'Everybody’s not paraded down to Washington to testify'.
Dimon told the Senate Banking Committee last month that he was too complacent overseeing bets with credit derivatives at the bank’s Chief Investment Office in London and that trades intended as hedges 'changed into something I cannot publicly defend'. He said the bank has the financial strength to withstand the losses, which were at least $2bn.
Senator Sherrod Brown, an Ohio Democrat, was among lawmakers who criticized the New York-based bank for taking too much risk.
'I don’t want to see consumer lenders in Columbus losing their jobs because cowboys in London make too many risky bets', Brown said last month, referring to 19,000 JPMorgan employees in his state.
'He handled it OK', Greenberg said of Dimon, 56. 'It was really outrageous to have the CEO come down and testify before Congress because of a transaction that didn’t work out well'.
Hit the link below to access the complete Bloomberg article:
Greenberg Says Congress Outrageous for JPMorgan Hearings
The Alchemists: Three Central Bankers and a World on Fire
Hubris: How HBOS Wrecked the Best Bank in Britain
