Sunday, June 17, 2012

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12-06-17 Taibbi: Senators Grovel, Embarrass Themselves at JPMorgan's Dimon Hearing

The senators treated Dimon like a visiting dignitary and a teacher of great wisdom, not like a man who, after growing very rich off of public money, had put the whole economy at risk by engaging in wildly unsafe financial sex on a grand scale. Somebody has to remind these legislators who it is they work for, and it's not Jamie Dimon.
jamie dimon 
Jamie Dimon, CEO of JPMorgan Chase, prepares to testify before the Senate Banking, Housing and Urban Affairs Committee.

POSTED: JUNE 15, 12:40 PM ET
I was unable to watch J.P. Morgan Chase CEO Jamie Dimon’s Senate testimony live the other day, so I had to get up yesterday morning and check it out on the Banking Committee’s web site. I had an inkling, from the generally slavish news reports about the hearing that started to come out Wednesday night, that it would be a hard thing to watch.

But I wasn’t prepared for just how bad it was. If not for Oregon’s Jeff Merkley, who was the only senator who understood the importance of taking the right tone with Dimon, the hearing would have been a total fiasco. Most of the rest of the senators not only supplicated before the blowdried banker like love-struck schoolgirls or hotel bellhops, they also almost all revealed themselves to be total ignoramuses with no grasp of the material they were supposed to be investigating.

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