J.P. Morgan Chase announced last month that it lost $2 billion this past quarter. The losses apparently stemmed from "errors, sloppiness, and bad judgment," according to J.P. Morgan CEO Jamie Dimon. Now some are calling for Dimon, who has a seat on the Federal Reserve Bank of New York's board of directors, to step down from his post at the Fed to avoid a potential conflict of interest.
One person who doesn't think Dimon should step down? Lee Bollinger, chairman of the New York Fed's board of directors. Prezbo says Dimon should not resign, and anyone who says that he should resign has a "false understanding" of how the Fed works, and is being "foolish." You can check out the full story at the link, or the Reader's Digest version after the jump:
