"These trades were not conducted by a group of rogue traders," Mr. McCain says. He then continues to detail how the problems that led to the disastrous trades extended beyond the traders making the large wagers in the London office of the chief investment office.
"The bank's primary regulator, the O.C.C., failed to take action," Mr. McCain says. The regulators don't escape criticism at the hearing. Mr. McCain says the regulators were "asleep."
Even though Mr. Dimon is not testifying at Thursday's hearing, Mr. McCain continually singles him out. Much of the criticism is focused around Mr. Dimon's assurances on April 13 that concerns about the trades were "a complete tempest in a teapot."
Mr. McCain asks whether JPMorgan expects the taxpayers to bail them out again. It's worth noting, though, that JPMorgan, unlike many of its rivals, emerged from the financial crisis relatively unscathed.
↧
