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Are there any more truly systemic.
Changes out of occurred in -- of the sensible their company yes.
No I don't think you know we're gonna make sure that there are no other issues like this from the company but.
We operator -- business I can never tell you -- make a mistake.
So that was senate banking committee name member David better grilling Jamie Dimon earlier today he did he get what he wanted out of the JPMorgan CEO senator better George.
From capitol health.
Thank you so much for joining us tonight we appreciate it thank you let's look good to be with you just moments ago Timothy Geithner released a statement saying that he thought that the testimony was direct clean and -- would you agree with that.
I would agree with all that -- Jamie Dimon did extremely well.
I'm still not super satisfied with his general response that well they're gonna be smarter they're gonna do better next time I think we need to look at systemic.
For the public including increased capital requirements Jamie diamond diamond is a very competent very Smart god and even under his management.
-- big big.
Pick up occurred.
Yeah and in no I saw that part of your questioning and in fact you said you know have there been more broad scale systemic changes within the company directly -- reaction to this incident.
And he said just -- our review of every single thing that happens.
And we do think it's isolated you're not happy with that what kind of change do you think should have been made.
Well you know there are hundreds of folks within chase you do nothing but risk management there are hundreds of federal regulators.
Who are housed in that bank every day and yet this still happen.
To me that means that the solution is -- smarter regulators.
Or better management smarter management won't let it happen again.
To me that suggest we need systemic reforms that have.
The protection when things.
And I would start with the increased capital requirements we've been moving in that corrections since the crisis I think we probably need to go further.
-- capital what have stopped this from happening.
No but it would protect against it being calamitous particular taxpayer.
This hasn't impacted the taxpayer I mean that's one of the big points that a lot of people are watching today's -- that the -- -- because go had.
Current because because of the size of the pick up.
If the same sort of -- it happened on the larger scale it could have and that's would increase capital requirements would protect them.
If that doesn't recommend for you know something like limiting.
The type of hedging they can do the type of trading.
Yeah and -- as I'm sure you saw during the -- hearing I also asked about the Volcker Rule think Iran part of that.
And I think some.
Version of the Volcker Rule makes sense and I have to admit that's a lot easier said than done the devil's in the details I'm not the person you can figure those details town.
I think some version of it properly applied makes sense.
You know I was watching the testimony -- -- with former SEC chairman Harvey Pitt -- said afterwards that.
You know he thought it seem like a fishing expedition a lot of points it was kind of unclear.
Where some of your colleagues were going with their questions did you think the questions -- kind of all over the place.
They were all over the map that's par for the course than any congressional hearing today I guess I was surprised dissolve -- -- so much.
-- it's pretty much par for the course.
What do you think the goal of the hearing -- -- you think it was achieved.
Well my goal going into it was simply don't understand better exactly what happened in this instance.
And then to step back and say okay what does it say about the system and what protections we need in place not.
To prevent a mistake like that ever from happening again that's impossible.
But to protect the system in the broader system and the public and the taxpayer from dire consequences including the need for an bail -- What do you feel like -- got more clarity on that front because there are couple senators that tried to get more details on the trade.
And of course mr.
Dimon said you know you can't really reveal that because they're still trying to unwind it now be detrimental to shareholders as.
You don't and the other traders with sort of pounce on that make the loss even more do you feel like you have a better understanding what happened after tonight.
Well we certainly don't have all the details about exactly what happened.
I take away from -- that we should be focusing on those.
Systemic issues like capital requirements number one and some properly tuned version vocal rule number two.
Yet there there were also people watching state who made the point even senator did -- -- as well that.
You it's hard to watch a group of senators grilling mr.
-- about a two billion dollar loss when you have.
Washington and our government you know racking up the trillion dollar dollar deficit for taxpayers every year and this is a -- that doesn't act taxpayers -- -- -- -- -- -- -- -- Well I agree with that -- wholeheartedly look -- -- -- any measure by any comparison.
Washington is in the most physical dysfunction and mismanagement.
And we need to attack that certainly conservatives like may have been.
Trying to do that got a hold on spending that.
-- at the end of the day do you feel like -- regulation that's been put in place since the financial crisis has made the systems safer there was a lot of debate about that today.
Yeah unfortunately I think 90% of -- 90% of Dodd-Frank has not done that it's just increased.
The regulatory burden it's been more regulation.
In Jaime diamonds terms not smarter or stronger regulation I think we need to step back.
And peel away just the volume.
Of burden of regulation.
And look at really systemic changes and again.
I would focus on first capital requirements second some.
Up properly tuned version Volcker Rule and I I realize it's much easier said than done.
Senator thank you so much for joining us tonight we present time.