Jamie Dimon, the chairman and chief executive of JPMorgan Chase & Co., has quietly left the board of the New York Federal Reserve.
Dimon didn't relinquish his board membership to silence critics who, in the middle of last year, saw a conflict of interest -- or at least an appearance of one -- after JPMorgan suffered an embarrassing loss in a risky bet, despite the New York Fed's oversight.
"This is a clear example of the fox guarding the henhouse," Sen. Bernard Sanders (I-Vt.) said in May after Dimon revealed a derivatives bet by a trader nicknamed "the London Whale."
The bet wound up costing about $6 billion. It was a black eye for a bank that emerged from the financial crisis practically unscathed.