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JPMorgan's CEO: "I Was Dead Wrong," Happy Now?
By
Christopher Robbins
Published Jun 13, 2012
Modified Jun 13, 2012
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By
Christopher Robbins
Published Jun 13, 2012
Modified Jun 13, 2012
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Today JPMorgan's CEO Jamie Dimon told the Senate Banking Committee how sorry he was that his company could lose as much as $5 billion for being besuited moneygollums, and swore that it wouldn't happen again. "I was dead wrong," Dimon said, referring to comments he made about the botched trades as a "tempest in a teapot." He even raised the possibility of "clawbacks," a nasty-sounding exercise in pseudo-retribution. “When the board finishes the review, you can expect we’ll take proper corrective action. There's likely to be clawbacks." Gothamist has obtained exclusive footage of the committee in charge of clawbacks, seen here.
So Jamie Dimon and other JPMorgan executives might have to mimic normal humans and pretend to worry about money for 15 minutes. What else was notable about today's hearing? Dimon got angry at the suggestion that JPMorgan took bailout funds from the federal government. Per DealBook's live blog of the hearing:
Mr. Dimon gets testy for the first time in the hearing. "I think you are misinformed," he told Senator Jeff Merkley, Democrat of Oregon, who said JPMorgan was saved by government bailouts in 2008.
"You're factually wrong," Mr. Dimon said.
The senator responds, "Let's agree to disagree."
Yes, let's agree to disagree that JPMorgan took $25 billion in TARP funds in 2008 and ended up making a 245754% return on the investment on just $10 million in lobbying and campaign contributions. Maybe he was referring to the concept of being "saved," which we all know is impossible for Dimon?
Tagged
banks
clawbacks
jamie dimon
rich people
wall street
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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