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J. Scott Applewhite / AP
JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, takes his seat on Capitol Hill in Washington, Wednesday, June 13, 2012, prior to testifying before the Senate Banking Committee about how his company recently lost more than $2 billion on risky trades.
With election season heating up, both Democrats and Republicans scored political messaging points in Wednesday morning’s Senate Banking Committee hearing with JP Morgan Chase CEO Jamie Dimon. The hearing explored the firm’s more than $2 billion loss in a London-based hedging strategy that went awry, setting up a sometimes contentious exchange between the lawmakers and the CEO.
The JP Morgan loss prompted fears in Congress that similar losses on a far bigger scale might spur calls for another taxpayer bailout of financial firms -- which would be both a political and fiscal nightmare.
Democrats made their case for more vigilant regulation of financial institutions. But Sen. Sherrod Brown, D-Ohio, who is up for re-election this November, also made the point that he doesn’t see Dimon as the enemy: “You have some 19,000 employees in the Columbus area who are also my constituents, so we have a mutual interest in your institution running safely and soundly.”
But those jobs might have been put at risk by the failed hedging strategy, Brown said. “I don’t want to see consumer lenders in Columbus losing their jobs because cowboys in London made too many risky bets.”
On their side, Republicans contended that the 2010 Dodd-Frank law wasn’t the solution and that even if fully implemented, it would not have prevented the JP Morgan loss.
Related: Dimon hearing a chance for those facing re-election to shine
Dimon himself accomplished the mission of appearing contrite, perhaps alleviating some of the congressional frustration over the botched hedging strategy. He admitted to “complacency” about the culpable JP Morgan trading unit and added the lesson of the episode was, “Never, ever get complacent in risk; challenge everything, make sure people on the risk committee are always asking questions.”
But Dimon also helped Republicans make their case that it isn’t clear that Dodd-Frank has not made the financial system any safer. “I don’t know,” he replied, when Sen. Bob Corker, R-Tenn. asked him whether Dodd-Frank had made the system less dangerous.
Time Magazine's Rana Foroohar recaps Jamie Dimon's testimony.
And Dimon was unafraid to shove back a bit at panel members -- complaining at one point that those who wrote the Dodd-Frank law hadn’t brought him, and other financial sector CEOs, into a room in 2010 to discuss what elements ought to go into the law. “We never actually sat down, Republicans Democrats, businesses, and had a real detailed conversation about what went wrong (in 2008) and what needs to be fixed,” Dimon lamented.
And at a few points he hinted at a bit of contempt for Congress, as when Sen. Jerry Moran, R- Kan., asked him about his comment that arrogance and hubris were common in large financial institutions. “They can occur in small organizations too,” Dimon said.
“You aren’t talking about the Senate, surely?” joked Moran.
“Definitely not, not now,” Dimon replied.
Sen. Jim DeMint, R- S.C., told Dimon that Congress was in no position to criticize his firm’s balance sheet: “You appear to be in much better fiscal shape than we are as a country.” He added, “A lot of us are frustrated bank managers and want to manage your business for you … we’re not capable of doing that for what we’ve been given to manage.”
Perhaps the most provocative point was made by Brown who said the size and complexity of JP Morgan -- and regulators’ struggles to comprehend what the firm was doing “demonstrates to me that ‘too big to fail’ banks are frankly too big to manage and too big to regulate.”
Brown has offered a bill that would go beyond Dodd-Frank by imposing a 10 percent limit on any bank's share of the total amount of deposits of all insured banks in the United States and a 10 percent limit on the liabilities that any one financial company can take on, relative to the nation’s financial sector.
But another Democrat up for re-election this November, Sen. Jon Tester of Montana, dissented from Brown on that point. “Is it (JP Morgan) too big? I don’t know,” Tester said in an interview after the hearing. He pointed out that Dimon had testified that 100 regulators are at JP Morgan at any one time. “I can’t make a prediction whether they’re too big to manage. I think I had that same question quite frankly about (the now-bankrupt) MF Global whose crime was much more clear.”
If the question is whether Morgan is so big and politically powerful “that it needs to be broke up,” as Tester put it, “I’m not sure that it needs to happen.”
Tester used his five minutes of interrogation time to assail Dimon for JP Morgan’s tardiness in returning funds to farmers and ranchers from MF Global which were on deposit at his company.
