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Ron Geffner of Sadis & Goldberg Financial Services and Matt McCormick of Bahl & Gaynor Investment Counsel react to Jamie Dimon’s second roun...
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On Capitol Hill.
Well -- -- CEO Jamie Dimon still testifying before the house for some perspective.
Let's go to former SEC investigator -- -- -- head of citizen Goldberg's Financial Services Group.
Matt McCormick is VP bank analyst a -- -- dinner council bank of first run I do wanna go to you on the regulatory issue even though this is a panel about.
-- -- risk management the -- this year they're using this kind of -- invisible or -- revisit Dodd-Frank.
But not a nice way particular you're listening to Barney Frank -- you make of it that the.
The sales -- to the public this and this is why Dodd-Frank is in place it's here to protect you and these banks are evil and they really don't even care about the rules that they don't support it.
And don't listen to them.
Matt McCormick what did you make so far what -- part of me certainly Jamie Dimon is a little more on the defensive we expected this hearing to be a little more testy we're getting what we expected.
Absolutely Cheryl it.
I I agree that this is a political -- shot and Jamie Dimon is opinion -- they're using this for their own political gains.
And it -- crushing -- excruciatingly painful to listen to Maxine Waters in.
Barney Frank talk about -- pontificate about the loss of two billion dollar loss were both of them were bought and paid for by Fannie Mae and there's a 183 billion dollars in losses by our money.
In and so far this is still a private transaction and Jamie Dimon and I understand why investors and Americans are getting fed up with this is amazing this is the political process at its.
Worse what -- -- the same time this is major investment and to put the portfolios of many Americans whether they notre not through mutual -- for an index took the same time if they're continues to be political pressure on.
JPMorgan does that does that equate to.
Financial pressure on the stock.
Sure I got.
-- you share -- this is a shareholders' money in here I'm talking about this to shareholders have a right to know what's going on but from Jamie Dimon from their upcoming second quarters released a verdict paid a price.
But when you have the US government going into a financial transaction which is a personal transaction saying what's going on.
Then why don't we go look at what happened with Fannie -- why don't we look at GP -- what's -- general mortgage or general -- this is something I just find it amazing that Jamie Dimon is being.
Put on the cross for all the financials now he had impaired judgment yet air supervision -- execution.
But this is a private GPM situation I don't think it's worthy of the government's intrusive investigations time to move on in my opinion they've already paid the.
The price the -- after the government has a blank check when it comes to regulation -- got the vocal -- that got Dodd-Frank they have the power of what they can.
Legislate out of Washington whether or not it's -- shareholders JPMorgan.
Org if Americans are second -- like -- as saying they can still add on more regulation -- huge financial headache for all of.
-- the reality is we have too much regulation they should have done this more slowly the problem is they're bending over backwards to.
Satisfied out of the public the other thing that Jamie -- mansion which is important.
But some of the valuation shareholders some of these rules made to increase the value -- JPMorgan because they may not be able to be competitive in a global market which is what he's operating.
All right gentlemen it is going to be fast never going to be of course much and it hasn't my thanks to both -- for weighing Enron governor.
And of course member quorum.
