For those wanting to watch people said to be in containment operating, here is Jamie Dimon before Congress, apologizing and saying he made mistakes. I can’t tell you what to watch for because I don’t know myself. Does a light container have any physical manifestations? Probably not.
Is he saying anything here that might be different from what he said earlier? Well, yes, he has moved from calling JP Morgan’s failures a “tempest in a teapot” to being “dead wrong” about that characterization of them.
He did say we had to get rid of “too big to fail,” which was part of what’s wrong with the system. That’s a pretty radical statement. Salaries including his own could be cut back…. Hmmmm… Not enough to stake an estimate on … yet. We’re looking for evidence of a wholesale about-face. Not to somehow “get behind” Jamie Dimon but to evaluate containment.