JPMorgan CEO Jamie Dimon’s prepared testimony before the U.S. Senate Banking Committee this morning:
Ladies and gentlemen, I’ll be brief. The issue here is not whether we broke a few rules or took a few liberties with our counterparty risks. We did. But you can’t hold a whole bank responsible for the behavior of a few sick, perverted traders. For if you do, then shouldn’t we blame the whole financial system? And if the whole financial system is guilty, then isn’t this an indictment of capitalism in general? I put it to you, Senators: Isn’t this an indictment of our entire American society? Well, you can do what you want to me, but I’m not going to sit here and listen to you badmouth the United States of America!