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Anti-foreclosure protesters delayed Dimon's testimony. He looked unperturbed. One shouted "Stop foreclosures." Another said "Jamie Dimon's a crook."
They were hustled out of the Senate chamber handcuffed. Expect charges to follow. At the same time, Dimon's free to keep stealing and let taxpayers pay the tab if too great to cover losses mount.
On June 12, Bloomberg headlined "House of Dimon Marred by CEO Complacency Over Unit's Risk," saying:
Dimon treated the chief investment office (CIO) differently from other JPM departments. Rigorous scrutiny and transparency were absent. Concerns were raised. He ignored them. Why worry when big money is being made.
What Dimon knew and when he didn't say. He's known as a hands-on boss. He overseas a vast financial empire. With over $2.3 trillion in assets, JPM became the largest US bank last year.
According to former Federal Reserve Bank of Minneapolis CEO Gary Stern:
Institutions like JPM "are too big to manage because even the bank that was considered to be the best-managed turns out to have had a significant glitch."Bloomberg called "(r)isk management at (JPM's) CIO (a) world of its own."
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