Senator John Kennedy questioned JP Morgan Chase CEO Jamie Dimon during a Senate hearing, highlighting the failures of banks and the FDIC’s oversight.
Kennedy criticized the FDIC’s handling of banks and referenced a scandal involving excessive drinking by its employees.
He then questioned the irony of the FDIC advising Dimon on fixing the bank, likening it to receiving gun safety advice from Alec Baldwin. (Trending: Joe Biden Admits He’s ‘Not Sure’ About Running If Trump Wasn’t)
Senator Kennedy gets a classic one-liner against big banks and woke Hollywood.
"Isn't that kind of like getting gun safety advice from Alec Baldwin?"
JP Morgan Chase CEO Jamie Dimon laughs nervously. pic.twitter.com/IUOvmMIbhH
— AnalyzingAmerica (@AnalyzAmerica) December 9, 2023
“In my judgment, they went broke because their management did really stupid stuff,” Kennedy said.
“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.”
“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,” he added.
He continued, “The FDIC chairman told us recently, yes, he knew about it, it happened, but he wasn’t the chairman yet and didn’t have the authority to stop it.”
“Mr. Dimon, don’t you find it ironic, the FDIC is now turning to you and saying, ‘you know our track record, which is blemished at the FDIC, your bank isn’t broken but we’re going to tell you how to fix it.’ Do you find that ironic?” he continued.
“They’re going to tell you how to fix it based on standards put together by bureaucrats in Basel, Switzerland, not by the United States Congress. Do you find it ironic that they’re telling you this and proposing this, isn’t that kind of like being given gun safety advice by Alec Baldwin?”
Dimon responded by emphasizing the visibility of risks and expressing concerns about transparency regulations.
The exchange momentarily put Dimon off balance, eliciting a chuckle from the room.