The long shot big hope for Wall Street reformers Wednesday was that JP Morgan CEO Jamie Dimon would trip up before the Senate banking committee and expose the need for tighter rules governing big banks. His firm, after all, recently lost billions making risky bets with depositor funds on the line.
Instead, with some notable exceptions, the senators themselves turned the cross-examination into a coronation, and exposed the extent to which elected officials still feel compelled to genuflect to powerful financial interests.
For reformers, that adds up to an opportunity missed. But that came as no surprise to one of the Democrats with a stake in strong financial oversight – Volcker rule author Jeff Merkley (D-OR).
"I think that if Dimon came in and surprised everyone … if he came in and said there are systemic issues that have been raised here, that I think do need to be addressed, it would change the conversation to have a champion among one of the major banks," Merkley told TPM this week in advance of Dimon's appearance before the committee. "I would be very surprised if we saw that testimony."
Read more: Senators fawn over Jamie Dimon despite JP Morgan trading fiasco | Brian Beutler | Comment is free | guardian.co.uk
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