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Jamie Dimon on the Hill

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Jamie Dimon, the head of JPMorgan Chase, told the Senate Banking Committee on Wednesday that he had been "dead wrong" to dismiss early news reports of his bank's reckless trading and that he was "sorry" for the resulting losses, variously estimated at $2 billion to $5 billion, and counting. He even ventured that too-big-to-fail banks have "negatives," including "you know, greed, arrogance, hubris, lack of attention to detail." The senators did not press him nearly hard enough. Some Republicans even praised Mr. Dimon for his bank leadership and let him critique proposed financial regulations, while one Democrat sought his advice on how to fix the deficit.

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