What Jamie Dimon's hearing should focus on
June 12, 2012

(The New Republic) When Jamie Dimon testifies in the Senate on Wednesday about JP Morgan's $3 billion trading loss, the focus will almost certainly be on the speculative aspect of the trade. After all, the financial reform bill Congress passed in 2010 -- specifically, the provision known as the Volcker Rule -- was supposed to stop banks from making risky bets with their own money, at least if they benefit from government support. And JP Morgan gets lots of government support.

But as Roger Lowenstein pointed out in a recent Bloomberg column, the congressional scrutiny would be more properly trained

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