But like DeMint, Tester seemed to acknowledge that perhaps senators are not fully equipped to understand all of what goes on in the world of complex financial institutions: “you guys know the industry better than anybody setting (sitting) up here.”
But Tester said after the hearing that in his state the really crucial issue is not under-regulation but over-regulation – of small community banks.
“We don’t have these big banks in Montana. What we’ve got is a ton of small banks and credit unions that really are the lifeblood for capital for small businesses,” he explained. “There is a real problem -- I think it’s getting better, but the jury is still out -- on how these community banks are being regulated. Part of it is our own problem: we brought the regulators in and beat the hell out of them during the financial meltdown because they didn’t do their job.”
But now “they’ve clamped down” and “if you clamp down too much on these banks, it’s going to stop the money from going out … .”
Tester said, “We need to make sure that the regulators apply common-sense regulation” but “not so much that it freezes up the financial markets and I think that’s what’s happened in Montana and that’s the concern.”
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How about scoring some jobs for the American people you freaking leeches.
They aren't into hiring, they are into making a profit.
They forgot to finish off the headline with "And the American people lose"
I cant believe we just watched our senators and congressman cower before a one percenter...f*cking pathetic.
Profit comes before hiring.
Do you know of any Jobs R Us companies out there.
No company exists for the purpose of providing jobs, except bureaucracies, which aren't businesses at all, just entities looking for reasons to justify their own jobs.
The problem is that you characters are unemployable; what could you possibly do but complain? Why should you be paid for that?
Got a job dick...
No go crawl back in you're momma's ass where you came from.
When it comes to money, you don't deregulate or pass weak regulations, you pass STRONG ones to prevent future "miscalculations'. regardless of what financial institutions want. The stability of the USA comes first.
"complaining at one point that those who wrote the Dodd-Frank law hadn’t brought him, and other financial sector CEOs, into a room in 2010 to discuss what elements ought to go into the law. “We never actually sat down, Republicans Democrats, businesses, and had a real detailed conversation about what went wrong (in 2008) and what needs to be fixed,” Dimon lamented." The problem no politican brought up was that non of this would have happened if the regulations that were in place before 06 for the banking industry failed in all resoects of home loans. They, the banking industry lobbied and got those regulations cut out..and look what this nation ended up with. And this big shot banker is complaining and regulations that are no where near where they were before....I think the question is this...did he really know what the other branches of his bank were doing ? and if not...why ? The same type of loans that brought the house industry down are still there...nothing has changed in that respect. Dimons bank is way too big.As are BofA and others...they should never have been allowed to get this large to begin with...thank you congress for all your "good" work.
Meetings like this are done with the purpose of political party fighting for their party philosophy domination. What about fighting for the real critical issues ( like our economy, the corruption, and jobs)?
It's nothing but a SHAM as-well-as a waste of valuable time, a distraction from the real issues, an opportunity to campaign in front of the public eye to get their vote in Nov., and most importantly a reckless waste of our money.
It was to get Dimon before the committee and find out what and why he lost billions of dollars because of very unwise behavior. Of course these fat cats who make $25 million a year plus billions in bonuses are not going to want regulations keeping them from their deviousness.
