London's Independent: Fail Whale soon to cost JPMorgan up to $7 Billion-Okay,
soon they'll be talking about real money....
David Dayen writes about this and notes JPMorgan has suspended its stock buyback plan.
The Senate Banking Committee is going to investigate --cue the Jaws music-- but does Jamie have much to worry about?
"Luckily for Dimon, the professional staff in charge of managing the banking committee will be quite familiar to him and his team of lobbyists. That’s because the staff director for the Senate Banking Committee is none other than a former J.P. Morgan lobbyist, Dwight Fettig.
As Dick Durbin blurted out last year while on an Illinois radio talk show, knowing full well how he himself is indebted to them:
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place," he said on WJJG 1530 AM's "Mornings with Ray Hanania." Progress Illinois picked up the quote. (my emphasis)
Ain't living in a kleptocratic oligarchy great?