House lawmakers grill JPMorgan CEO over trading loss
Mass. Congressman Michael Capuano weighs in
- Duration 4:51
- Date Jun 19, 2012
Mass. Congressman Michael Capuano weighs in
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Did viewers he does David -- -- back -- on the hill today and back on the hot seat.
You didn't know about these -- you didn't know about these losses.
How do you account for today and say the regulators.
Should've known that what one of the best CEOs and industry didn't know and criminal.
If -- made the small and medium size business loans you wouldn't be here.
You are in favor of exempting these guys to -- from any American.
Derivative regulation not not any credential they should have transparency and regulation derivative but all the transparency is part of you think you would be exempted from.
There's no legal requirement of transparency.
Other than that well once again I'm I'm disappointed.
If this impacted your.
Why do you continue to take that position.
Are also not an easy day -- for Jamie died a democratic congress and the Massachusetts Michael -- among those lawmakers asked the tough questions.
Com congressmen out when -- said and done.
The firm had a two billion dollar -- trade someone -- money on the other end of the bargain you guys are overseeing a trillion dollar spending mess who's the bigger.
Who's the -- criminal.
I don't think there's any criminals involved that I know -- at the moment I don't know what anybody else all of interest the it is whether.
This particular lost has anything that we can learn relative to either this bank.
All of the banks of the system as a whole -- you might have a face and it's a law in place that would among other things police this very thing and ended.
Well no that's not true we we we tried to do the laws we can get.
Past Dodd-Frank actually did help some of these things at the same time we need to know Dodd-Frank is working the way it's intended and if it's not to tightened up again.
There's no longer -- the -- past if you didn't have never have to revisit.
I think actually today and as the time was pretty clearly but Dodd-Frank did some good things he didn't like everything that he did he doesn't like some -- -- -- -- proposed.
But does frank has not been fully -- to get -- nobody knows that.
But in -- in the long term from -- wolf what we've seen so far it's worked as intended for the moment.
There's still a lot more to do with it.
I don't know about congress and I -- to take a look at this is this is as far as I cast on your Republican colleagues as well the rating it got I'm not saying he's insane.
But I'm saying a lot of you guys Arlene -- position in other words to two billion dollar trade is being investigated here is half when you guys piled on to the dead.
Every day every day not -- -- so -- you know I just think there's need to spend more time investigating.
How you guys goes on money then this -- now -- -- money.
Because we also don't know the -- at the -- he's still gonna make sixteen million dollars that is our money here -- you guys are gonna -- is another -- in the red.
The week -- we do that we deal with the deficit every single day almost have -- the million yes I'm still wouldn't have -- the -- -- dealing with no I don't like -- -- secured trillion dollars or at all.
Neither do -- at the same time we do we make you emperor we will meet meet -- We'll have it will have -- -- in the meantime we have struggled again try to get 218 people to me what to do.
That's one thing on the other here we just one of the reasons we're in this situation as we had a bad economic event in 2008 situation.
We try to make sure that that doesn't happen again to the best of our ability.
No -- investigating -- at least not congress were trying to do well we're trying to do was speak for anybody else.
It's simply see whether this particular event has any relation to other potential and it's -- could lead to another major problem.
Thus I think -- does seem that sky rocketing you might -- try to do something about taking your word congress and you are your decent human being your hard worker.
I'm just telling you know.
When you're arguing about whether we could you know reignite some of the things we had four years ago fine I understand that.
But I'm telling you since that time.
We hear another 53 and plus in debt I think that is the more pressing concern because that's what is causing us to get downgraded -- a country.
Not -- zero point two billion dollar trade knowing disagrees of that and that's with struggling with and I'm sure you watch is very closely know you do.
You know the we did debate that issue of how to deal with it almost every single day here.
Up until now we have not found a way to get 218 members of the house I think a lot of it on national when he realized that and I think you -- beyond that forget what we did what -- -- testing beyond that tie for seventh.
Because I think we'll start saying anything you'd do.
Inclined whenever house -- -- drills we do we kid's head down on military situation we can't check them housing.
We have to continue doing everything else -- -- on a regular basis.
We're grown up we're wrong we're losing money hand out of this are probably two billion aren't talking over a trillion year in and year out you've got to get our priorities that's on scientists.
That's nobody's disagree with -- -- acceptance US and that's all we should do -- is I'm simply saying that we need to do pretty much of these houses on fire attended a house it's on fire that's on site.
All I can say is this is part of the house being -- -- One of the reasons we're in this situation as the economy is bad.
One awaited each of the economy doesn't get worse is to make sure that we don't go the same situation is we had in 2000 all right congressman thank you very very much we're gonna have more after this.