JPM's Jamie Dimon 'Wins' in Congress
You gotta love Jamie Dimon. The man shone today (Wednesday), in Congress and in an interview on our air with Mary Thompson.
If this was a boxing match, Dimon flat-out won. He was confident without being cocky — JPMorgan Chase stock rose on heavy volume. The market spoke.
Why was he so good?
Traders kept messaging me how masterful he was: "The discussion turned into a bigger one of policy and effectiveness rather than the size of banks and their balance sheets and oversight," one trader said.
"The mistake faded away and THATS why he is so good...instead of testimony about screwing up it gave him a platform to criticize Volker and Dodd Frank."
Not all the comments I heard were positive. Some felt the Congressional panel was simply overwhelmed by the technical issues.
"They dont know how to manage these trades either," one said.
Others thought darker forces were at work. "That was the biggest softball committee hearing I have ever seen," one said, claiming that JPMorgan was one of the biggest political contributors to Congress. He cited this link, which shows the top 20 contributors to Sen. Bob Corker, with JPM third.
- Can JPM Survive Scarlet Letter?
- Dimon to Senate: 'Isolated Incident'
- Dimon to CNBC: 'We're Going to Get Through This'
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