The Kind of Men who support Flip Flop Romney
1) William Koch, Runs Oxbow Carbon, worth $4 Billion, Donation $2 Million to Romney’s Super PAC,
What He Wants: To pollute for free, Koch’s fortune is tied to some of the nation’s dirtiest industries
2) Harold Simmons (a Swift Boater and corporate raider), Traffics in Toxic Chemicals, worth $9.8 Billion, Donation $800,000 to Romney total giving $16.7 Million, What He Wants: Plans to store radioactive waste in Texas
3) Bob Perry, Owner of Perry Homes, Worth $600 Million, Donation $4 Million to Romney’s Super PAC ,
What He Wants: Tort reform to limit jury awards on homebuilders who do shoddy work
4) Jim Davis, Chairman New Balance Shoes, worth $1.8 Billion, Donation $1 Million to Romney’s Super PAC What He Wants: A lucrative Defense Contract
5) Richard & Bill Marriott, Heir to Marriott Hotel Fortune, Worth $3.3 Billion, Donation $2 Million
to Restore Our Future, What He Wants: A legal pool of foreign born workers to work in their hotels at slave labor rates Romney served twice on the Marriott Board
7) Edward Conard, Ex Managing Director of Bain Capital, Worth $250 Million, Donation $1 Million to
Restore Our Future, What He Wants: To screw taxpayers like Romney does with half the tax rates of others
8) Frank VanderSloot, CEO Melaeuca, Inc., Worth $1 Billion, Donation $1 Million to Romney’s Super
PAC , What He Wants: Less consumer protections
9) Steven Lund, Vice Chairman Nu Skin Enterprises, worth $31.9 Million, Donation $2 Million to Restore
Our Future, What He Wants: A world safe for false advertising & marketing scams
10) Julian Robertson Jr., Hedge Fund Titan, worth $2.5 Billion, Donation $1.25 Million to Restore Our
Future What He Wants: lower taxes for the Rich
11) John Paulson, Hedge Fund Titan, worth $12.5 Billion, Donation $1 Million to Romney’s Super PAC What He Wants: No restrictions on Wall St. gambling
12) Paul Singer, Hedge Fund Titan, Worth $1 Billion, Donation $1 Million to Romney’s Super PAC What He Wants: He Needs Fed backing in his lawsuit to collect $2 Billion from Argentina
13) Robert Mercer, CEO Renaissance Technologies, made $125 Million in 2011 alone, Donation $ 1 Million to Romney’s Super PAC ,What He Wants: To squelch a proposed tax on stock options
14) Kenneth Griffin, CEO Citadel LLC, worth $3 Billion, Donation $1 Million to Restore our Future What He Wants: To end Volcker Rule on Dodd-Frank Wall St excesses
15) L. Francis Rooney III, CEO Rooney Holdings, worth $40 Million, Donation $1 Million to Restore our
Future What He Wants: More building contract patronage
16) Steven Webster, CEO Avista Capital, worth $4 Billion, Donation $1 Million to Romney’s Super PAC
What He Wants: To Drill baby drill first owner of Deep Sea Horizon the worst environmental disaster in the Nation’s history.
This is not a Democracy that’s a hoax it’s a Plutocracy
Witchking, it seems like you're saying that the bribery dubbed as lobbying is morally wrong.
What is truly pathetic is having a bunch of lazy senators grilling a private company over the loss of their own money. Those senators oversee a government that loses 3 billion a day, and none of them have a so much as a clue how Washington is going to get its fiscal house in order. Political theater from senators like Charles Schumer that has taken 5.6 million from the financial sector, Most other committee members have pocketed plenty of cash as well. Nothing but the Democratic Party led senate putting on a show in the hopes it will help Obama get re-elected, as there was certainly no other reason for this pathetic display.
Correction Rick, the govt is now borrowing 4 Billion (not 3) a day we are deficit spending.
While true all the big boys spend big money lobbying, Dimon did have a point about guys up there writing laws about industries they are just vaguely familiar with at best. When people regulate things they don't know enough about it usually is bad for that industry. Just like we have UNELECTED beurocrats (not congress) writing Obamacare in HHS, and most have little if any experience in the medical field.
This was their own money they were losing, not taxpayers. Dodd Frank nor the Volker rule would have done NOTHING about what just happened. Sometimes businesses make stupid calls, the guy was fired. This should be a JPM and its shareholders issue.
The big 5 banks however do control about half of the worlds assets, too big to manage? I would lean on the side of breaking these guys up. You can pass all the too big to fail laws one wants, but one of these big 5 banks gets in trouble helicopter Ben will be right there printing money for them.
"What is truly pathetic is having a bunch of lazy senators grilling a private company over the loss of their own money."
All those banks and insurance companies that failed in 2008-2009 lost "their own money", didn't they?
The we had to give them "OUR MONEY', because they were too big to fail. They paid themselves bonuses with it.
Wake up.
Just to add to Witchking's entry on Bob Perry who builds substandard houses and doesn't want to take "personal responsibilty."
Bob Perry, (also a sleazy swiftboater) gave $100,000 to the Hispanic Caucus of Texas to fight the Texas GOPs proposed Sanctuary Cities law which would let law enforcement crack down on illegal immigrants.
Why would a "conservative", "patriot" DO such a thing? Because ALL of his houses are built by illegal aliens. Of course , he gets around this by using only contract labor, but he knows EXACTLY who his workforce is. The Sanctuary Cites law would have raised his labor rates and cut down on the money he has available to buy elections.
