Or at least not much: An industrious chap at The New York Times held Jamie Dimon’s prepared remarks to the Senate Banking Committee last week next to testimony posted on the website of the House Financial Services Committee, before which Mr. Dimon will appear tomorrow, and found that the two documents were virtually the same.
Which is a bit of a drag. Mr. Dimon’s Senate testimony last week was so uneventful that the punditry took to remarking on the JPMorgan chief executive officer’s couture—and sure, we can play that game: We’d like to suggest that Mr. Dimon’s presidential cufflinks were a ploy to distract observers from the substance of his testimony, but given the snooze-fest in the Senate last week, it was more likely a test to see who was staying awake.At any rate, from The Times:
There are, however, a few trivial changes scattered in the four-page testimony. In highlighting the bank’s “fortress balance sheet,” Mr. Dimon clarifies that the bank has “well over $30 billion in reserves,” sans an earlier specification that the money was “loan loss” reserves. It is unclear why the bank abandoned the earlier wording.
In the House committee version, Mr. Dimon also tempered an earlier boast that, as “one of the largest small business lenders,” the bank’s lending to small businesses jumped 70 percent. It turns out, the actual jump was 52 percent. The tweaked House testimony clarifies the earlier proclamation.
Well, we can hardly fault Mr. Dimon for being boring, nor for recycling last week’s remarks. After all, our elected officials insisted on holding hearings before JPMorgan finished its internal investigations into the recent losses associated with the trader known as the London Whale.
What we can do, and will, is hope that our slightly more eccentric friends in the House will put on a better show.
[Eric Piermont/AFP/Getty Images]