Jamie Dimon, the CEO of JP Morgan, testified before the Senate today on the staggering losses incurred by his chief investment office, or CIO, which could hit $5 billion. You might have expected senators to force Dimon, an outspoken critic of Dodd-Frank, to eat his words and concede, in a moment of inspiring humility, that there is a place for financial regulation. You would be wrong. Hilariously wrong. He didn't just escape whipping. He assisted conservative senators in the 360-degree throttling of financial reform. He did, however, say he was sorry, for the record.
Here are 12 of the best tweets I saw from finance and macro observers during the testimony.
This Jamie Dimon hearing is embarrassing.-- Jonathan Weisman (@jonathanweisman) June 13, 2012
Deep down, in a place you talk about on op-ed pages, you want me on that trading desk, you need me on that trading desk.#AFewGoodBankers-- Matt O'Brien (@ObsoleteDogma) June 13, 2012
We use words like hedge, prop trading, profit. We use these words as the backbone of a life spent defending gambling. #AFewGoodBankers-- Matt O'Brien (@ObsoleteDogma) June 13, 2012
You weep for CIO & curse JPM. You have that luxury. You have the luxury of not knowing what I don't know either--our hedges #AFewGoodBankers-- Matt O'Brien (@ObsoleteDogma) June 13, 2012
Jamie Dimon says JPM isn't in the hedge fund business. Except for the hedge fund business it owns. bit.ly/NfhoNL-- Daniel Gross (@grossdm) June 13, 2012
DeMint: you lost $2B, we lose twice that everyday!-- Carleton English (@carletonenglish) June 13, 2012
The people sitting behind the Senators are the staffers, also known as future lobbyists for JP Morgan.-- John Carney (@carney) June 13, 2012
Yes, a hearing on massive loss Dimon didn't see coming seems like the perfect opportunity to ask him what kind of regulation he would like.-- Adam Sorensen (@adamsorensen) June 13, 2012
Dimon says regulators could not have realistically prevented this loss. He's right.-- Daniel Indiviglio (@indiviglio) June 13, 2012
Dimon says "I have a hard time distinguishing" between prop trading and hedging. You can bet his handlers will talk that one back.-- John Carney (@carney) June 13, 2012
Vitter got it right. Smart regulation is an oxymoron and an excuse to preserve status quo. Need a meat cleaver, not a scalpel.-- Neil Barofsky (@neilbarofsky) June 13, 2012
#JPM stock now up nearly three percent at $34.73. Jamie Dimon beat the Senate without breaking a sweat-- Ben White (@morningmoneyben) June 13, 2012