Jamie Dimon to testify Wed. June 13
June 9, 2012
Wed. June 13 @ 10:00 AM – 12:00 PM
SD-G50 Dirksen Senate Office Building, room SD-G50
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing on “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?” The witness will be Mr. James Dimon, Chairman of the Board, President and Chief Executive Officer, JPMorgan Chase & Co.
Hmmm. The title of the session already presumes a lot about the causes of the JP Morgan’s multi-billion debacle. Are losses necessarily the result of a breakdown in risk management? Isn’t it possible that the rise of risk management creates the very conditions under which such huge losses can be accrued…?
Andrew Ross Sorkin at Dealbook points out that “Mr. Dimon, the chief executive of JPMorgan Chase, has been pretty blunt about the trading losses, calling them sloppy, stupid and bad judgment. But, so far at least, he has sidestepped explaining in any detail how they happened and what actions the firm has since taken.”
Sorkin suggested a list of questions the senators might want to ask.