Bank Yankers - Jamie Dimon on Capitol Hill

  • Aired:  06/14/12
  •  | Views: 43,174

The Senate Banking Committee quizzes JPMorgan Chase CEO Jamie Dimon on the efficacy of Dodd-Frank and the measures he would take to prevent future catastrophic bank losses. (3:59)

(LAUGHTER) BUT THEY DIDN'T JUST HAUL JAMIE DIAMON IN TO TELL HIM HOW NICE AND GOOD HE IS AND

HUGE HE IS, THEY ALSO BROUGHT HIM IN THERE TO TALK ABOUT HOW TERRIBLE THEY, THE SENATE, ARE.

>> WE CAN HARDLY SIT IN JUDGEMENT OF YOUR LOSING $2 BILLION.

WE LAWS TWICE THAT EVERY DAY HERE IN WASHINGTON.

>> Jon: DOES SENATOR DEMINT THINK THAT SPENDING MONEY IS THE SAME AS LOSING MONEY?

(LAUGHTER)

>> Jon: YOU KNOW, HI $10 MILLION HERE YESTERDAY BUT NOW ALL I SEE IS THIS

[BLEEP] HIGHWAY.

(LAUGHTER) I DON'T UNDERSTAND.

(CHEERS AND APPLAUSE)

>> Jon: I DON'T UNDERSTAND WHERE IT'S GOING.

(APPLAUSE)

>> Jon: WHERE'S MY MONEY.

WE'RE GOING HAVE TO DIG THIS UP AND FIND MY MONEY.

WHAT IS GOING ON WITH THIS PANEL OF SENATORS?

SUCKING UP TO JAME ME DIAMON LIKE THEY WERE ON THE PAYROLL.

>> THE BIGGEST CAMPAIGN DONOR TO MANY OF THE BANKING COMMITTEE IS JPMORGAN CHASE.

>> Jon: WELL, LOOK, WHAT KIND OF TREATMENT DOES MONEY LIKE THAT GET YOU.

>> WHAT SHOULD THE FUNCTION OF THE REGULATORS BE.

>> WHAT OTHER AREAS OF OVERSIGHT WOULD BE THE MOST EFFECTIVE FOR US.

>> I WOULD LIKE TO COME AWAY FROM THE HEARING TODAY WITH SOME IDEAS ON WHAT YOU THINK

WE NEED TO DO.

>> WE'RE HERE QUIZZING YOU.

IF YOU WERE SITTING ON THIS SIDE OF THE DIAS, WHAT WOULD YOU DO TO MAKE OUR SYSTEM

SAFER THAN IT IS.

>> Jon: WHY DON'T YOU JUST PUT JAYME-- JAMIE DIAMON IN A CHAIR LIKE CELO'S FROM THE

VOICE AND IF HE HEARS SOMETHING HE LIKES, BOOM,

YOU JUST EARNED YOURSELF ANOTHER TERM IN CONGRESS.

>> THE TRUTH IS THE PERSON HARDEST ON JAMIE DIAMON WAS JAMIE-- JAMIE DIE UPON.

>> WE LOST SOME OF OUR SHAREHOLDERS MONEY, FOR THAT WE FEEL TERRIBLE.

>> WHEN I MADE THAT STATEMENT I WAS DEAD WRONG.

>> WE LET A LOT OF PEOPLE DOWN AND WE ARE VERY SORRY FOR DID.

>> UNDER ANY NAME, WHATEVER YOU CALL IT I WILL NOT DEFEND IT, IT VIOLATED COMMON SENSE.

>> I'M NOT ASKING, I'M TELLING WITH THIS, KICK MY ASS.

(LAUGHTER) (APPLAUSE)

>> Jon: SEE, AS BAD AS THE BANKS AND THE BANKERS MAY HAVE BEEN, THE ONE THING

THAT THE SENATORS WANTED TO REMIND EVERYONE IS,

GOVERNMENT IS WORSE.

>> IF DODD FRANK MORE THAN MARGINALLY MADE OUR BANKING SYSTEM SAFER.

>> I-- YOU KNOW, WE SUPPORTED SOME ELEMENT --

>> I KNOW WHAT YOU SUPPORTED.

HAS IT MADE OUR FINANCIAL SYSTEM SAFER.

I'M TALKING ABOUT THE REGULATORY REGIME THAT CONGRESS PUT IN PLACE, HAS

IT MADE OUR SYSTEM SAFER?

>> I DON'T KNOW.

>> OKAY.

ONE OF YOUR PEERS, NOT QUITE AS WELL-KNOWN AS YOU BUT VERY-- BELIEVES NOT.

>> Jon: SO I'M GOING TO ASK YOU ONE MORE TIME, LOOK AT ME AS I ASK YOU, DID THE

SDOD FRANK LEGISLATION MAKE US SAFER?

ARE YOU OPPOSED TO THE DODD FRANK LEGISLATION.

>> ACTUALLY, BOB CORKER DOES RAISE A PRETTY GOOD POINT.

THE DODD FRANK LEGISLATION HAS NOT DONE ENOUGH TO MAKE OUR BANKING SYSTEM SAFER.

OF COURSE T MIGHT HAVE DONE BET FERR IT WAS A LITTLE BIT MORE STRINGENT BUT APPARENTLY

ONE SENATOR BOB CORKER VOTED AGAINST PROVISIONS LIKE BANNING NAKED CREDIT DEFAULT

SWAPS KEEPING BANKS FROM GETTING TOO BIG TO FAIL AND OPPOSED REINSTATING THE

GLASS STEGALL RULES FROM KEPT BANKS FROM GAMBLING WITH THE MONEY DEPOSITORS

HAD IN THE FIRST PLACE AND THEN THERE IS THERE IS THIS.

>> SENATOR CORKER SAYS HE PLANS O TO POSE THE PLAN.

>> Jon: IT MUST BE NICE TO BE A REPUBLICAN SENATOR BECAUSE YOU GET THE FUN

OFBREAK BRACK SHALL BREAKING

[BLEEP] AND THE JOY OF COMPLAINING THAT THE [BLEEP]

YOU JUST BROKE DOESN'T WORK.

WE'LL BE RIGHT BACK.

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