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June 14, 2012 at 7:56 AM

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JPMorgan's Jamie Dimon testifies, lawmakers swoon

Chief Executive Jamie Dimon apologized for JPMorgan Chase's $3 billion trading losses on Wednesday. It sounds like it went as well as Don Draper's pitch to Kodak on "Mad Men."

He apologized. Then it sounds like lawmakers fell all over themselves. Here's an excerpt from the New York Times story.

He received a particularly warm welcome from Republican senators, who praised JPMorgan and allowed the chief executive to offer criticisms of forthcoming financial rules. ... Some lawmakers used their five-minute question periods to compliment Mr. Dimon and ask his advice on fixing the economy.

This is a poor showing for Congressional oversight of Wall Street.

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