JPMorgan Chase and The US Congress

I must say, after watching the televised hearings of the US Senate Permanent Subcommittee on Investigations, the people in charge at JPMorgan Chase while the London Whale saga was happening don’t come off looking very well at all.  In fact, if you ask me, it appears to have been a pretty shabby performance all around.

Still, while I was watching, another, somewhat more hopeful thought occurred to me:  Thank God JPMorgan Chase isn’t run by the US Congress!  Seriously.  Listening to those hapless bankers being interrogated by Senators Levin and McCain — with disdain dripping from Carl & John’s every word — the eye-rolling irony of the US Congress probing JPMorgan Chase’s shortcomings seemed rich indeed.

Why, if JPMorgan Chase were run by the US Congress it would have new branches built where there are no customers, existing facilities expanded where customers are dwindling, financial products created that nobody wants, loans made to people who then disappear, and deposit accounts looted or lost  . . . with all of it financed by ruinous amounts of debt there isn’t a prayer of ever repaying.

So smile.