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June 20, 2012

Jamie Dimon Faces Oversight From House

“If JPMorgan Chase & Co. CEO Jamie Dimon came to the House Financial Services Committee on Tuesday expecting the kind of kid-glove treatment he pleasantly suffered at the hands of the Senate Banking Committee last week, ranking member Barney Frank quickly disabused him of that notion.

The prickly Massachusetts Democrat repeatedly dismissed Dimon’s answers to his questions as disappointing, and at one point openly mocked the executive for ducking a question on funding for the Commodity Futures Trading Commission.”

” “These hearings always favor a witness, no matter who the witness is. [The Members] only have five minutes and they switch between Democrats and Republicans, so there’s no consistent line of questioning,” said Dennis Kelleher, president of Better Markets.

As a result, “the witness can basically filibuster questions he doesn’t like” if they have any speaking skills at all. Kelleher noted, “One thing you can’t say [about Dimon] is that he’s not a polished speaker.”

Nevertheless, Kelleher, who spent years in the Senate Democratic leadership apparatus, said, “The House, and even some Republicans, asked some very tough, relevant questions. I think the Financial Service Committee acquitted itself very well.” “


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