As Jon Stewart notes on last night's Daily Show, JPMorgan CEO Jamie Dimon wasn't suppose to have an easy time talking before the Senate on Wednesday. After all, Wall Street's Golden Boy was there to explain his firm's surprise loss of $2 billion to risky bets. But instead of getting the probing we expected from the senators, we got the politicking we've come to expect as the CEO was heaped with praise. Sen. Jim DeMint, apparently equating government spending with bank loses, said, "We can hardly sit in judgment of your losing $2 billion when we lose twice that every day." And Sen. Bob Cocker tried to egg Dimon into calling the Dodd-Frank Act ineffective. That's a bill, Stewart remembers, that Cocker tried to significantly water-down back when it passed. "It must be nice to be a Republican senator sometimes," says Stewart, "because you get the fun of breaking shit and the joy of complaining that the shit you just broke doesn't work."
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