Why did Jamie Dimon have to testify? I understand its about the 2 billion dollar loss but I still don't know why. I'm sure if an individual such as Warren Buffett lost 2 billion, he wouldn't have to testify. Sorry for my ignorance and dumb question.
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I'm completely stupid as well. Let me shed some ignorant light on this for you. 2008 just happened. Frank-Dodd is being enacted (no prop trading, this trade is considerably "proppish"), they pose systemic risk and are monitored by government security and trade organizations.
That is my shitty 1.5 cents.
In short, it was a fucking dog and pony show. Legally, if Dimon didn't want to show up, he didn't have to. But, when the clowns in congress request an appearance, and there is looming draconian regulation hanging in the balance, it would be insane not to show up. Dimon going to congress is nothing more than a PR show for JPM and a pathetic opportunity for the useful idiots in congress to feign their outrage.
Volcker rule - they thought the risk of the trades was less legitimate hedging and more prop trading.
Yeah I haven't been following this at all really, but sounds like a big public image thing for everybody involved
Haha my username is JDimon and I haven't been following it lol
He showed up voluntarily, and the naive, retarded senators kept asserting "taking risks with the banks money. this is not hedging, this is gambling/betting, etc." Typical stuff.
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