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Sunday, September 25, 2016

Charting The Cozy Connections Between JP Morgan And The Senate Banking Committee

Charting The Cozy Connections Between JP Morgan And The Senate Banking Committee

by Cora Currier, ProPublica.

This morning, Jamie Dimon, the CEO of JP Morgan Chase, faced a Senate hearing over more than $2 billion in bank losses caused by risky hedges that blew up. Dimon said that the hedges — investments meant to protect the bank — had grown into “complex and hard-to manage risks.” The losses “let a lot of people down, and we are sorry for it.”

Many lawmakers are holding up the losses as evidence of the need for stronger financial regulation. The chairman of the Senate banking committee, Tim Johnson, D-S.D., in his opening remarks, asked for “a full accounting” of JP Morgan’s losses.

But through campaign contributions and well-connected staff, JP Morgan appears to have already taken its own accounting of the Banking committee. Here’s a picture of connections between the company and the committee:

Revolving Door

One current staffer on the Senate banking committee, Dwight Fettig, is a former lobbyist for JP Morgan. In 2009, the bank hired him to work on “financial services regulatory reform.” Meanwhile, JP Morgan is stacked thick with former committee staff.

· Naomi Camper: Currently a lobbyist for JP Morgan. Prior to that, from 2001-2004, she was an aide to Senator Johnson.

· Kate Childress: A JP Morgan lobbyist since 2008, she is also a former aide to Chuck Schumer, D-N.Y., who sits on both the Senate Banking and Finance committees.

· Steven Patterson: A JP Morgan lobbyist and formerly a staff director for economic policy for the Banking committee.

· Nate Gatten: A JP Morgan lobbyist based in London who was reportedly called back to Washington recently to help with the company’s damage control. He is a former lobbyist for Fannie Mae, and, in the 1990s, was a banking aide to former Senator Robert Bennett, R-Utah, who also sat on the committee.

· P. Michael Nielsen: A lobbyist with a firm run by former Senator Bennett, he has been retained by JP Morgan for help with federal probes, according to Bloomberg. He was also a senior policy adviser to the committee from 2007 to 2010.

  • Fryar Tuck

    What an incestuous nest of greedy vipers, JPM, lobbyists, aids, and US Senators. We do need more regulation of the bankers and politicians.

    • CPANY

      Tuck: You’re on the right track, but we need more than regulation, because the laws aren’t and won’t be enforced. We need a complete change of those who form the government, because the one that we have is so thoroughly corrupted that it’s dysfunctional.

  • CPANY

    The article ends with a paragraph that starts “It’s not clear what the committee will do beyond the hearings.” Baloney. I know what the committee will do: nothing.

    Chase and Dimon have made a lot of campaign contributions to the individual committee members and the committee staff aids are ex-JP Morgan Chase and vice versa. No wonder Dimon was treated with kid gloves yesterday. He “owns” those politicians that are supposedly investigating him.