>>> IT HAPPENED AGAIN. FRESHMAN CONGRESSWOMAN KATIE
PORTER DID IT AGAIN.
SHE IS A FRESHMAN DEMOCRAT IN
THE HOUSE OF REPRESENTATIVES WHO
YOU HAVE MET ON THIS PROGRAM
BEFORE AND FOR THE LAST COUPLE
OF MONTHS WASHINGTON LOBBYISTS
HAVE HAD FAIR WARNING OF WHAT
THEY HAVE TO PREPARE THEIR
CLIENTS FOR WHEN THEIR CLIENTS
TESTIFY BEFORE KATIE PORTER.
JAMIE DIMON IS THE HEAD OF
JPMORGAN CHASE BANK.
HE MAKES $31 MILLION A YEAR AND
PAYS LOBBYISTS MILLIONS AND
MILLIONS TO HANDLE HIS LOBBYING
INTERESTS IN WASHINGTON AND TO
PREPARE HIM SPECIFICALLY FOR
THINGS LIKE TESTIFYING TO
CONGRESS.
CONGRESS. BUT LOBBYISTS CANNOT ANTICIPATE
KATIE PORTER REPRESENTING THE
45th CONGRESSIONAL DISTRICT IN
CALIFORNIA WITH IRVINE AS HER
BIGGEST CITY.
BIGGEST CITY. SHE BEGAN HER QUESTIONING OF
JAMIE DIMON THIS WAY.
>> I WENT TO MONSTER.COM AND I
FOUND A JOB IN MY HOMETOWN OF
IRVINE AT JPMORGAN CHASE THAT
PACE $16.50 AN HOUR.
>> THE LOBBYISTS NEVER SAW THAT
ONE COMING.
ONE COMING. KATIE PORTER THEN DID THE MATH
ON WHAT THAT INCOME WOULD BE ON
AN ANNUAL BASIS.
AND FOR A THE HYPOTHETICAL JOB
APPLICANT WHO IS A SINGLE MOTHER
WITH ONE CHILD.
THAT JOB WOULD LEAVE HER WITH
$29,000100 A YEAR AFTER TAXES.
JAMIE DIMON IS NO DOUBT GOOD AT
MATH BUT NOT USED TO WORKING
WITH SUCH TINY NUMBERS.
SO KATIE PORTER LAID OUT WHAT
THE FINANCIAL LIFE LOOKS LIKE OF
SOMEONE GETTING A ENTRY LEVEL
JOB IN THE COMPANY WHERE JAMIE
DIMON MAKES $31 MILLION.
>> SHOULD $2,425 A MONTH, SHE
RENTS A ONE-BEDROOM APARTMENT,
SHE AND HER DAUGHTER SLEEP SOTH
IN THE SAME ROOM IN IRVINE.
THAT AVERAGE APARTMENT WILL BE
$1600.
$1600. SHE’S SPENDS $100 ON UTILITIES.
TAKE AWAY THE $1700 AND SHE IS
NET $725.
NET $725. SHE’S LIKE ME, SHE DRIVES A 2008
MINIVAN AND HAS GAS.
$400 FOR A CAR EXPENSES AND GATT
GAS.
GAS. NET $325.
NET $325. THE DEPARTMENT OF AGRICULTURE
SAYS A LOW COST FOOD BUDGET
RAMEN NOODLES IS $400 LEAVING
HER $77 IN THE RED.
SHE HAS A CRICKET CELL PHONE,
THE CHEAPEST SHE CAN GET FOR $40
IN THE RED $117 A MONTH.
SHE’S HAS AFTER SCHOOL CHILD
CARE BECAUSE THE BANK IS OPEN
DURING NORMAL BUSINESS HOURS.
THAT TAKES HER DOWN TO NEGATIVE
$567 PER MONTH.
MY QUESTION FOR YOU, MR. DIAMOND
IS HOW SHOULD SHE MANAGE THIS
BUDGET SHORTFALL WHILE SHE’S
WORKING FULL-TIME AT YOUR BANK?
