JPMorgan Chase on Capitol Hill
Senate hearing was a love fest, not a grilling.
by Stephen Lendman
On June 13, JPMorgan Chase CEO Jamie Dimon testified before the Senate Banking Committee. He discussed his firm's recent trading loss and industry practices.
It was more of a homecoming than grilling. Washington is Wall Street occupied territory. Foxes guard the hen house. Regulators don't regulate. Oversight is absent.
Investigations rarely happen. Those conducted are whitewashed. Criminal fraud is institutionalized. It's encouraged, not curbed.
Congress, the administration, SEC, and credit rating agencies are incestuously involved with giant banks and other major financial institutions. Whatever they want, they get.
Wall Street never had it so good. Senators didn't lay a glove on Dimon. His grand theft business model wasn't explained.