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Sen. Mike Johanns, (R-Neb.), is calling on J.P. Morgan CEO Jamie Dimon to come to Capitol Hill and explain what happened during the trading blunder.
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-- ladies and a few -- and shares of JPMorgan.
Had been out of the neighborhood of 13% since news of the two billion dollar trading loss first broken our first guest today wants the CEO Jamie Dimon.
To explain that mistake to the senate banking committee Republican senator Mike Judge -- joins us from Nebraska now.
Live on Capitol Hill what I wanna know set and -- from my Jamie Dimon.
Well I think it's an opportunity for him to come to the hill.
Talk to the senate -- banking committee and explain exactly what happened.
Here's what's occurring here.
You've got many people saying oh let me just use this opportunity.
To explain why we need more regulation greater regulation why we need to tie their hands more.
My attitude is if that's the case let's be open to that but if not if that's not the case then let's be very careful about that.
The best person to explain what happened is Jamie Dimon.
I hope he comes to the hell I hope he offers -- to the hill to explain exactly what happened and I think you were the first.
-- member of congress to call on him.
To do that we'll see I guess how progresses.
Terms of the leadership moving forward with that now the what are the big debates -- us editor about this two billion dollar trading losses.
What they were doing exactly and we know part of it now but we don't know and maybe this is one of the reasons mr.
diamond -- testify we don't know.
Exactly what was going on was it a debt the JPMorgan was making with its own money or was -- -- -- to prevent.
More losses do you have a personal take on that -- you got a handle on which one of those in -- I think at this point it's impossible to tell we just don't have good information and that really is the basis for my requests from.
-- on one hand if this was stupid.
You can't legislate stupid.
On the other hand.
-- two billion can be lost and it was done in a way that potentially you can lose ten billion.
We need to know about that and we need to do the right things to make sure that you don't end up with that kind of situation.
And one of the other questions as if the regulation that this.
Indeed either being debated or has been -- and is waiting to be implemented if it had been in place already.
Would this have been allowed -- have been allowed under Dodd-Frank more specifically would be if the Volcker Rule was implemented would what JPMorgan was doing have been allowed.
What are your thoughts on that.
Lots -- excellent -- you know of the Volcker Rule is still in the process of being implemented.
Rule is literally out there for comment.
So my question is again.
If that was fully in effect.
Would that have impacted the behavior.
JPMorgan.
If not why not.
-- those are the kinds of questions we need gas we have a right to ask we need to make sure that what we're doing is the right thing.
And we don't we wanna make sure we're not -- doing this recognizing what people are using this yes that's sort of getting up your -- and all this is that we don't need.
More regulation is that fair.
-- -- always is that we over regulate my -- noises that the government goes too far Don Franken my personal opinion.
Was a piece of legislation that.
Literally took a crisis in then tried to take control of the entire economy.
Maybe I'm wrong about that right I think Jamie Dimon can explain.
That's what happened here are we'll keep following -- -- if if he ends up testifying before the committee senator thank you very much appreciate it thank you senator Mike --
