The good news as reported by Politico
JP Morgan Chase CEO Jamie Dimon will be called to testify before the Senate Banking Committee in the coming weeks, the panel’s chairman announced Thursday — and Dimon plans to accept.As for the bad news, what Politico does not deliver, Naked Capitalism does:
Sen. Tim Johnson (D-S.D.) said Dimon – whose firm has been under intense scrutiny after the billions of trading losses it sustained – will be invited to speak before his committee after it holds a pair of hearings on Wall Street oversight.
Political Money Line’s tabulations of PAC contributions show that securities and financial firms have given more money to Johnson than any other sector in the last three election cycles. In the current cycle, for example, almost two thirds of his $361, 582 in PAC money comes from such firms. In 2008, when he collected over $2 million in PAC contributions, the swag from that quarter amounted to over half a million dollars – and neither figure takes account of numerous individual contributions. Johnson calls his leadership PAC “South Dakota First,” but, not surprisingly, contributions to his campaign committee from New York and other states often run far ahead of receipts from his own state.It gets better: JP Morgan Chase was Senator Johnson's single largest donor $38,995 (2007-2012).
As for the committee’s ranking Republican, Richard Shelby of Alabama, according to Open SecretsJ.P. Morgan Chase’s was his second largest but at $72,950, nearly doubled the amount that Johnson received.
On the bright side, it appears the Democrat is the lesser of two weevils, unless one counts Dimon, but then the pun doesn’t work.