Today Barney Frank appeared on Bloomberg TV with Erik Schatzker and Stephanie Ruhle.
The soon-to-be-retired Congressman and former head of the Financial Services Committee touched on everything from money market funds to financial regulation.
Everything seemed to be going just fine — no Maria Bartiromo style fights here— until about 7 minutes into the interview.
That’s when Stephanie Ruhle asked Frank about Jamie Dimon’s testimony after the $2 billion trading loss in JP Morgan’s London Chief Investment Office. She asked Frank if regulators had the ability to regulate Wall Street given the fact that DImon’s testimony was “softball city.”
Frank was visibly displeased.
“I’m sorry, I think you watched only the Senate. If you go back and watch the House hearing…”
Ruhle broke in and said that she watched both hearings to which Frank replied frustratedly — “may I finish!”
He and Ruhle talked over one another for a few tense moments (she explained a new point, and he acknowledged it) before they got back on track.
“The House members, particularly the Democrats, but a couple of the Republicans, were quite critical of the practices of the bank and asked some very tough questions of Mr. Dimon about his support for being totally deregulated in London.”
Frank went on to elaborate about regulating American companies trading abroad, and when he was done Ruhle followed up with:
“Well he (Dimon) seems somewhat happy now because his job is quite secure while other people’s at JP Morgan is not.”
That really upset Frank: “Excuse me no, I don’t like you to make these kind of comments and not let me respond!”
From there, its rough going.