JPMorgan Chase has spent upward of $20 million on lobbying and campaign contributions in the past three years. On Tuesday, the bank received a healthy dividend on that investment…
As the panel held the first hearing on the JPMorgan losses, Sen. Richard Shelby (Ala.), the committee’s ranking Republican, glowered at federal regulators and charged that they “didn’t know what was really going on.”
“When did you first learn about these trades?” Shelby inquired.
Gary Gensler, head of the Commodity Futures Trading Commission, admitted that he had learned about them from press reports.
“Press reports!” Shelby echoed, with mock surprise. He smiled. “Were you in the dark?”
Gensler tried to explain that his agency does not yet have authority to regulate the bank, but Shelby interrupted. “So you really didn’t know what was going on . . . until you read the press reports like the rest of us?” he asked again…
Shelby’s performance was worth every bit of the $72,950 JPMorgan Chase and its employees have given him in the past five years, making the bank his second-largest source of campaign cash.
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