Excerpt
SUMMARY: JPMorgan Chase's chairman and chief executive, Jamie Dimon, testified before the Senate Banking Committee about the massive trading losses incurred at his company. Paul Solman reports as part of his Making Sen$e series. Then, Gwen Ifill and guests discuss the implications of financial regulation on Wall Street.
JEFFREY BROWN (Newshour): And we turn to the J.P. Morgan Chase story. The bank's CEO, Jamie Dimon, testified for more than two hours this morning before the Senate Banking Committee.
It was his first appearance on Capitol Hill since the company reported at least $2 billion and possibly more in trading losses.
We begin with a report from our economics correspondent, Paul Solman, part of his continuing work on Making Sense of financial news.
Prime example of JPMorgan's worship of Greed:
"Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms, greed for life, for money, for love, knowledge, has marked the upward surge of mankind.
- Grodon Gekko, "Wall Street" the movie, 1987
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