelenskij-i-golova-blackrock-obgovorili-zaluchenny-77861" target="_blank" rel="noopener">statement</a> from the government’s executive branch.
Although the extent of damage to the labor force, infrastructure, and natural resources of Ukraine as a result of the Russian invasion has not yet been measured, an <a href="https://www.worldbank.org/en/news/press-release/2022/04/10/russian-invasion-to-shrink-ukraine-economy-by-45-percent-this-year" target="_blank" rel="noopener">estimate</a> from the World Bank published in the weeks after the conflict said the Ukrainian economy would contract more than 45% in 2022, while the Russian economy would shrink more than 11%.
The Biden administration has provided Ukraine with more than $24.2 billion in military assistance over the past year, according to a <a href="https://www.defense.gov/News/Releases/Release/Article/3261263/more-than-3-billion-in-additional-security-assistance-for-ukraine/#:~:text=In%20total%2C%20the%20United%20States,beginning%20of%20the%20Biden%20Administration." target="_blank" rel="noopener">report</a> from the Defense Department. The federal government has also provided $9.9 billion in humanitarian aid and $15.1 billion in budgetary aid, according to an <a href="https://www.cfr.org/article/how-much-aid-has-us-sent-ukraine-here-are-six-charts" target="_blank" rel="noopener">analysis</a> from the Council on Foreign Relations, far surpassing the assistance offered by European Union institutions and member states.
Zelensky said during an <a href="https://www.nytimes.com/2022/12/21/us/politics/zelensky-speech-transcript.html" target="_blank" rel="noopener">address</a> to the United States Congress last year that aid from Western nations would accelerate victory against Russia. “Financial assistance is also critically important, and I would like to thank you, thank you very much, thank you for both financial packages you have already provided us with and the ones you may be willing to decide on,” he remarked. “Your money is not charity. It’s an investment in the global security and democracy that we handle in the most responsible way.”

Zelensky

JPMorgan Will Help Rebuild Ukraine With Fund As Large As $30 Billion

JPMorgan Will Help Rebuild Ukraine

Global Politics

Ukraine

Ukraine-Russia War

Volodymyr Zelensky

World

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> warned about the <a href="https://www.dailywire.com/topic/national-debt" target="_blank" rel="noopener">national debt</a>, expressing concern that the federal government’s obligations will eventually create a financial meltdown even as markets exhibit apathy toward the problem in the near term.
Dimon, widely regarded as one of the most influential executives on Wall Street, remarked during an <a href="https://www.foxbusiness.com/economy/jamie-dimon-sounds-alarm-rising-us-debt-potentially-disastrous-outcomes" target="_blank" rel="noopener">interview</a> with Fox Business host Maria Bartiromo that pension plans would “have to sell” after the failure of securities issued by the Treasury Department to finance deficit spending.
“It is so potentially dangerous we shouldn&#8217;t get anywhere near it,” he said. “And after all the shenanigans of politics, we&#8217;re going to have to fix this. I think it&#8217;s very bad for the nation to constantly be looking at this type of thing.&#8221;
The national debt is nearing $31.5 trillion even as <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">maintenance costs</a> soar due to the present rise in interest rates. An <a href="https://www.dailywire.com/news/government-must-raise-taxes-40-or-cut-spending-30-to-achieve-fiscal-balance-study" target="_blank" rel="noopener">analysis</a> from economists at the University of Pennsylvania’s Wharton School recently found that a 30% decrease in spending or a 40% increase in taxation would be necessary to handle current deficit spending and future obligations. Republican and Democratic administrations alike have overseen <a href="https://www.dailywire.com/news/the-american-people-want-a-real-change-steve-forbes-rebukes-both-parties-for-sinful-government-spending-habits" target="_blank" rel="noopener">surges</a> in debt over the past several decades.
Republican lawmakers recently <a href="https://www.dailywire.com/news/here-are-the-concessions-house-speaker-kevin-mccarthy-gave-to-republican-holdouts-to-win-their-support" target="_blank" rel="noopener">struck a deal</a> with House Speaker Kevin McCarthy (R-CA) under which the party’s new majority will introduce a budget that refrains from increasing the debt ceiling, an artificial limit on federal obligations imposed by Congress. Dimon said that he understands the lawmakers’ desire to end the provision but said that officials have no choice besides deficit spending as expenses for social programs balloon over the next decade. Social Security, Medicare, and other health programs constituted 46% of the federal budget during the last fiscal year, according to <a href="https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/" target="_blank" rel="noopener">data</a> from the Treasury Department.
Bartiromo and Dimon also discussed the general level of indebtedness among consumers and businesses. The total level of consumer loans increased from $1.5 trillion at the beginning of President Joe Biden’s tenure to $1.8 trillion as of two months ago, according to <a href="https://fred.stlouisfed.org/series/CONSUMER" target="_blank" rel="noopener">data</a> from the Federal Reserve. The personal savings rate has dropped from 20% to less than 3% over the same period, according to <a href="https://fred.stlouisfed.org/series/PSAVERT" target="_blank" rel="noopener">data</a> from the Bureau of Economic Analysis, marking a significant decline from rates witnessed before the lockdown-induced recession.
Dimon said that “strong” consumer sentiment coupled with rational policy prescriptions from the new Congress could help the economy expand by 3% after a year of lackluster growth that saw two quarterly contractions. Among other policies, Dimon called for reforms to the regulatory system that presently slow “the formation of business,” support for domestic energy companies seeking to construct new pipelines, and initiatives that “stop illegal immigration.”
Economists differ on whether the United States will experience a recession in the coming months. Bank of America Chief Investment Strategist Michael Hartnett said in a <a href="https://business.bofa.com/en-us/content/year-ahead-2023/investment-market-outlook-forecasts.html" target="_blank" rel="noopener">report</a> that a recession would strike in the first half of the year before markets attain a “much more solid footing,” while an <a href="https://www.dailywire.com/news/economists-predict-whether-2023-will-see-a-recession" target="_blank" rel="noopener">outlook</a> from Goldman Sachs Chief Economist Jan Hatzius noted that analysts at the company believe the economy will “stick a soft landing.”

