JPMorgan’s chief executive Jamie Dimon appeared before the Senate Banking Committee in Washington, D.C. this morning to testify about the $2 billion trading loss related to derivatives in the bank’s CIO office in London.
Dimon seemed to breeze through the first part of the hearing until committee member Senator Bob Menendez (D-New Jersey) started to throw some hardball questions at the bank chief.
“This transaction that you said ‘morphed.’ What did it morph into? Russian Roulette?” Menendez asked Dimon.
“It morphed into something that I cannot justify. It was just too risky for our company,” Dimon responded.
The U.S. Senator also blasted Dimon for his comments in the FT calling bank capital rules “anti-American.”
In the FT piece from last September, Dimon was actually referring to new international bank capital rules as “anti-American” saying the U.S. should consider leaving the Basel group of global regulators.
Check out the exchange below [via C-SPAN].