Not for the first time, Elizabeth Warren has spoken a simple truth, one that ought to be heeded: Jamie Dimon must surrender his seat on the board of the Federal Reserve Bank of New York.

The seat in question is part of a body that has god-like influence over the most crucial questions governing high finance. Like, for example, whether colossal institutions such as Dimon's ought to be spared from collapse by taxpayer largess when bad things happen. And as Dimon's bank has just helpfully reminded us, courtesy of its $2 billion-plus in losses on a bum trade, bad things happen all the time, especially when the financial lobby manages to keep fighting off any semblance of sensible regulation.