In banking, it appears, the model is always risk on. In the Congressional testimony on Wednesday JPMorgan Chase’s CEO Jamie Dimon spent a lot of time trying to prove to members of the Senate Banking Committee that the bulk of what his bank does – London Whale aside – is prudent. He said he believes in stress testing. And that his has an open door policy with regulators. He has a whole committee of people assigned to develop risk models. On the surface, it all seemed to prove Dimon’s argument that JPMorgan’s recent $2 billion and counting trading loss was a one-off. Frankly, Dimon said that he would rather be spending more of his time thinking about Europe.
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