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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."
Losers
  • 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.
Quotable Quotes "You appear to be in much better fiscal shape than we are as a country." -- Sen. Jim DeMint (R-SC), referring to Jamie Dimon. "We do believe this to be an isolated event." -- Mr. Dimon, to Senators "Jamie Dimon’s a crook." -- Demonstrators, chanting in the chambers before being booted out. [NY Post, 6/14/12]