After JPMorgan Chase’s admittedly “stupid” trading bets that lost the company billions of dollars in just a few weeks, Congress did what it’s supposed to do: it announced hearings that would allow lawmakers to get to the bottom of things.
Three weeks ago, we saw the first hearing, in which Senate Banking Committee Republicans, led by Richard Shelby (R) of Alabama, upbraided the Commodity Futures Trading Commission for not doing more to prevent this. Regulators explained that they still have limited powers in this area, but for GOP senators, this not only didn’t matter, it was inexplicably used as a rationale to give agencies less authority.
If lawmakers gave regulators a hard time about JPMorgan’s fiasco, surely they’d be apoplectic when JP Morgan Chase CEO Jamie Dimon appeared before the same committee yesterday, right? Well, not exactly. Consider this clip from last night’s Ed Show.