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JP Morgan taunts the Senate

This sure seems like bad politics:

A top executive at JPMorgan Chase told clients Monday that senators displayed "an unnerving ignorance of fundamental principles of market economics" during last week's Goldman Sachs hearing, that "Goldman was no more culpable in the housing debacle than Congress" -- and lest he didn't insult Congress enough, with "the financial reform debate is in the final innings, it's time for the grownups to step in."

The note, written by James E. Glassman, a managing director and senior economist at the $2 trillion bank, included shots at U.S. Senator Carl Levin of Michigan (a graph showing Michigan's job woes was titled "People who live in glass houses shouldn't throw stones"), the entire Congress, and pretty much everyone involved in the financial reform debate.


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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