Congress borrows $1b while grilling Dimon
The House Financial Committee just concluded grilling banker Jamie Dimon on risky financial bets his firm, JPMorgan Chase, made that resulted in losses of at least $2 billion last month. Today’s hearing follows up on last week’s Senate Banking Committee grilling of Dimon on the same bad bets.
But the irony here is rich: During the course of the two Dimon hearings held to discuss this bad bet, Congress borrowed nearly one billion dollars.
According to numbers provided by the Senate Budget Committee Republican staff, the debt per day is $3.6 billion, debt per hour is $150 million, and debt per minute is $2.5 million.
Today’s House hearing, titled “Examining Bank Supervision and Risk Management in Light of JPMorgan Chase’s Trading Loss,” and featuring Dimon among others, lasted approximately 256 minutes, or 4 hours and 16 minutes. Which means that Congress borrowed about $640 million dollars—just as it grilled Dimon.
Last week’s Senate Banking Committee hearing with Dimon, titled “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase,” lasted about 131 minutes. The amount borrowed during that session, then, was approximately $327.5 million.