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Senate panel grills JPMorgan CEO over trading losses

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    Alabama Senator Richard Shelby weighs in

  • Duration 4:09
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All right and at times to get back to -- grill on the hell out my Nexus One of the senator's quest Citi JPMorgan CEO Jamie diamond today.

But he did so actually lose sadly which makes it stand out which makes him here on -- about -- Republican of Alabama Richard Shelby and senator.

Today and I know this is a well intended presentations we're hearing but I felt for a lot of your colleagues it was sort of like a political.

Been throwing test and and you just step back -- wanna know what could Washington do.

-- it suits and it's to prevent this sort of thing -- to address these problems.

But I felt a lot of your colleagues were pointing fingers and not really to solutions what was your thinking.

Well I'm not going to.

Same thing about my colleagues he said it this way you senator you have -- -- a hearing.

I thought this was a series airing.

And not a circus and not try to look at the hearings that way what we should I've tried to do is find out what went -- considering.

That.

That JPMorgan.

Still has -- proprietary interest in that.

And we'll find out sooner or later sequence Massey was what was known.

Let looking at -- overall I think the message today was.

That.

Jamie diamond admitted -- made some mistakes.

They lost the money which hurts.

But they're well capitalized and of course my -- is is making sure.

Not that banks don't lose money aren't that they don't make money I wanted to make money they take risks.

On the other hand I don't -- him to be under capitalized I want him to be well capitalized don't ever won't the taxpayer to bail them out.

But you know this comes at a time I don't know if you caught earlier sir are -- just -- -- Fox Business that -- which if you don't get you should demand for years senator I'm sure you do.

He was reporting that this very same firm.

Has it pervasive that shows on funded pension liabilities across the country leaving aside Social Security -- -- all that stuff.

Just public pension liabilities are approaching four trillion dollars.

That -- -- at a song so gargantuan.

There's simply no way to address it saved rapidly and steeply cutting spending.

And -- raising taxes.

By the same amount what do you make of that and whether you felt that you and your colleagues maybe this wasn't your intent are sort of wasting time -- about a -- And a -- two billion dollar trade.

-- they.

I think that you're absolutely right.

That we have so many larger problem.

Bigger problems structural problems complex problem.

That we ought to refocus and known those.

JPMorgan -- -- it was two billion dollars you talking about for work trillion dollars shortfall.

We'd better get things in perspective.

But you know the reality is.

Washington does not and we've got all of these tax rates and everything backing up like I said the proverbial planes LaGuardia on the runway now and now.

Growing talk that it's not going to be solved probably until a lame duck congress -- -- And now all the indications that when it comes to more financial regulations -- to try to deal with the kind of stuff.

That that led to this presumably bad trade.

We could make a bad situation worse in -- -- that Washington could compounds the sense do you fear that.

Always you know what we should think about every day -- to do no harm.

Up here and over regulate -- economy over tax in businesses all these things.

Are are detrimental to create jobs into a -- economy I worry about Europe I was watching part of the program.

-- you were conducted just a few minutes ago I -- Europe is burning financially.

Europe problems are not going to go away there's -- structural.

Our problems are right behind the -- We cannot just looking Europe we better learn from Europe because.

It's not too late yet here in America but it will will be just like Europe.

In a few years if not sooner now it's not sooners rights are always a pleasure thank you very Vermont thank you.

Senator subliminal messages --

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