And Joe Nocera loves him for it.
Months earlier, the Senate Banking Committee, whose members lean on the big banks for major campaign contributions, held its own inquiry into the disastrous trades. There, JPMorgan’s chief executive, Jamie Dimon, was treated more like a visiting dignitary than a committee witness. Senator Charles Schumer of New York, unctuously describing Dimon as “a financial expert,” asked him to gauge the “danger of this kind of thing happening at other institutions not as well-capitalized as JPMorgan.��� Pathetic.
Levin and John McCain, the permanent subcommittee’s ranking minority member, didn’t even bother to invite Dimon. “We wanted to speak to the people who had the most information,” Levin told me. Thus, the subcommittee’s witnesses included Ina Drew, who led the division that oversaw the London traders, and Douglas Braunstein, who was the bank’s chief financial officer. The combination of Levin’s tough questions and a 300-page report by the subcommittee’s investigators was brutal. The bank, and Dimon, took a major reputational hit.
The Senate's Muckraker [NYT]