>> AND THEN JAMIE DIMON
DEFLECTED THE QUESTION A BIT AND
THEN HIS ANSWER FINALLY CAME
DOWN TO, I DON’T KNOW.
>> SHE’S SHORT $56.
WHAT WOULD YOU SUGGEST SHE DO.
>> I -- I DON’T KNOW I’D HAVE TO
THINK ABOUT THAT.
>> WOULD YOU RECOMMEND SHE TAKE
OUT A JPMORGAN CHASE CREDIT CARD
AND RUN A DEFICIT.
>> I DON’T KNOW.
I’D HAVE TO THINK ABOUT IT.
>> ROU RECOMMEND THAT SHE
OVERDRAFT AT YOUR BANK AND BE
CHARGED OVERDRAFT FEES?
>> I DON’T KNOW.
I’D HAVE TO THINK ABOUT IT.
>> KATIE PORTER GAVE JAMIE DIMON
ALL THE TIME IN THE WORLD AND IT
NEVER OCCURRED TO HIM THAT
MAYBE, MAYBE HE COULD PAY THAT
WORKER AN EXTRA $567 A MONTH.
IT NEVER OCCURRED TO HIM THAT
MAYBE HE COULD TAKE $567 A MONTH
LESS AN INCOME SO THAT A
STRUGGLING WORKER AT THE BOTTOM
OF HIS PAYROLL COL SURVIVE.
IF QUESTIONS LIKE THIS WERE ON
THE S.A.T.s, JAMIE DIMON WOULD
NOT BE SITTING WHERE IS HE
SITTING TODAY.
SITTING TODAY. KATIE PORTER WAS ASKING A MATH
QUESTION AND A HUMANITY QUESTION
ROLLED INTO ONE AND JAMIE DIMON
AND HIS LOBBYISTS FLUNKED.
KATIE PORTER PERSISTED.
UNTIL JAMIE DIMON BECAME
SPEECHLESS.
SPEECHLESS. >> SHE’S STILL SHORT $567.
AS ARE ALL OF YOUR EMPLOYEES IN
IRVINE, CALIFORNIA.
IRVINE, CALIFORNIA. ANY IDEAS?
ANY IDEAS? >> NO.
>> NO. >> OKAY.
>> OKAY. MOVING ON --
>> AND WE’RE GOING TO MOVE ONTO
CONGRESSWOMAN KATIE PORTER AFTER
THIS BREAK.
THIS BREAK.O
>> I’D LOVE TO CALL UP AND HAVE A CONVERSATION ABOUT HOME RUN
FINANCIAL AFFAIRS AND SEE IF WE
CAN BE HELPFUL.
>> SEE IF YOU CAN FIND A WAY FOR
HER TO LIVE ON LESS THAN THE
MINIMUM THAT I’VE DESCRIBED.
>> JUST BE HELPFUL.
>> I APPRECIATE YOUR DESIRE TO
BE HELPFUL BUT WHAT I’D LIKE YOU
TO DO IS PROVIDE A WAY FOR
FAMILIES TO MAKE ENDS MEET.
>> JOINING US NOW FROM
CALIFORNIA IS CONGRESSWOMAN
KATIE PORTER, FRESHMAN DEMOCRAT
REPRESENTS CALIFORNIA’S 45th
DISTRICT.
DISTRICT. AND CONGRESSWOMAN PORTER, I HAVE
A FEELING IF JAMIE DIMON CALLED
UP A WORKER AT THE BOTTOM OF THE
PAY SCALE AT HIS BANK MAKING
$16.50 AN HOUR, AND TRIED TO
DISCUSS HOW TO -- HOW THAT
WORKER COULD BETTER MANAGE THEIR
FINANCES I THINK THE WORKER’S
VERY, VERY FIRST SUGGESTION
WOULD BE, YOU COULD PAY ME MORE.
>> ABSOLUTELY.
>> ABSOLUTELY. I MEAN, IF CHASE WOULD DO WHAT
BANK OF AMERICA HAS DONE WHICH
IS COMMIT TO RAISING ITS MINIMUM
PAY TO $20 AN HOUR, THAT WOULD
ENTIRELY ERASE THE SHORTFALL IN
THE HYPOTHETICAL THETICAL THAT I
GAVE HIM.
