Jamie Dimon was lobbed softballs yesterday in what was supposed to be a severe Senate grilling of the JP Morgan Chase CEO. Rather than demanding to know what led to the $3 billion in sudden losses at the bank, Senators kissed up to Dimon. Senators on both sides of the aisle including Chuck Schumer, Mike Crapo, and Bob Corker tried to justify Dimon’s losses and even asked Dimon to recommend regulations that Congress should place on the banks.
As the Republic Report details – the kid-gloves approach Senators had to Dimon has a lot to do with the campaign contributions they’ve receives from Dimon’s bank. Senators Schumer, Corker, and Crapo all have JP Morgan Chase as their top political donor this election cycle. Still doubt that we have the best government money can buy?