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If bank bosses have learned one thing since the financial crisis, it’s that it’s much easier to inflict pain on an individual than a big, faceless company – and it’s really hard to hurt six faceless companies at the same time. That’s why the financial bosses who appeared before the U.S. Senate Banking Committee on Wednesday were mostly as bland as can be. Shareholders probably wouldn’t have it any other way.
(Bloomberg) JPMorgan Chase & Co.’s Jamie Dimon is the longest serving bank chief who testified before Congress Wednesday, but to the Senate’s biggest critic of Wall Street, he’s also “the star of the overdraft show.
Senate Banking Committee Chairman Sherrod Brown ripped Wall Street at a high-profile hearing, Wednesday, May 26, featuring the top executives at the six largest U.S. banks, saying it's ‘past time' for the industry to step up and help struggling workers.
Bank CEOs scolded by senators
Banking Committee Chairman Sherrod Brown challenged the executives to be as good to the American people as the nation has been to you.
May 26, 2021 3 MINS
Senate Banking Committee Chairman Sherrod Brown ripped Wall Street at a high-profile hearing featuring the top executives at the six largest U.S. banks, saying it’s “past time” for the industry to step up and help struggling workers.
Brown, a Ohio Democrat, opened the proceedings Wednesday with a blistering attack on how banks operate, arguing that their business model is “built on short-term profits at the expense of long-term growth for everyone.” He challenged the chief executives to “be as good to the American people as the nation has been to you,” noting that taxpayers spent billions to rescue banks during the 2008 financial crisis.