Deregulation Hero Jamie Dimon To Be Grilled In Congress Over Lost Billions
JPMorgan Chase boss Jamie Dimon has been Wall Street’s front man against regulation, but now he’s in the hot seat. Dimon is scheduled to testify Wednesday in front of the Senate Banking Committee, and will be asked to explain the $2 billion + his firm lost in a speculative bet.
Jamie Dimon Of JPMorgan Chase
Traders in JPMorgan’s London office made the faulty trades that led to the loss — while Dimon decried reformer’s attempts to add new legislation that would protect the public from having to bail out giant banks and their losses.
Dimon had previously claimed that firms like JPMorgan could detect losses in advance, without Washington intervention.
Many Republicans have defended Wall Street firms for their actions, claiming that the invisible hand of the free market is the only regulation needed on commerce.
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