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Tea party senator wants JPMorgan CEO to ‘guide’ Congress on banking regulation

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Tea party favorite Sen. Jim DeMint (R-SC) on Wednesday asked JPMorgan CEO Jamie Dimon, who recently announced that his company had lost at least $2 billion in the derivative market, to “guide” Congress in creating friendly banking regulations.

During a U.S. Senate Banking Committee hearing, DeMint told Dimon that lawmakers had no right to judge JPMorgan for their massive losses.

“We can hardly sit in judgement of your losing $2 billion,” the junior senator from South Carolina explained. “We lose twice that every day here in Washington and plan to continue to do that every day. It’s comforting to know that even with a $2 billion loss in a trade last year, your company still, I think, had a $19 billion profit. During that same period, we lost over a trillion dollars.”

“As you can tell, there’s a temptation here. Every time something goes amiss, we want to add a regulation, and we’ve surrounded the banking industry with so many regulations and we still seem to have problems here and there,” DeMint added. “I think we do need to recognize that you are a very big bank, the biggest in the world. You’ve got very big profits. Periodically you’re going to have big losses and we need to look at that as part of doing business.”

The senator continued by asking Dimon “for some ideas of what you think we need to do … to allow the industry to operate better.”

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“I believe in strong regulation, not always more,” the CEO replied. “I would prefer a simple, clean, strong regulatory system with real intelligent design. And that’s not what we did. We created a really complex, hard to figure out who’s responsible, no one could adjudicate between all the various regulatory agencies.”

“Obviously as we’ve seen, the laws and regulations are not necessarily improving things,” DeMint agreed. “Some of the things you’ve done voluntarily — and other banks — like capital requirements. I think a best practice — if we could do anything to encourage the industry to develop a lot of its own voluntary rules, that would guide us a lot better.”

“So I guess if I could just leave you with any one thing, if you could come back this time next year and talk about how the industry has put together large-scale, best-practice committees, that would help us keep banking as a private enterprise rather than as a government institution.”

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Dimon announced in May that his firm had lost $2 billion gambling on derivatives, but only days later, experts said the losses had surged to at least $3 billion.

Watch this video from CNN, broadcast June 13, 2012.

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2012

Here are 7 wild, bizarre and pathetic moments from Trump’s ‘campaign launch’

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On Tuesday night, President Donald Trump held a rally that was billed as the official launch his re-election campaign — though he has never really stopped holding campaign rallies.

As expected, the president ranted, lied, and engaged in the raucous attacks that are central to his connection with Republican voters. Some of it was actually just sad, such as his continued obsession with Hillary Clinton.

Here are seven of the wildest, disturbing and pathetic moments from the rally:

1. He said Democrats "want to destroy our country as we know it."

Trump casually accuses Democrats of "want[ing] to destroy you and they want to destroy our country as we know it." pic.twitter.com/4K79KlbEeR

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2012

British PM candidates clash over Brexit as Boris Johnson skips debate

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Candidates to become Britain's next prime minister clashed over Brexit strategy at their first debate on Sunday but the frontrunner, Boris Johnson, dodged the confrontation.

The 90-minute debate on Channel 4 featured the five remaining candidates and an empty podium for Johnson, the gaffe-prone former foreign secretary and former mayor of London.

In sometimes ill-tempered exchanges, four of the five candidates said they would seek to renegotiate the draft Brexit divorce deal agreed with Brussels even though EU leaders have repeatedly ruled this out.

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2012

Michael Cohen ordered back to Congress on March 6

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President Donald Trump's so-called "fixer" is being asked to return to Congress for more questioning on March 6.

Outside of the closed-door committee hearing Thursday, Cohen said that the House Intelligence Committee is seeking further information, according to Washington Examiner writer Byron York.

Michael Cohen finished closed-door testimony before House Intel Committee, says he's coming back for another session March 6. Again: No reason for secrecy. Transcripts should be released ASAP.

— Byron York (@ByronYork) February 28, 2019

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