Below is a photograph of the senior JPMorgan witnesses testifying before the Senate Permanent Subcommittee On Investigations on Friday, March 15. They oversaw the loss of more than $6 billion in depositor funds. This loss dramatized many issues, including the need to return banks to safe lending to the real economy as opposed to risky speculation on meaningless gambles. The loss also showed that some banks are too big to manage, as JPMorgan was considered well managed before this major loss. And the loss also showed that the bank is too big and complex to oversee.

photograph from JPMorgan "London Whale" hearing

These witnesses answered questions for about three hours from Sen. Carl Levin, (D-Mich), who chairs the subcommittee; Sen. John McCain (R-Az), the ranking Republican, and Sen. Ron Johnson (R-Wisc), among others. In the foreground is Peter Weiland, former JPMorgan risk manager. In the far back is Ina Drew, former chief investment officer.

And here are the three dozen attorneys helping them testify. Most are paid well. Many worked for the government, a few as recently as a few months ago.

photograph from the JPMorgan "London Whale" hearing

After the JP Morgan executives testified, the subcommittee heard from the government officials from the Office of the Comptroller of the Currency responsible for overseeing JP Morgan and several thousand other national banks.

photograph from the JPMorgan "London Whale" hearing

Bartlett Naylor is the financial policy reform advocate for Public Citizen’s Congress Watch division. Follow him on Twitter at @BartNaylor.

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Comments

  • Greg

    Iago in Othello: “Thus do I ever make my fool my purse.”

    Thus “our” government functions in reality as the discretionary purse and agent of corporations and of whole industries.

  • Mike

    Washington we have a problem. You no longer represent the people. You represent the corporations.

  • Does anyone else see the perverse consistency in 1) Congress’ continuing willingness to permit a tiny minority of bankers to wield such enormous and uncontrolled power over our economy, and 2) the Democrat’s continuing willingness to permit a minority of forty Senators (representing even less than forty percent of our citizens) to wield such enormous veto power over our legislative will?

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