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JP Morgan's Jamie Dimon faces House committee - US politics live JP Morgan's Jamie Dimon faces House committee - US politics live
(40 minutes later)
12.12pm: Former reality TV "star" Sean Duffy – turned Tea Party favourite – is mildly hostile, asking if JP Morgan is too big to fail. When Dimon boasts about how big JP Morgan's balance sheet is, Duffy asks if JP Morgan could sustain a $50bn loss? "Not unless the moon strikes the earth," replies Dimon.
Tell that to AIG investors, mister.
"I'm pretty sure somewhere in Dodd-Frank there's a prohibition on the moon striking the Earth," notes Bachus dryly.
12.05pm: Democrat Maxine Waters is asking some searching questions about why JP Morgan lobbys against overseas regulations, given that what happens in London can hurt banks in the US. Dimon slithers out of the question, defending his bank's general right to lobby for whatever it sees fit, and that regulations overseas impacts JP Morgan's operations there.
12.02pm: Here's Barney Frank, and he wants to know Dimon's views about regulation of derivatives. But Dimon's not giving an answer, and Frank says he's "disappointed".
Frank also wants to know if Dimon's own pay will be subject to "claw-back" after what's happened. Dimon says that's 100% up to the JP Morgan board.
Now there's some issue about who speaks next, a dispute between the two parties.
11.56am: A member wants to know Jamie Dimon's view on the crisis in Europe, which is interesting if hardly relevent. Anyway, Dimon thinks that the "smart people" he talks to expect a fiscal treaty to be signed, which would be something.
11.52am: Now the committee is having some question about if Jamie Dimon should be testifying under oath.
It seems that the committee chair, the committee chair Spencer Bachus says: "I see no evidence this is a criminal proceeding." Oh well. Another high point for congressional committees there.
11.48am: And Jamie Dimon kicks off his House testimony by repeating, seemingly word for word, his opening statement to the Senate banking committee last week.
11.40am: Not long to go now before Jamie Dimon starts speaking at the House committee on financial services. If the usual trends apply, then this committee will make last week's Senate committee hearing seem like a symposium of Nobel Prize winners in physics.
11.31am: So you can criticise the White House for not acting, and then when it does act, criticise it for a "power grab"? Smooth move there Senator Marco Rubio, who is taking his ball home after the Obama administration's move on immigration last week:
Rubio's decision comes in the wake of President Obama's announcement last week that his administration would halt deportations of certain undocumented youth, a policy that essentially undercut the GOP senator's proposal. In multiple interviews Monday, Rubio faulted Obama for derailing his effort, which he had worked on for three months.
"People are going to say to me, 'Why are we going to need to do anything on this now. It has been dealt with. We can wait until after the election,'"Rubio told the Wall Street Journal. "And it is going to be hard to argue against that."
Of course if Senaor Rubio had actually published a bill or something, he'd have a case. But he didn't.
11.12am: Democratic party congresswoman Carolyn Maloney of New York asks the big question:11.12am: Democratic party congresswoman Carolyn Maloney of New York asks the big question:
Rep. Carolyn Maloney: every big trading disaster happens in London. Why?Rep. Carolyn Maloney: every big trading disaster happens in London. Why?
Good question Representative Maloney. One answer is that perfidious British bankers want to steal away your precious American gold.Good question Representative Maloney. One answer is that perfidious British bankers want to steal away your precious American gold.
11am: In case you were wondering, before Jamie Dimon takes the hot seat, the House committee is hearing from a variety of financial regulator rock stars, including SEC chair Mary Schapiro, the Comptroller of the Currency Thomas Curry and the Commodity Futures Trading Commission chair Gary Gensler, among others. It's basically a Woodstock '69 line-up for Wall Street regulation.11am: In case you were wondering, before Jamie Dimon takes the hot seat, the House committee is hearing from a variety of financial regulator rock stars, including SEC chair Mary Schapiro, the Comptroller of the Currency Thomas Curry and the Commodity Futures Trading Commission chair Gary Gensler, among others. It's basically a Woodstock '69 line-up for Wall Street regulation.
10.50am: Guys, Mitt Romney sometimes tells awkward jokes, and the New York Times is ON IT:10.50am: Guys, Mitt Romney sometimes tells awkward jokes, and the New York Times is ON IT:
At the breakfast, Mr Romney introduced two of his sons, Matt and Craig, in a slightly unusual fashion. "I love them," Mr Romney said. "I love them like they're my own. And they are! Craig!"At the breakfast, Mr Romney introduced two of his sons, Matt and Craig, in a slightly unusual fashion. "I love them," Mr Romney said. "I love them like they're my own. And they are! Craig!"
With that, Craig Romney rescued the microphone from his father.With that, Craig Romney rescued the microphone from his father.
Embarrassing Dad or Weirdo? You decide.Embarrassing Dad or Weirdo? You decide.
GUYS, eBooks do not smell like printed books, and The Times is ON IT. nyti.ms/LXWejlGUYS, eBooks do not smell like printed books, and The Times is ON IT. nyti.ms/LXWejl
By the way, this is where that formulation comes from.By the way, this is where that formulation comes from.
