Some months back, a baseball player appeared before a Congressional panel for a hearing on drug abuse and his alleged participation. Later, there were perjury charges. At the conclusion of the hearing, some Congressmen were seeking his autograph.
This week the CEO of J.P. Morgan, Jamie Dimon, made an appearance before the Senate Banking Committee. The hearing, part of the aftermath of the recent publicized losses by the investment bank. Of course, it was a farce. Although, I did not watch the hearing; I read about it. Nothing of substance, that I recall, emerged from the sort of one-way conversation. Mr. Dimon, suffered through much ego build-up, by the fawning Senators. After all, you are one of the best CEO’s in the country, etc.
Why wasn’t the discussion about breaking up J.P. Morgan and the restoration of Glass-Steagall ? Maybe then, Mr. Dimon would have broken sweat.