Best of StockTwits: Dimon: 1, Congress: 0
June 13, 2012: 2:13 PM ETJPMorgan Chase (JPM) was the top stock in the Dow Wednesday as investors cheered CEO Jamie Dimon's performance in front of the Senate. Then again, traders may not necessarily have been impressed by Dimon as much as they were disappointed by the lack of tough questioning from lawmakers.
andrezdanow: You have to love Congress: they have Dimon down to address $JPM risk failures, and then ask for his advice on rules, regs, and risk control!
douglas_blake: Sen. Brown says $JPM "Too big to manage and too big to regulate" as Washington operates at a $1T+ deficit with no budget.
Currencywatcher: $JPM its hard not to be cynical and believe that this whole hearing was self promotion, out of touch with it.
Agreed. Dimon didn't clear up much and most of the Senators let him off the hook by not asking key questions. It would have been nice, for example, if someone tried to get Dimon to disclose just how big the trading/hedging loss might be right now. But here's a look at one exchange between Dimon and New Jersey Senator Robert Menendez that was worthwhile.
But for scathing comments about Congress and Dimon, one StockTwits user takes the cake with two fantastic tweets.
casualanalysis: So, according to #Congress, a hedge is only a hedge, if it works. Brilliant! $JPM #Dimon
casualanalysis: Listening to #Congress question Dimon about banking is like listening to Snooki question Stephen Hawking on string theory. $JPM
Ha! Congress clearly met its match here. As I predicted last Friday, Dimon was far more effective than other financial services CEOs (i.e. Corzine, Lewis and Blankfein) who have appeared on Capitol Hill in the past. For more analysis of the Dimon hearing, check out my interview with CLSA bank bear Mike Mayo.