10.40am: While we're waiting on Dimon to appear – you know it's a slow news day when this is the lead item on the Drudge Report:10.40am: While we're waiting on Dimon to appear – you know it's a slow news day when this is the lead item on the Drudge Report:
A Massachusetts man has pleaded not guilty to attacking a bicyclist with sausage links and a wrench before making off with jewelry and the bike.A Massachusetts man has pleaded not guilty to attacking a bicyclist with sausage links and a wrench before making off with jewelry and the bike.
10.30am: It's round two of Jamie Dimon versus Congress, as the JP Morgan chief executive faces his second session of testimony on the subject of the bank's huge "London Whale" trading losses.10.30am: It's round two of Jamie Dimon versus Congress, as the JP Morgan chief executive faces his second session of testimony on the subject of the bank's huge "London Whale" trading losses.
Last week Dimon was given a largely generous ride by the Senate banking committee, and today he's even less likely to have much trouble before the Republican-dominated House committee on financial services.Last week Dimon was given a largely generous ride by the Senate banking committee, and today he's even less likely to have much trouble before the Republican-dominated House committee on financial services.
The wild card is that House committees tend to be more flaky and erratic than Senate committees – with members prone to grandstanding since they get fewer chances in the spotlight, so who knows what questions Dimon may face out of left-field?The wild card is that House committees tend to be more flaky and erratic than Senate committees – with members prone to grandstanding since they get fewer chances in the spotlight, so who knows what questions Dimon may face out of left-field?
But based on last week's performance, Dimon will handle this circus – pardon me, I mean members of the House of Representatives – with ease.But based on last week's performance, Dimon will handle this circus – pardon me, I mean members of the House of Representatives – with ease.
In the meantime, here's a summary of other news from Ryan Devereaux:In the meantime, here's a summary of other news from Ryan Devereaux:
• Marco Rubio, the Florida senator thought to be a top contender as Mitt Romney's running mate, has not been vetted for the position, ABC News reports. Jonathan Karl says "reliable sources" have told him Rubio "has not been asked to complete any questionnaires or been asked to turn over any financial documents typically required of potential vice presidential candidates."• Marco Rubio, the Florida senator thought to be a top contender as Mitt Romney's running mate, has not been vetted for the position, ABC News reports. Jonathan Karl says "reliable sources" have told him Rubio "has not been asked to complete any questionnaires or been asked to turn over any financial documents typically required of potential vice presidential candidates."
• A new poll from Bloomberg finds a majority of voters support president Obama's recent decision to stop deporting certain undocumented young people. According to the survey, 64% of likely voters said they agreed with the president's decision. Broken down by party, 86% of Democrats and 66% of independents supported the decision, and 56% of Republicans opposed it.• A new poll from Bloomberg finds a majority of voters support president Obama's recent decision to stop deporting certain undocumented young people. According to the survey, 64% of likely voters said they agreed with the president's decision. Broken down by party, 86% of Democrats and 66% of independents supported the decision, and 56% of Republicans opposed it.
• Mitt Romney is returning to New York City next week to drum up money for his campaign efforts. The former Massachusetts governor will attend a major event in New Jersey with governor Chris Christie, as well as a fundraiser at the $70m apartment of wealthy couple Martin and Barbara Zweig.• Mitt Romney is returning to New York City next week to drum up money for his campaign efforts. The former Massachusetts governor will attend a major event in New Jersey with governor Chris Christie, as well as a fundraiser at the $70m apartment of wealthy couple Martin and Barbara Zweig.
• The president has a new debate practice partner: Senator John Kerry. As Obama prepares to face Romney in at least three crucial contests of rhetorical nimbleness this fall, Kerry has assumed the role of the former Massachusetts governor. Kerry has a reputation as a strong debater and, like the GOP candidate, he is also very wealthy, owns multiple homes and has been known to flip-flop on issues, essentially he is already inside Romney's mind.• The president has a new debate practice partner: Senator John Kerry. As Obama prepares to face Romney in at least three crucial contests of rhetorical nimbleness this fall, Kerry has assumed the role of the former Massachusetts governor. Kerry has a reputation as a strong debater and, like the GOP candidate, he is also very wealthy, owns multiple homes and has been known to flip-flop on issues, essentially he is already inside Romney's mind.
• Obama's nominee for consideration as ambassador to Iraq, Brett McGurk, has withdrawn his nomination for the position. Members of the senate had resisted McGurk's nomination, and an anonymous source leaked intimate emails exchanged in 2008 between McGurk, who was then working for the state department in Iraq, and a reporter for the Wall Street Journal covering the conflict there. The pair later married.• Obama's nominee for consideration as ambassador to Iraq, Brett McGurk, has withdrawn his nomination for the position. Members of the senate had resisted McGurk's nomination, and an anonymous source leaked intimate emails exchanged in 2008 between McGurk, who was then working for the state department in Iraq, and a reporter for the Wall Street Journal covering the conflict there. The pair later married.