Jamie Dimon managed to turn a multibillion-dollar trading loss into a winning moment.
The CEO of JPMorgan came sailing into the Senate office building this morning with a smile, and gave a pitch-perfect performance in explaining how a small group of traders in its London office screwed up a hedging strategy so badly that they lost at least $2 billion.
Dimon was apologetic, but not groveling. He stood his ground, but was not combative. He gave the impression he was an open book, but managed to give precious few details about how much the trading loss has grown.
He came off as so in-control that senators asked HIM for advice about how Washington should police Wall Street.
Investors gave Dimon rave reviews, sending the shares up 1.5 percent while the overall bank stock index closed down for the day.