Photo: Library of Congress screengrab
OK, we knew Jamie Dimon would get the rough treatment from Representatives Barney Frank and Maxine Waters. They’re Democrats, and as they’ve demonstrated before, they are totally mad at Wall Street.That said: in today’s race to be the first to make JP Morgan CEO Jamie Dimon cry during his questioning on The Hill (over his bank’s $2 billion trading loss, of course) there was a dark horse.
Wisconsin Republican and former MTV Real World Boston star, Sean Duffy.
Here’s are some of the highlights:
Duffy said that the “people of Wisconsin” wanted to know: “Is JP Morgan too big to fail?”
Dimon replied that it was not, and that no bank should be. If a bank does fail it’s board should be dismantled, CEO fired… We’ve heard this before. It’s Dimon’s Old Testament justice philosophy.
Duffy listened not-so-patiently and asked, “what if JP Morgan fails?”
Dimon replied with the numbers — the bank has $190 billion in this and that and so forth. Not only that, he said, but there’s also the money the bank pays to the FDIC.
Duffy went on, “what about losses of $1 trillion or $1/2 a trillion? What if that happens?”
“Not unless the earth is hit by the moon,” Dimon replied.
Duffy took that zinger like a champ and went all ‘USA!’ on Dimon. He asked the CEO why he was taking his money to London instead of reinvesting in the USA.
Not to be out-American’d, Dimon responded that it wasn’t an either-or decision, and elaborated.
That’s when Bachus broke in — “I’m sure somewhere in Dodd-Frank there’s a provision for moon strikes against the earth.”
We should hope so.
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