Sunday, May 20, 2012

Selective Finger Wagging

Jamie Dimon, the man at the helm of JPMorganChase, has been "invited" to testify before the Senate Banking Committee concerning the firms $2 billion [now] $3 billion dollar hedge loss.

Does anyone else see the hilarity in the fact that the U.S. Senate, which has been operating without a budget for the past 3 some-odd years (not to mention operating in a deficit), for one...has a "banking committee", and two...is concerned about a hedge loss that is within the realm of rounding error in relation to the total amount of assets managed by the firm.

Why doesn't the Senate Banking Committee extend an invitation to the Senate Budget Committee to discuss the absence of a Congressional budget since the sun first rose on the Obama administration. I'm pretty sure there's a committee at my bank that would be contacting me if my account operated in the red for too long.

No comments:

Post a Comment