Bob Perry. He loves America. Americans? Not so much.
AmericanSocialist, you are suspended for a day for violating rule # 1 of the Code of Honor.
Amazing. Look at the difference between hearings with JP Morgan's CEO versus Attorney General Holder.
The Teapublicans fawned over Jammie Dimon so much it was a Bromance to make you puke. WTF? What if the loss had been much greater than 3 million, and tax payers had to bail them out? And tax payers would have had to--again, because Dodd-Frank was never Glass-Steagall, and has been chipped away at ever since.
Rightwingers were so pissed about TARP (the main grievance of the Tea Party before the Moral Minority took over), and yet they are now supporting plutocrat Romney and deregulation of Wall Street. Instead of getting their panties in a wad over FDIC-insured banking practices that nearly destroyed our nation, the GOP/TP are singing the praises of Dimon (who interestingly is a Democrat).
And as if that isn't enough insult to American intelligence, the Teapublicans have displayed their total lack of civility toward Eric Holder and the office of Attorney General -- So base in fact that I wanted to biotch-slap John Cornyn who's comments were so beneath his office, and others, there are no words for it.
And the so-called 40% who agree that Holder should resign (as with the president, for what high crimes and misdemeanors, no one has a clue), these are the same stupid rightwingers now supporting bankers like Dimon. Holy F-g Cow!
This core of the rightwing have got to be the most misinformed or completely lacking in any factual information, ever -- Thanks to FOX Noise/Hate Radio. Otherwise they would know that Holder stopped Fast and Furious, unlike his predecessor and Operation Wide Receiever during Dubya. Not to mention, wonder of all wonders, these low-information idiots are incapable of understanding that loose gun laws are at the root of the problem regardless of which administration has done this crap. I'm a gun owner and pro second amendment rights, but I can see when something is extreme or having negative results.
Getting back to John Cornyn, and others like Jeff Sessions' recent rant on the floor about food stamps and using morality as the reason not to feed children in poverty -- Look at these Teapublicans when ever they open their pie holes to spew their bile, including someone like Rush Limbaugh. There is a dark aura about them, they are void of spiritualism -- And any person who is at all in touch with the wonders of this Earth and every living thing on it, you can feel the negativism, hate, fear, etc. these extreme rightwingers exude.
The Koch brothers are correct. This is a Holy War. If you have a soul, you'll support the Nuns on the Bus, you'll get out the vote to defeat these Haters, plutocrat Romney, and the vile oligarchy they serve. I don't care if you're not completely happy with the president and the Dems, the alternative is so bad, we The People have got to exercise our rights to prevent complete loss of those rights.
Obama/Biden - 2012!
sam-298381 -- And quoting another poster as follows:
"What is truly pathetic is having a bunch of lazy senators grilling a private company over the loss of their own money."
Rick-3416939 -- Pathetic is you. "Their money" is insured by tax payers like you.
A correction to my post above--just caught it as it saved--it was 3 BILLION that JP Morgan lost. The reason they are able to handle this themselves is because they have generated enough (obscene) profit to absorb this at this time. This is not always the case, and certainly not always the case for many other banking organizations that are still gambling like this. If the loss had been larger, and JP Morgan could not absorb it, then it would have been YOU the tax payers responsibility to do another bail-out.
This is because we still do not have FDIC-insured deposits separate from the risk-taking investment side of banks. Dodd-Frank does not completely separate YOUR guaranteed deposits from losses that caused the economic meltdown and need for TARP. Those of you who think "Too Big to Fail" doesn't exist anymore, or worse think Dodd-Frank should be repealed and Wall Street should be free to go crazy as Romney proposes -- Where the heck have you been? On Newt's moon base?
Voting is not just a privilege, it is a responsibility. If you're not willing to invest the time to know the issues, stay home.
ivan, NC -- Agreed. However, it's not so much the size of banks, rather the division between FDIC-insured deposits (The People's money)versus risky investment banking (done with their own money), along with insurance (AIG). The banks complain about being limited in size, otherwise it is difficult to compete with banks at the global level. So as far as Sherman Act anti-trust laws are concerned, one might argue that banks should be able to merge to compete, but not to a point of losing competition.
