Most folks would be surprised to find out that he sits on the board of the New York Federal Reserve Bank—the very organization that is supposed to oversee his bank’s financial practices, the organization that is supposed to issue all sorts of regulations that control what his bank can do, the very organization he has been lobbying to relax the rules about the bets he wants to make.

So here is a modest solution: Dimon should resign from the New York Fed board immediately, acknowledging that his role is incompatible with what he has been trying to do in terms of lobbying and his abject failure as a manager to control risk within his own organization.

(Source: Slate)