Protesters confronted JPMorgan Chase CEO Jamie
Dimon on Wednesday as he testified on Capitol Hill about how his bank
lost up to $3 billion in risky bets. Lawmakers, however, gave a warmer
greeting to the man described as Washington’s favorite banker. JPMorgan
spent $7.6 million on lobbying last year, and Dimon has a long record
of contributing campaign donations to lawmakers on the Senate Banking
Committee. We speak to former investment banker Nomi Prins, author of
"Black Tuesday." Prins calls Dimon’s appearance "the tamest — and there
have been very tame ones — hearing for any of the bank leaders since the
[financial] crisis began in 2008." She adds that "what we saw yesterday
was a glimpse of how lobbying money, as well as additional campaign
money ... have a tremendous impact on regulations and ... the power that
[the financial industry has] within the Senate and, therefore, with
respect to regulation of their own industry. ... This is why there’s no
line between legislators and bankers."Video
Source: Democracy Now!
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