Senator John Kennedy (R-LA), long the source of some of the most hilarious moments in Congress, applied his trademarked incisive wit to the unsuspecting CEO of JP Morgan Chase Jamie Dimon during a Senate hearing on government regulation.
Senator Kennedy asked Dimon if JPMorgan Chase has ever had more liabilities on its books than assets, to which Dimon replied “Absolutely not.” The Senator then noted that three of the banks that collapsed in 2023 did. He rattled them off “Signature, Silicon Valley, First Republic.”
“In my judgment, they went broke because their management did really stupid stuff. And because the FDIC and the regulators who were in charge of keeping them from doing stupid stuff sat there, like bumps on a log, sucking on their teeth, and watched them do stupid stuff. And in many cases, had to turn to you to clean up the mess,” Kennedy explained.
“Now, in fairness to the FDIC, it may have been that the people in charge of watching those banks, at the FDIC, were too busy urinating off the top of a hotel, or abusing young women who went to work for the FDIC,” the longtime senator went on to say.
Kennedy then referred to a mounting…
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