It's true that last year Dimon breezed through his own appearance before Congress tied to the losing trades. In fact, it went so well for him he danced a little jig for reporters upon leaving the hearing. Attribute that to Dimon's charisma, the same thing that allowed him to stave off a challenge to his supreme authority on Tuesday when JPMorgan shareholders voted to allow him to keep his dual Chairman and CEO roles. Still, it's hard to imagine Levin saying "we love the credit default swaps and the transaction services," to JPMorgan executives. Using money to make money has never appealed to people, going at least as far back as the Bible, with its condemnation of the charging of interest.
That's not to excuse the financial services industry, which has gone very far afield of merely charging interest. That's why financial companies are lately forced to try and prove in their advertising and public relations campaigns that they actually do stuff. Have you seen BNY Mellon's (BK - Get Report) "Invested in the Word" advertising campaign? The point of the campaign -- and many others like it by other financial companies -- is to convince you that they are not just moving money around. They are making possible the work of " a brilliant marine biologist." Or so they would desperately like you to believe.