The problem Europe is facing is their banks are not set-up like ours with FDIC insurance at all. My guess is they will do something similar in the near future -- The People's money must be protected. But at the same time there must be "accounting rules" followed in which insured funds are not commingled with activities like hedge funds, etc. and therefore at risk.
You're right at this point, then the rest, well... Folks seem to forget that the government is The People, and whether Congress or teachers and first responders -- they work for The People. Aside from the fact that though our system is dysfunctional because rules someone messed with rules put in place by the founding fathers (e.g., in regard to the filibuster), our government is the best there is right now.
There hasn't been, and there isn't any accountability for perpetuating crises like the one that got us in this recession.
When are banks and Wall Street going to accountable for what they do?
Wall Street was and isnt the problem. Government creates the bubbles by providing cheap money(subsidizing) to the markets and special interest handouts.
As soon as we separate government and special insterests, the public will be much better off. That includes abolishing the notion that home ownership is a right.
Brendan
I sorry but your wrong the housing crisis was because lack of government regulations. Bush took the chains off and let the lending go un regulated to make us focus on consumption rather then the loss of lives in the Iraq war. He bragged about home ownership at the highest levels since the 50's.Government needs to regulate when the free market begins to create a bubble. If your remove government regulations the markets will gain a lot then lose twice as much. The stock market began betting on the out come in the form of credit swaps. AIG the nations largest insurer held the policies on most of the PIM insurance once the defaults began AIG was going to go bankrupt. Im sure if you had regulations to stop adjustible mortages you could have stop thousands of people from defaulting on the loans.
Lopez,
You are beyond out of the base pass. Bill Clinton took the chains off mortgage lending and said "No American should be denied the opportunity to be a home owner". Through the mid- to late ninties all you needed was a social security number and a pulse to get a home loan that you couldn't afford. Adjustable Rate Mortgage came way before Bush. You sound like Obama and the broken record that continues to do nothing but blame the Bush years for everything including the weather.....
Eric-913730
- There won't be any accountability as long as the Republicans control the House and are allowed to filibuster EVERY bill that will create jobs or improve the economy. Etch-a-sketch Romney said that one of the first things he'll do is "Completely" deregulate Wall Street and do away with the dividend tax (which means he would pay NO taxes).
Name one Republican President that balanced the budget, decreased the size of government, decreased the debt or didn't add to the debt.... Not ONE!!! even since Eisenhower!!! and these are the guys who run on lowering the debt, balancing the budget, smaller government and Fiscal Responsibility..LOL!!!
Really...these Republicans remind me of the thief who sees that he left money in the bank after the first heist and decides to rob it again..and again..and again!!! the problem is that the Americans who are putting party before country are allowing this the perpetuate!!!
Michael Brown-3548322
...Yep...you are correct...Clinton signed the bill into law and he says that it’s one of his regrets unlike Gramm, Leach and Biley who are the AUTHORS of senate bill 900 who have no regrets or even the 53 Republican Senators and 1 Joe Lieberman who voted for it!!!! Wow, did you know that all the other 44 Democratic Senators voted against it… ALL OF THEM…So I guess you can’t blame them …or maybe you can as Republicans tend to live in an alternate reality like the BORG!!!
And I must add that you also sound like a broken Republican record whose only song is to take credit for what everyone else does that’s good and blame everyone else when it all goes to crap! Just ONCE I’d like to hear any FN Republican admit that THEY SCREWED UP!!! JUST ONE FN TIME… the problem is that they can’t even do that!!! What…it may cost you a vote or two, you shouldn’t worry about that – commit election fraud by purging the voting rolls for that non-existent voter fraud and maybe the only ones allowed to vote will be the dimwitted republicans and they can finally own 100% of absolutely nothing!!!
Wrong Michael Brown - same speech but not the right speakers - it was Bush that said those words
Next time you speak get the actors straight
Eric this was their own money they lost, not taxpayers. This is an issue between the shareholders and JPM.
Regulations wouldn't have done squat for the housing bubble. At the most basic level what went wrong? The loans were CRAP. Mortgage companies were spitting out no documentation, nothing down and all types of loans like this that went bad at a historic rate. I was building at the time and we called them "liar loans".
Usually a portfolio of loans can withstand about an 8% default rate. These packaged loans were defaulting some at up to 50%. Now AIG has 1000 or more in a portfolio and they have no idea how to unwind them and no one knew how to value it.
