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Rep. Darrell Issa, (R-Calif.), on calls to investigate the bank’s losses and if J.P. Morgan CEO Jamie Dimon should testify before a Congressional He...
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Spotlight Republican congressman oversight committee chairman.
Darryl I -- joins me now great to see you again congressmen.
I wouldn't talk and very I wanna talk about -- but first summer talking to you a little about JPMorgan Chase.
The name of the time everybody's time here in new York and in Washington.
The senate banking committee may call him as a witness to talk about their two billion dollar lives will your oversight committee do the same thing.
But the subcommittee chairman of that committee Patrick McHenry has been looking into -- being assured.
And we're gonna follow -- up to make sure that the the actual trades were consistent with what would be legal whether or not.
You make -- lose money is a different point.
-- but as you know you know we're trying to regulate against losing money even on hedges.
And Jamie Dimon all the we've taken the direct one to in the the blame for it.
Is not unique people who try to hedge bets sometimes make money or save money sometimes lose money.
But we're certainly looking at -- we're looking at in the framework.
Was this a legitimate attempt to hedge and it appears to be where they're terrible mistakes made yes.
-- should we move on to -- making sure that we don't over regulate something that.
Quite frankly members of congress would know how to make better trade than -- -- people who made these mistakes.
Well there was hedging her bedding or whatever allies it reminded everybody of 2007 and 2008.
At the end of the day do you think.
That the chairman of the world's biggest bank should sit down in -- for a congressional committee somewhere and talk about his decision making.
-- -- said -- Jamie Dimon in New York just a week or so ago.
He's an incredibly Smart person I think that office would benefit from learning just how tough his job is how tough it is being regulated entity.
And also how tough it is trying to make sure that a global business.
Doesn't make or lose an unreasonable amount in either area.
You know do their job of course is to protect first for their depositors there FDIC.
Insured depositors and they do a good job but they're also have a tremendous investment arm.
And I certainly think all of us could learn by finding out how difficult that is in -- non regulated environment and how more and more difficult it is in a regulated environment.
I just hope that we're doing this in the framework of learning rather than thinking that somehow government can make banks work better.
I spent a lot of time in foreign countries finding out that nationalize banks generally get into the kinds of things that we saw today in our hearing.
Where they give loans for political purposes they extend your friends of the president.
There are calls to the chief of staff in the president.
In order to I think get a loan approved for one point six billion dollars -- might otherwise would not have been approved -- certainly wouldn't have been improved on the timeframe.
-- one of our witnesses needed.
Those kinds of things the kinds of things you saw was Solyndra that's what you see when banks to serve being run by governments and I think we have been very careful that the loan guarantees that we're investigating and our committee are in fact.
Government banking -- wrong wrong.
