It’s no secret that Wall Street flexes its muscles on Washington, but ahead of JP Morgan CEO Jamie Dimon’s testimony before the Senate Banking Committee, that bank’s activity merits a quick look.In case you’ve been living under a rock and you don’t know, Dimon is testifying today to account for the $2 billion+ trading loss his company revealed last month. The politicians will be wondering how the money was lost and what’s being done about it.
Honestly, we’re not sure they’ll find that out at all.
That said, definitely expect a show of anger from some elected officials. Not to say that Dimon won’t be surrounded by friends. JP Morgan has given handsomely to many members of this committee over the years, reports American Banker.
JPMorgan is Banking Committee Chairman Tim Johnson’s second-largest contributor over the last two-plus decades, according to the centre for Responsive Politics, which analyses campaign giving from companies’ employees and their political action committees since 1989. The same is true for the committee’s top Republican, Sen. Richard Shelby, and its second-ranking Democrat, Sen. Jack Reed.
The committee’s number-two Republican, Sen. Mike Crapo, and its third-ranking Democrat, Sen. Charles Schumer, are not far behind their colleagues, with JPMorgan ranking third and fourth, respectively, among their contributors.
What do those big numbers look like? According to OpenSecrets.org, here’s a run down:
- Senator Richard Shleby has gotten $72,950 from JP Morgan over the last five years.
- Senator Tim Johnson has gotten $38,995 from JP Morgan over the five last years.
- Senator Jack Reed has gotten $29,850 from JP Morgan over the last five years.
And that’s just to name a couple. OpenSecrets also tells us that the bank spent over $7.6 million on lobby last year, and this year they’re off to a good start — they’ve already spent around $1.2 million.