Former former investment banker Nomi Prins onJPMorgan Chase CEO Welcomed By Senators Flooded With Millions in Wall St. Donations:
Protesters confronted JPMorgan Chase CEO Jamie Dimon on Wednesday as he testified on Capitol Hill about how his bank lost up to $3 billion in risky bets. Lawmakers however gave a warmer greeting to the man described as Washington's favorite banker. JPMorgan spent $7.6 million on lobbying last year and Dimon has a long record of contributing campaign donations to lawmakers on the Senate Banking Committee. We speak to former investment banker Nomi Prins, author of "Black Tuesday." Prins calls Dimon's appearance "the tamest ? and there have been very tame hearings ? for any of the bank leaders since the [financial] crisis began in 2008." She adds that "what we saw yesterday was a glimpse of how lobbying money, as well as additional campaign money... have a tremendous impact on regulations and [the financial industry's] power within the Senate, with respect to regulation of their own industry... This is why there is no line between legislative leaders and bankers."