Glass Steagall wouldn't have done squat either as the banks still could have bought these using non deposit assets, which don't apply to that law.
As soon as we separate government and special insterests,
Great, except it's impossible. Special interests are "people" now with full constitutional rights.
"Regulations wouldn't have done squat for the housing bubble"
Our economy didn't collapse because of the housing bust. We've had real estate busts before (See: the 1980s).
The economy collapsed because the credit markets froze. The credit markets froze because the bad loans were packaged and sold. No one knew where the risk was.
"Glass Steagall wouldn't have done squat either as the banks still could have bought these using non deposit assets, which don't apply to that law."
We could have changed the regulations so that they DID apply, but of course that would be evil regulation. It's better to bail them out with taxpayer money.
Isn't Senator Demented special. The worthless piece of crap. What a joke the Senate makes of the American people.
Wow, "both parties score political points", yet $ 2,000,000,000 (or more) loss was on whose accounts ?
No more dad gum bailouts for these "crooks" who squander other people's money to make a profit for themselves and the "company".
It wasn't other people's money, it was THEIR money, try to read more than one article about the issue. JP Morgan used their own money, the price of their stock took a huge hit, so the shareholders you so hate lost, but not the tax payer. Wonder why we haven't seen any investigation about MF Global's losses? Now they should be investigated
Their own money, which they wouldn't have if the American Taxpayers hadn't BAILED THEM OUT!
DeMint is one of those guys who probably has went out and bought 20,000 shares JPM as soon as the hearing got done!!!
And Ido I agree with you from a pragmatic democratic standpoint!!!
TEA-Republicans rant against Simpson-Bowles commission, the Sarbanes Oxley act of 2002 and the Frank Dodd Act because these acts provide guidelines and restriction's put into place resulting from the recession of 2007 and 2008!
Jamie Dimon can profess all he wants about JPMorgan Chase and the personnel to try to deflect direction, the bottom line is JPMorgan Chase lost a huge amount of money that belonged to someone else. All senior management should lose compensation comparable the the losses incurred, top to bottom. Auditor actions could expose problems is all the controls are in place and all financial instruments are disclosed.
That is one of the problems with the mentality of full disclosure of monies and the use of propriety or customer finances. In fact, Systemic Events could still happen, but their effects could minimized using controls implemented after the "Great Depression." Truthfulness and full disclosure are and have been skirted as most politicians are in collusion with a multitude of top corporate management.
DeMint's closeted mentality was evident and assured to make a point that America loses that everyday. With less brain cells than Kardashian, he continues to spew non-factual information without full disclosure. The Congress is totally responsible for the Budget, and therefore the "Losses" incurred fall on the stooped shoulders of the confrontational House. Those $2 billion are not lost but spent on two wars started by the previous administration. We can add the loss from the Bush give-away accompanying these two unfunded wars.
The "Fortress Balance" sheet is a poor excuse and points the the massive amounts of capital the banking industry is sitting on. Higher capital and liquidity are a must when it comes to individual accounts, but there is no justification to squander monies in efforts gain more monies in "Real Gambling ventures."
After watching PBS' expose on the banking system and Brooksley Born's warning, I am more skeptical of pronouncements from Big Banking, The FED and other agencies charged to care for the nation's financial system. The US ban king system should be the responsibility of every Senator and Representative, the Presidency and other controlling, coordinating or responsive agency and not the elite few who have already used and abused the system to their individual gain. Dimon was right in warning the Congress to take action on the "Debt Ceiling" and not hold it hostage.
GLASS STEGALL - needs to be re-installed..period.
You beat me to it, Brown. It worked great for decades.
Dimon is a Democrat so he got pass by the elite left-wing and republican (elite left-wing pretending to be conservative...like Yale educated left-wing Bush) senators. No surprise.
Inte2 - did you see the same questions asked that I did - Dimond did not get a pass from the Democrats but got his butt kissed by the Republicans
And Dimon was unafraid to shove back a bit at panel members -- complaining at one point that those who wrote the Dodd-Frank law hadn’t brought him, and other financial sector CEOs, into a room in 2010 to discuss what elements ought to go into the law. “We never actually sat down, Republicans Democrats, businesses, and had a real detailed conversation about what went wrong (in 2008) and what needs to be fixed,” Dimon lamented.
