Matt Taibbi and Yves Smith on the Follies of Big Banks

[cornermouse]

Matt Taibbi and Yves Smith on the Follies of Big Banks and Government

http://billmoyers.com/segment/matt-taibb...overnment/

BILL MOYERS: Welcome. This past week, Jamie Dimon, CEO of JP Morgan Chase, was back on Capitol Hill, testifying before the House Financial Services Committee, as he had earlier done before the Senate Banking Committee. He was being questioned on how his bank had lost two billion dollars -- or more -- on risky trading. His reception in the House was less fawning than what he got from the senators. Although many of them also are beneficiaries of JP Morgan largesse, House members were more combative.

BARNEY FRANK: You said you have a fortress balance sheet. That assumes there's something special about the way you are that made us have to worry less. But we can't assume that's going to be the case for every financial institution.

JAMIE DIMON: But I also said that we'd be solidly profitable this quarter. So relative to earnings–

BARNEY FRANK: That's not the question. Mr. Dimon, please don't filibuster....