Well, having watched the entire 'inquiry' yesterday I have to say I am deeply disappointed in the whole process. But in all honesty what should I
This entire appearance before the Senate committee was a farce. Very few real questions were asked of DiMon in connection with the JPM loss of $2B in
it's high risk portfolio or of the roll of the London Whale in the whole fiasco. Instead what we were treated to was a bunch of Senators seemingly
kissing DiMon's rear end and it was sickening. The Senators gave the appearance that instead of really worrying too much about the why and how this
happened in the first place they really just wanted to get DiMon's opinions on the Volker rule and the Frank-Dodd legislation. At one point, one
Senator even requested that DiMon come back to the same committee in a year's time with his recommendations on how to make legislation better.
The overall feel of the whole thing was more like a parent gently admonishing a child for eating a cookie right before
On a side note it's interesting to know that DiMon, a democrat, was fawned over the most by the Republican Senators. The Democrats were not too much
better but a couple did hold his feet to the fire a bit. It's also an interesting point to note that this is the same Jamie DiMon who during the 2008
financial meltdown, had unfettered 24 hour access to none other than Timothy Geithner acting as a consultant to try to get the whole mess fixed.
Another point to ponder is that JMP and DiMon personally, contributed to the majority of the Senator's campaign funds in the past. DiMon is also on
the Board for the NY Fed Reserve Bank while heading one of the largest banks on the globe. Conflict of interest much?
edit on 14-6-2012 by MyMindIsMyOwn because: Added a fact