JPMorgan Gambled with Customer Money, and Lied About it to the Senate (The Rachel Maddow Show, Mar 2013)

I had the pleasure of going on The Rachel Maddow Show on Friday, March 15th to talk with guest-host Chris Hayes about the London Whale trade, the report from the Permanent Subcommittee on Investigations, and the Senate hearing on this massive loss, and JPMorgan’s deception.

Chris gives an excellent intro to set the stage by highlighting how so much of this fight happens in the shadows, with the rich and powerful calling the shots in Congress. Next, we talked specifics, covering the lies told by Jamie Dimon, the importance of a loophole-free Volcker Rule to prevent these abuses in the future, and the criminal implications of the distortions made by JPMorganChase. I stressed that the great abuse of the London Whale trade is that it was done with “excess deposits,” which is depositor money (your checking account, my savings account) that is not loaned out. JPMorgan gambled customer money, and then lied about it.

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