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Dimon's Senate Hearing: Notables and Quotables
June 14, 2012
[ by Melanie Gretchen ]
The New York Post announced its choices for "Winners, Losers, and Best Quotes" from the Senate Banking Committee hearing on Wednesday, featuring JPMorgan Chairman and CEO Jamie Dimon.
Winners
- Sen. Jon Tester (D-MT) visibly rattles Mr. Dimon’s confidence by asking why his bank held back $168 million of MF Global’s cash as that bank melted down. Dimon's stumble sends JPMorgan shares diving for an hour.
- Sen. Jeff Merkley (D-OR) makes Mr. Dimon lose his cool by saying "big dumb banks" in jams should fail. He then cuts off Dimon’s protest, saying, "Sir, this is not your hearing."
- Ina Drew, Ousted Head of JPM's Chief Investment Office, gets blamed by Dimon for causing the bank’s $2 billion loss and is warned that some of her $14 million pay might be clawed back for her errors.
- Sen. Robert Menendez (D-NJ) attacks Jamie Dimon for taking $20 billion bailout money in 2008, but is quickly slapped down by Dimon who responds that he was forced by Uncle Sam to take it, or else.