.............I thought lying to congress was against the law. Does anyone actually believe that The 3 largest financial institutions didn't have any input as to what went into the Dodd Frank bill? Not only did they have input , I would be willing to bet they wrote the bill. Now Dimon may be able to say he personally wasn't there but he had K- street lawyers paid by him and his associates write the bill.
Dimon school the democrats and republicans alike today.....he made them look totally inept.....which they ALL are....and these are people who voted for Dodd-Frank....which has DONE NOTHING to stop this crap...
Everyone sitting on the Banking Committee needs to be TOSSED OUT.
I know right...pretty sad day for this country when you see stuff like this going down.
Republican, Democrat...dosent really seem to matter much.
Just show me someone whom hasent been bought.
I'm a devout conserative..but this DOG AND PONY show today......was nothing more than that...Dimon met with some of the Senators today....and I'm sure they all constructed a plan to make it look like the banking committee was really upset
But in reality - we all know that everyone of those Senators has been bought and sold 10 times over.....and it's all for the love of the green backs.
Those on the Senate Banking don't give 2 craps about what is going on....as long as their bribe checks from the lobbyists keep rolling in.
WE NEED TO TOSS EVERYONE WHO IS UP FOR RE-ELECTION IN 2012....and start over...THESE PEOPLE ARE PATHETIC....I DON'T CARE WHICH POLITICAL SPECTRUM YOU'RE ON.
Agreed...this country needs a re-boot.
The country needs term limits on all government office no more career politicians. If there are limits on the presidency then there needs to be limits on house and senate seats. Even the Supreme needs term limits. All three Branch's need term limits!!!!!!
Yes even the Supreme Court should have term limits. All politicians need term limits.
The supreme Court is a joke these fools are bought and paid for they really need to go TERM LIMITS!
Steve, you hit the nail on the head they have always had some measure of influence. Those senators who virtually held Diamon's hand today are the top benefactors of his industry. That said, if Diamon feels he and his peers should influence banking regulations then it's only fair working Americans have an equal voice. I vote for Elizabeth Warren as she has a keen understanding of the industry. I also have a response to Diamon's statement to let Too Big to Fail banks actually fail. Then the FDIC DOES NOT insure the deposits of Too Big to Fail banks. Too Big to Fail is a bank with a high risk of exposure that undermines a state, local or national economy. Simple, gamble the risk is yours and yours alone not the taxpayers. You had the benefit of FDIC insurance until you became a high stakes roller. An old adage bears repeating "money doesn't grow on trees," especially taxpayer hard earned dollars.
Oh for Pete's sake the uninformed little Julie is here aqain - sorry little girl the butt kissing was by your friends the Republicans and the hard questions were asked by the Democrats
Why don't you just go back to school or wherever you came from - what a waste of space you are
They do until you read the other article about how they went bloody "easy" on him. This article is a f***ing joke.
A disgusting orgy of bribe takers and their fascist master...
The Senate Banking committee look like a bunch of buffoons today....Dimon schooled them on exactly what should be taking place.....and it isn't....all because Senators on BOTH SIDES OF ISLE...are takinG BRIBES from lobbyists for these big banks.
What is going to eventually happen is...BIG BANKS WILL TAKE OVER...we'll 5-10 huge banks...and the little local banks will go away..
We need to demand AS TAXPAYER - PUTTING GLASS-STEGALL bank in place....
Nobody sitting on the BANKING COMMITTEE SHOULD be allowed to take bribes, handouts, payback or donations...FROM ANY BANK...PERIOD.
NEED TO VOTE OUT EVERYONE OF THESE PEOPLE...I DON'T CARE WHICH POLITICAL PARTY THEY BELONG TO..It's a sham and a scam...and the TAXPAYERS ARE LEFT HOLDING THE DEBT.
Well, well little Julie finally got it - Yes Glass Siegel should be put back in place - however not going to happen with the Republicans there - it is their life blood
Look at DeMint that weasel kissing butt - don't you love him and Croker from Tennessee
What I believe has to happen is a realignment of Senators - population - California 25 million people - two Senators - Nebraska - population 286,000 people - two Senators - New York - population 25 million people - two Senators
The Founders never envisioned the population growth and were primarily dealing with Virginia - Delaware
Time to change the representation to make it equal and fair in representing the people
I once thought of a book titled, "Wall Street Weasels and their Congressional Enablers." Who knew it would be such a perfect title?
