Thursday, June 14, 2012

BloggeRhythms 6/14/2012

Curiosity got the better of me yesterday, so I tuned in to watch Jamie Dimon testify before Congress about his bank’s two billion dollar trading loss. And, I’m pleased that I did because it reconfirmed many of my strongest beliefs.

First and foremost, I think the the JPMorgan Chase CEO displayed an incredible amount of patience, because almost all of those questioning him proved to be ill informed, completely unknowledgeable or outright stupid. Yet he spoke slowly, clearly and in very basic terms , in order not to embarrass them altogether. And considering how poorly equipped these politicos are to attempt handling a subject like this, I believe Dimon did them all a favor by helping them through subject matter far over their heads and allowing preservation of some of their dignity.

Through it all, one of things that struck me most was that almost all those addressing Dimon spent most of their five minutes of allotted time to make self-serving speeches for the record, and then asked childish questions seemingly not interested at all in the answers. Consequently, they seemed more concerned about looking good to their constituents than in trying to correct flaws in the banking system. And, in it’s own way I guess that makes sense, because few of those on the panel appeared to know much about finance at all and thus wouldn’t have really understood the answers anyway.

So, in conclusion I guess we’ve now seen another proof of cream rising to the top, as exemplified by Mr. Dimon, and worthless sludge sinking to the bottom, as proven by the hapless duds in office. But the saddest part of it all is that while these Congressional drones have nothing valuable to fill their time, Mr. Dimon could have better spent that morning back at his bank helping fix his own problems and then moving right on as always.

That’s it for today folks.

Adios

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