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How did Jamie Dimon handle questions from the Senate Banking Committee today? Fast Money trader Jon Najarian says Dimon was a "master" and "disarmed them easily." Dennis Gartman, and CNBC's Andrew Ross Sorkin & Simon Hobbs also offer reaction.
Sen. Richard Shelby, (R-AL), asks if Jamie Dimon knows of any bank that has been well-capitalized and well-regulated that has failed. "There's no substitute for capital," says Dimon. "That's correct, Sir."
"The United States has a serious issue," says Jamie Dimon, JPMorgan CEO. "We have to get our fiscal act in order."
Sen. Kay Hagan, (D-NC), asks about the size of JPMorgan's faulty trade. "How could it be so large without coming to the attention of management, regulators and company shareholders?"
Sen. David Vitter, (R-LA) asks Jamie Dimon whether bigger banks should have higher capital requirements and if he thinks the Volcker Rule is necessary.
"We did not borrow from the Federal Reserve except when they asked us to," responds Jamie Dimon to Sen. Jeff Merkley's question about whether his company was saved by taking TARP funds.
Sen. Roger Wicker, (R-MS) asks Mr. Dimon how the Volcker Rule impacts hedging and what he thinks are the benefits regulations.
Sen. Robert "Bob" Menendez wants to know if hedging is really "gambling" and asks Mr. Dimon about his critical comments on enhanced banking oversight.
Sen. Jim DeMint, (R-SC), asks JPMorgan's CEO what Congress needs to do to make the system operate better.
When Sen. Bob Corker, (R-TN), asks JPMorgan's Jamie Dimon if regulations have made the banking system safer, he responds: "I don't know."
Sen. John "Jack" Reed asks if there was someone monitoring the CIO at JPMorgan for risk management and questions whether the "bet" on the direction of the market was a hedging play.
Sen. Michael Crapo asks Jamie Dimon, what should be the primary focus of our regulatory structure.
Sen. Chuck Schumer, (D-NY) asks Mr. Dimon about what went wrong with the risk committees at JPMorgan and how improvements can be made going forward.
Sen. Richard Shelby asks JPMorgan's CEO whether he was investing or hedging at the time of the losses. "I have a hard time distinguishing a bright line between prop trading and hedging," says Dimon.
Sen. Tim Johnson asks Jamie Dimon, what did you know when you made your "tempest in a teapot" comment?
"We have let a lot of people down and we are sorry," says CEO Jamie Dimon testifying before the Senate Banking Committee on what went wrong at JPMorgan.
JPMorgan CEO Jamie Dimon testifies before the Senate Banking Committee on what went wrong at JPMorgan.
Sen. Richard Shelby, (R-AL) and Ranking Member of the Senate Banking Committee, delivers his opening statement. "It should not be the role of Congress to second guess decisions by private sector business," he says. "Regulators don't always meet our expectations."
CNBC's Andrew Ross Sorkin discusses what he will be watching ahead of Jamie Dimon's testimony before the Senate Banking Committee, and a look at the impact of today's hearing on JPMorgan's stock, with Todd Hagerman, Sterne Agee financial services analyst. Michael Scanlon, John Hancock Asset Management weighs in on whether the stock offers a buying opportunity.
Sen Tim Johnson, (D-SD) and chairman of the Senate Banking Committee, says although risk cannot be eliminated from the economy, banks must take risk management seriously and enforce strong controls.