Senate Banking Hearing On Oversight Of The Nation’s Largest Banks

‘We’re Going To Have To Fix This’: JPMorgan Chase CEO Sounds The Alarm Over Soaring National Debt

JPMorgan Chase CEO Jamie Dimon Sounds The Alarm Over Soaring National Debt

National Debt

Recession

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="http://dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> compared <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrencies</a> to “pet rocks” on Tuesday and said that the nascent sector is the recipient of undue attention.
The executive <a href="https://www.youtube.com/watch?v=TIJbTsYbHME&amp;ab_channel=CNBCTelevision" target="_blank" rel="noopener">told</a> a panel of CNBC anchors that their outlet spends too much time covering cryptocurrencies, although he acknowledged that the underlying blockchain technology likely has useful applications. &#8220;I think crypto is a complete sideshow,&#8221; Dimon said during a Tuesday interview. &#8220;Crypto tokens are like pet rocks.&#8221;
Cryptocurrency, a form of decentralized <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works" target="_blank" rel="noopener">digital money</a> that can be transferred between users’ virtual wallets, has garnered the skepticism of many regulators and investors over the past several years. Dimon also raised concerns about “terrorism financing, tax avoidance, sex trafficking,” and other ways in which digital assets enable illicit activities. “Why do we allow this stuff to take place?&#8221; he asked.
Dimon predicted that officials would “regulate the hell out of” cryptocurrencies during an <a href="https://www.axios.com/2021/10/04/jamie-dimon-china-uyghurs" target="_blank" rel="noopener">interview</a> with Axios last year. “If people are using it for tax avoidance and sex trafficking and ransomware, it&#8217;s going to be regulated, whether you like it or not,” he said. “So it&#8217;s not a moral statement. It&#8217;s a factual statement.&#8221;
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The recent implosion of FTX, a cryptocurrency exchange based in the Bahamas and formerly led by entrepreneur Sam Bankman-Fried, has indeed drawn attention from regulators. The House Financial Services Committee <a href="https://www.dailywire.com/news/maxine-waters-blasted-for-gentle-tweet-politely-asking-possible-financial-criminal-sam-bankman-fried-to-testify" target="_blank" rel="noopener">invited</a> the disgraced founder to testify in a hearing scheduled for next week; members of the Senate Agriculture Committee <a href="https://www.dailywire.com/news/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times" target="_blank" rel="noopener">questioned</a> Commodity Futures Trading Commission Chairman Rostin Behnam last week on further oversight of the industry.
FTX recently filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> after users discovered that trading firm Alameda Research, a company run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using consumer funds from FTX to make investments. Bankman-Fried, a top <a href="https://www.dailywire.com/news/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger" target="_blank" rel="noopener">contributor</a> to Democratic and Republican campaigns, has repeatedly insisted that he did not intentionally commingle funds between the two companies.
New York Times financial columnist Andrew Ross Sorkin <a href="https://www.dailywire.com/news/sam-bankman-fried-denies-wrongdoing-in-ftx-implosion-during-live-streamed-new-york-times-interview" target="_blank" rel="noopener">pressed</a> Bankman-Fried last week on potential wrongdoing during the outlet’s DealBook summit, noting that he received multiple letters from FTX customers who accused the near-broke former billionaire of stealing their life savings. Bankman-Fried said that he was “deeply sorry about what happened” and claimed that a “failure of oversight” on his part was responsible for the cryptocurrency empire’s implosion rather than any intention to defraud customers.
Many journalists were surprised that Bankman-Fried has been providing comments to media outlets given the ongoing bankruptcy proceedings for his company, which the attorney who once oversaw the fallout from Enron described as the <a href="https://www.dailywire.com/news/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure" target="_blank" rel="noopener">worst case</a> of corporate failure he has ever witnessed. In one message to a Vox reporter, Bankman-Fried admitted that his persona as an “effective altruist” was largely a ruse meant to earn the trust of “woke westerners.”
Lawmakers and regulators have advanced the Digital Commodities Consumer Protection Act, a piece of legislation that would <a href="https://www.agriculture.senate.gov/imo/media/doc/dccpa_fact_sheet.pdf" target="_blank" rel="noopener">eliminate</a> conflicts of interest in the cryptocurrency sector. “For years many have recognized that a patchwork of federal and state-based regulation is an unsuitable substitute for a comprehensive approach,” Behnam told the Senate Agriculture Committee. “We are here today because many Americans invested in a novel product and will likely lose money because digital asset markets lack the basic protections that we have all come to expect and have made American financial markets the envy of the world.”

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Cryptocurrency

Sam Bankman-Fried

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