Arthur Levitt, former chairman of the U.S. Securities and Exchange Commission, talks about JP Morgan Chase & Co. Chief Executive Officer Jamie Dimon’s testimony before the Senate Banking Committee today. He is conflicted as he now serves as an advisor to Goldman Sachs and other “too big banks”, but he also freely admits that banks today are too big to regulate and manage and that he regrets his support when he was SEC chairman in doing away with Glass-Steagall. At least he admits that banks today got too big and complicated because they were under-regulated and given too much congressional lea-way. Interesting discussion. Here is a direct link.
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