The big three networks recently IGNORED tens of thousands of Americans who participated in more than 160 coordinated rallies OPPOSING the anti-religious freedom Obamacare mandate.
They ignore a lot of things like that.
What does this have to do with the Jamie Dimon hearing?
Sorry Gerald - we women will give up our contraceptives when you give up your Viagra
Can't wait for THE NUNS ON A BUS
By the way we're both off topic - Oh Hum!
it seems that they are defrauding people to finance this new assault to people... they would should of audit this bank
Sickening. Our politicians are whores. Every single one of them.
That's exactly right and they kissed his butt. "Oh come help us Mr. Diamond. Come get an apartment in DC at taxpayers expense and we'll make sure you have everything your little heart desires."
ah the first thing that comes to mind; on the desk mr james dimon one of the crew;one of the golden boys;our man.there other names that come to my mind -sshole;theif;bandit;not a robinhood; bad boy;swindler;back stabber;just plain crook.they have once again bent us all over again!!!!!!! don't do bussiness with this outfit;the only reason i write this is to inform all n.y.s. retirees that this is the bank your retirement check is draw on do something before you get a bernie madioff deal from them.
And radical right wingers say we have too much regulation?
Raise your hand if you were happy paying your taxes to bail out guys like this.
What about all the people who lost their homes due to risky bank and Wall Street ventures?. We have no interest in hearing about political points. We want REAL solutions for the housing crisis which exploded during the Bush Administration. A hearing with the egotistical, selfish Jamie Dimon will do nothing to solve the housing challenges. We are not stupid to think that Jamie will be put on the hot seat by those who are being paid to kiss his butt.
Switch to a local credit union, and invest in your local community.
So how did this happen, deregulation. Man cannot control greed and that is why we have regulations to protect the public. Protecting the PUBLIC interest. Without regulations this will continue to happen. As you watch this video you can see they are all in bed together. This is how they all got rich in the past few years. This is not about a president, it is about Congress and Senators. Vote them all out of office.
One of the main culprits was a genuine disciple of Ayn Rand, Alan Greenspan. Everyone thought he was a god who could do no wrong. His gospel was that the market had to be free, and the market would always work out its problems. Both Democrats and Republicans followed him into oblivion.
Ha, who are these Senators trying to grill. They spend 4 billion a DAY more than they take in and they are going to lecture him over 3 billion lost. Congress is a bunch of BOZOS!
"The economy is in a better place after my first term" ~Barack Obama
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. . . ./. . . . . . . . . \ . .
. . . .| . .R.I.P. . . .| . .
. . . .| . . U.S. . . .| . .
. . . .| Economy | . .
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There is absolutely no doubt that the economy is in much better shape since President Obama took office. He did everything he could to keep the middle class employed. He created and saved 3 million jobs with the Recovery Act. He stepped up to save the American auto industry and the millions of related jobs. Romney was attacking teachers, firemen and police officers just yesterday. He was saying that no federal funds are used to employ them and that is not true. President Obama has fought for policies with job creation that right now are being held back by the GOP. The infrastructure jobs bill is desperately needed with so many U.S. bridges in bad shape and need work.
We are all born ignorant, but one must work hard to remain stupid. ~Benjamin Franklin
Liberalism is a cognitive bias in which unskilled individuals suffer from illusory superiority, mistakenly rating their ability much higher than average. This bias is attributed to a metacognitive inability of the unskilled to recognize their mistakes.
Doctor Seuss for 2012:
I do not like Barack Obam, I do not like his health care scam.
I do not like that sneaky crook, or how he lies and cooks the books.
I do not like it when he steals, I do not like his secret deals.
I do not like that metro man, I do not like his 'YES WE CAN.'
I do not like his spending spree, does he not know that nothing's free?
I do not like his smug replies, I do not like his constant lies.
I do not like his kind of hope.
I do not like it.
Nope, nope, nope.
Obama_Kill List
1. Jobs
2. East European Missile Defense
3. Keystone XL Pipeline
4. NASA Moon Mission
5. Traditional marriage
6. American Prestige
7. Atlantic Offshore Drilling
8. Religious Liberty
9. Business Investments
10. Bipartisanship
11. Economic growth
12. Healthcare
13. The Middle Class
14. The Constitution & The Bill of Rights
15. Credit Rating
"I will focus like a laser beam" ~Barack Obama