Those who are interested and have time can watch it at C-span. Bit o' background: Bloomberg has a video showing JPM's contributions to Commmittee members. Only four did not receive money: Jeff Merkley (D-OR), Herb Kohl (D-WI), Mike Johanns (R-NE), Patrick Toomey (R-PA).
So far some financial jargon beyond my comprehension and plenty of disgusting pandering. Look forward to Jeff Merkley's questioning, as he has been most outspoken on this. There's a four-minute interview with Merkley at Bloomberg.
"Protesters disrupt" video also posted at Bloomberg. There will be fireworks, I think.
This is about JPM's $2B loss from what was supposed to be a low-risk operation to hedge against other possible losses. When Bloomberg reported the impending loss in April, Dimon called it a "tempest in a teapot." Of course, in May he had to admit failure and acknowledge the losses would continue because of the magnitude off the trades. Last I knew it was admitted to be $3B, and that was several weeks ago. [EDIT Removed erroneous statement about the FDIC. Thanks to those who questioned!]
More broadly interesting in the overall context of regulation and BigMoney's resistance, which has delayed the implementation of the Vockler Rule included in Dodd-Frank. The Rule would "restrict United States banks from making certain kinds of speculative investments that do not benefit their customers" Wikipedia.
Read More