Sucking up to Wall Street as Usual

Jamie Dimon, CEO of JP Morgan, testified before the Senate Banking Committee today about the more than $2 billion (and rising) the bank recently lost in risky hedges. Instead of being intensely questioned and sermonized on the need for regulation, Dimon

received a warm welcome from Republican lawmakers, suggesting that his status as Washington’s favorite banker remains intact. Some Republicans praised JPMorgan for navigating the financial crisis better than other Wall Street firms, and even sought Mr. Dimon’s advice on fixing the economy. ["JPMorgan's Chief Says Clawbacks 'Likely,'" in  The New York Times, 13 June 2012]

Senator Jim DeMint (R-SC) told Dimon that lawmakers "can hardly sit in judgment of your losing $2 billion."

Really? Well, what's the use of our lawmakers, huh?

Yep, just the person to trust.....if you're hoping for some Wall Street money for your political campaign. And, of course, the connections between JP Morgan and the Senate Banking Committee are very close and entangled; folks who work for our lawmakers on that committee become lobbyists for the financial institution. Kiss, kiss....

See Cora Currier's details of the revolving door in her article, "Charting the Cozy Connections between JP Morgan and the Senate Banking Committee," on ProPublica's website.