GAVE HIM. THE ANSWER WAS RIGHT THERE
SITTING THERE FOR HIM.
HE SAID HE WOULD HAVE TO THINK
ABOUT IT.
ABOUT IT. HE SAID THAT SEVERAL TIMES.
I HOPE HE IS THINKING ABOUT IT
IN THE UPCOMING DAYS AND THAT HE
MAKES A CHANGE THAT WILL HELP
THE LIVES OF THOUSANDS OF
EMPLOYEES AROUND THE COUNTRY.
>> I COULDN’T HELP THINKING
ABOUT ALL THE EXAMS WE’VE GOT
GONE THROUGH AND YOU’VE GONE
THROUGH MANY MORE THAN I HAVE
SINCE YOU WENT TO HARVARD LAW
SCHOOL AND YOU THEN BECAME A LAW
SCHOOL PROFESSOR YOURSELF.
THE ANSWER TO THIS QUELL THAT
YOU WERE GIVING HIM WAS JUST
HANGING RIGHT OUT THERE.
AND IT -- HE COULDN’T FIND IT.
YOU SIMPLY RAISED THAT PERSON’S
PAY.
PAY. WHICH HE’S COMPLETELY EMPOWERED
TO DO.
TO DO. >> IT’S INTERESTING TO WONDER
BECAUSE HE’S OBVIOUSLY A VERY
BRIGHT MAN.
BRIGHT MAN. HE’S A SUCCESSFUL CEO, HIGHLY
COMPENSATED AT $31 MILLION.
HE’S THE HEAD OF THE BUSINESS
ROUNDTABLE WHICH IS THE LOBBYING
KIND OF ADVOCACY ORGANIZATION
FOR THE NATION’S LARGEST
BUSINESSES.
BUSINESSES. YOU WOULD THINK THAT WILL
INVESTING IN HIS OWN EMPLOYEES
WOULD BE CLEAR TO HIM AS A
SOLUTION TO THIS PROBLEM.
SO I HAVE TO WONDER WHETHER HE
DIDN’T THINK OF IT OR HE SIMPLY
DOESN’T WANT TO INVEST IN THOSE
THAT ARE -- THOSE FOLKS WHO ARE
HELPING MAKE IT POSSIBLE FOR
JPMORGAN CHASE TO MAKE RECORD
PROFITS.
PROFITS. >> HOW DID YOU ARRIVE AT THIS
LINE OF QUESTIONING?
BECAUSE I HAVE TO SAY IF I WAS A
LOBBYIST TRYING TO PREPARE JAMIE
DIMON, I DON’T THINK I WOULD
HAVE THOUGHT OF THIS AS A I’VE
GOT TO PREPARE HIM FOR THIS.
>> WELL, YOU KNOW, ONE OF THE
BENEFITS I HAVE IS I’M NEW TO
CONGRESS.
CONGRESS. SO I AM OUT IN THE REAL WORLD.
I’M A NORMAL -- I’M A SINGLE MOM
MYSELF.
MYSELF. I GO TO THE GROCERY STORE.
I GO ON WEDNESDAYS WHEN I CAN
BECAUSE IT’S DOUBLE COUPON DAY.
I UNDERSTAND WHAT IT’S LIKE.
I DO DRIVE A 2008 MINIVAN JUST
LIKE I POST IN THE THE
HYPOTHETICAL.
HYPOTHETICAL. SO I THINK WHAT WE’RE HEARING
FROM THE FRESHMAN CLASS IS A LOT
OF PEOPLE WITH REAL WORLD AND
REAL LIFE EXPERIENCES IN TOUCH
WITH WHAT’S IT LIKE TO BE AN
EVERYDAY AMERICAN AND MR. DIMON
CLEARLY IS NOT IN TOUCH WITH
THAT REALITY.
THAT REALITY. >> CONGRESSWOMAN KATIE PORTER