
Much hype has been made of JPMorgan CEO Jamie Dimon’s trip to the Senate Banking Committee to have a tête-à-tête with Senators over JPM’s $2 billion in hedging losses. The testimony is significant because JPM’s hedges were executed with the very same instrument that tanked the economy in 2008—the credit-default swap (insurance bought to back known risky trades).
Dimon is widely known as a skilled D.C. operator but, as Open Secrets records prove, it isn’t as well known that Dimon has some friends on the Senate Banking Committee.
“In the 2012 election cycle [Dimon] has given $6,800 to Democratic candidates and $4,500 to Republicans,” write Open Secrets. “Among the recipients are committee members Bob Corker (R-TN) and Mark Warner (D-VA). Dimon has also contributed to the top Republican and the top Democrat on the committee, though not for several years: both Richard Shelby (R-AL) and Chairman Tim Johnson (D-SD) received $2,000 from Dimon in 2008.”
According to OpenSecrets data, ranking member Shelby $140,771 from JPMorgan over the years. Dimon has also contributed to Senate Banking Committee members Jack Reed (D-RI), Mike Crapo (R-ID).
Contributing to Republicans and Democrats alike—now that is a hedge. Good for Dimon, that stand-up chap. It should serve him rather well at the testimony. Publicly there will be some handwringing, but privately Corker, Reed, Warner, Shelby, Crapo and Johnson will probably give Dimon a nice, reassuring handjob.





June 13, 2012 at 7:52 pm, Lee Sherman said:
These senators are not cheap, but they can be bought. Vote out the incumbents next election.
These clowns do not deserve the jobs they have and they care not for our country. Re-election is the only thing they will work for.
June 15, 2012 at 9:40 am, Three Senate Banking Committee members hold JPMorgan stock | Death and Taxes said:
[...] sorts for Senators?This cannot be overstated: Jamie Dimon walked into that Senate testimony having donated to several committee members and with the knowledge that several Senators had investments in JPMorgan. This is corporatocracy [...]