Scott Brown came out with a statement regarding JPMorgan Chase CEO Jamie Dimon’s testimony today. Given his background in watering down Dodd-Frank and evidence of backroom private lobbying to further weaken the legislation after it was passed. Brown likely figured he needed to sound like he was doing something regarding protecting middle class families from losses suffered from taxpayer backed gambling by financial institutions.
During Dimon’s testimony today he said:
“We will take proper corrective action and it is likely there will be clawbacks,” Dimon told the Senate Banking Committee today.
So Scott Brown comes up with this beauty, via the Globe:
“The way for Jamie Dimon to demonstrate his seriousness about the mistakes that led to JPMorgan’s $2 billion trading loss is to take back the bonuses and incentive compensation from those who were involved in the failed London trades, including himself as CEO,” Brown said in a statement distributed by his Washington office.
Shorter Brown: Dimon should do what he already said he would do.
Thanks Scott! That’s the way to drop the hammer. Are you sure you weren’t too rough?
Discuss
2 Comments . Leave a comment below.Claim credit for jawboning Dimon into doing what he already said he would do.
Isn’t it all show business? The senate, paid for by JPMorgan, trying to look tough. JPM’s CEO comes in wearing a token of fealty presented to him by one of his powerful employees.
Amazing how little it costs to buy our duly elected.
My only question: Is this drama or comedy?
“All the world’s a stage,
And all the men and women merely players;
They have their exits and their entrances,
And one man in his time plays many parts,
His acts being seven ages.” –Wm Shakespeare, “As you like it”
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