Photo: Stanford Graduate School of Business
Former Chairman of the Capital Markets, Insurance, and GSE Committee, Rep. Paul Kanjorski says he was Wall Street’s nemesis in congress.Kanjorski lost his re-election campaign in last year’s midterms, but still managed to help get FinReg passed.
He told the Times Tribune (via Here Is The City) that he wrote half of the reform bill, and also claimed Jamie Dimon was the leader of a failed campaign to quash the Volcker Rule (other rumours say it was Larry Summers) and his own baby, the Kankorski Amendment, which stipulates that federal regulators have the power to break up big financial firms when they pose systemic risk.
“I could have taken a job on Wall Street for millions,” Kanjorski said. “I was their greatest scourge, for Christ’s sake. I was the guy that stuck both my thumbs in all of their eyes.”
Then came his rant about JD and his anti-Volcker battle:
There were guys like (JPMorgan Chase & Co. chairman) Jamie Dimon, they’ll never forget me. He’s probably considered the most powerful banker in the world and I took him on and I defeated him. Not openly, nobody in the public knew. This is only my opinion that I defeated him.
He tried to lead a cause to stop the Kanjorski amendment and the Volcker rule of incredible proportions. The only thing is they miscalculated how to handle it and I had out-thought them a year in advance. I got prepared, I put it together. And quite frankly, I did a magnificent job.
Whether or not he actually did anything to restrict Jamie and his ilk remains to be seen.
We do know that JP Morgan and other banker brethren have already worked out how to play with the bank’s capital without flouting the Volcker Rule.