JAMIE DIMON'S APOLOGY TOUR ON CAPITOL HILL.
The Osgood File. Sponsored by AJC. This is Dave Ross, in for Charles Osgood.
The CEO of JPMorgan Chase makes another stop on his Congressional apology tour - this time, before the House - because, hearing a CEO apologize just never gets old:
SOT - Jamie Dimon, CEO of JPMorgan Chase
"We've let a lot of people down, and we are sorry for it." (:03)
More after this from David Harris of AJC...
((( BREAK )))
Last week, it was the Senate - this week, it was the House's turn to go after CEO Jaime Dimon.
And he got a grilling from Democrats and Republicans alike, including Republican Sean Duffy.
Rep. Duffy wanted Dimon to acknowledge that the billions that JPMorgan put at risk in those trades gone sour was money from ordinary depositors, insured by the Federal Government.
SOT - Rep. Sean Duffy, Republican of Wisconsin - and Jamie Dimon
"(Duffy:) Those were dollars that were backed up by the FDIC? (Dimon:) Yes." (:04)
Dimon said yet again that in the unlikely event JPMorgan went bankrupt - even though it might involve those insured deposits - taxpayers wouldn't lose a dime.
But Rep. Duffy, he was tough...
SOT - Rep. Sean Duffy and Jamie Dimon
"(Duffy:) Are you 'too big to fail'? (Dimon:) No, we're not 'too big to fail.' (Duffy:) And who pays the losses? (Dimon:) In a way that does not cost the economy anything... (Duffy:) Who pays the losses? (Committee Chairman:) Mr. Duffy, allow the witness to answer the question. (Dimon:) ...that's charged back to the other big banks to survive." (:12)
And still, Duffy didn't stop - until he pushed Dimon into an astronomical metaphor.
SOT - Rep. Sean Duffy and Jamie Dimon
"(Duffy:) Is it fair to say that JPMorgan could have losses of a half a trillion dollars or a trillion dollars? (Dimon:) Not unless the Earth is hit by a Moon." (:08)
Not unless the Earth is hit by the Moon!
You know, if Congress is really worried, there is something it could do.
In fact, a lot of bank watchdogs have suggested it: just restore the Depression-era firewall between banking and investing, and put ordinary bank deposits off limits to this kind of risk.
But despite the vigorous questioning, there was no indication the members were prepared to do anything of the kind.
In fact, I'll go out on a limb and predict that for Congress to do that, the Moon would have to hit the Earth, ricochet off Venus and knock Mars into Jupiter - sending the striped planet into the corner pocket.
The Osgood File. Dave Ross on the CBS Radio Network. |
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