In Second Round of Testimony, Dimon Gets Feisty
by The Compliance Exchange on June 19, 2012
J.P. Morgan Chase & Co. Chief Executive James Dimon sparred with lawmakers of both parties as an appearance in the U.S. House of Representatives proved more contentious than his Senate hearing last week.
Mr. Dimon faced pointed questions about the bank’s lobbying on derivatives rules, risk models and on whether the bank is so large and complex that it would have to be rescued by the government if it were to fail. Several lawmakers accused Mr. Dimon of being more focused on trading activities than on lending to consumers.
In response to questions from Rep. Sean Duffy (R., Wisc.), Mr. Dimon insisted J.P. Morgan wasn’t too big to fail. Mr. Dimon said he didn’t expect the bank to fail, but that if it did, that it would be dismantled. Any losses to the government should be charged back to the financial industry, he said.
Read the full story at the Wall Street Journal.
See more coverage of Dimon’s testimony:
Dimon says JPMorgan was honest with shareholders [Reuters]
Dimon plays defense on Capitol Hill
US politicians attack ‘London loophole’ as JP Morgan boss explains $2bn loss
Leave your comment