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Coupon-Cutting Congresswoman Stumps Big Bank CEO | The Last Word | MSNBC - YouTube
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it happened again freshman congresswoman
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Katie Porter did it again she is a
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freshman Democrat House representatives
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who you have met on this program before
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and for the last couple of months
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Washington lobbyists have had fair
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warning of what they have to prepare
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their clients for when their clients
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testified before Katie Porter Jamie
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Dimon is the head of JPMorgan Chase Bank
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he makes 31 million dollars a year he
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pays Washington lobbyists millions and
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millions and millions of dollars to
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handle his lobbying interests in
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Washington and to prepare him
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specifically for things like testifying
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to Congress but lobbyists cannot
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anticipate Katie Porter she represents
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the 45th congressional district in
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California with Irvine as her biggest
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city and so she began her questioning of
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Jamie Dimon this way I went to
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monster.com
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and I found a job in my hometown of
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Irvine at JPMorgan Chase it pays 1650 an
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hour the lobbyists never saw that one
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coming Katey Porter then did the math on
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what that income would be on an annual
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basis and for a hypothetical job
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applicant who is a single mother with
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one child that job would leave her with
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twenty nine thousand one hundred dollars
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a year after taxes Jamie Dimon is no
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doubt good at math but he's not used to
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working with such tiny numbers and so
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Katey Porter laid out what the financial
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life looks like of someone getting an
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entry-level job in the company where
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Jamie Dimon makes 31 million dollars
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she had 24 2425 dollars a month she
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rents a one-bedroom apartment she and
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her daughter sleep together in the same
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room in Irvine California that average
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one that her apartment is gonna be
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$1,600 she spends $100 on utilities take
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away the 1,700 and she has net 725
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dollars
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she's like me she ties a 2008 minivan
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and has gas $400 for car expenses and
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gas net 325 the Department of
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Agriculture says a low-cost food budget
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that is ramen noodles a low food budget
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is $400 that leaves her 77 dollars in
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the red she has a crooked cellphone the
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cheapest cell phone
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she can get for $40 she's in the red 117
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dollars a month she is after school
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child care because the bank is open
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during normal business hours that's 450
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a month that takes her down to negative
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five hundred and sixty seven dollars per
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month my question for you mr. diamond is
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how should she manage this budget
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shortfall while she's working full time
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at your bank and then Jamie Dimon
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deflected the question a bit and then
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his answer finally came down to I don't
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know short 567 what would you suggest
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she do I I don't know I have to think
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about that would you recommend that she
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take out a JPMorgan Chase credit card
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and run a deficit I don't know I'd have
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to think about it would you recommend
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that she overdraft at your bank and be
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charged overdraft fees I don't know I'd
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have to think about it Katey Porter gave
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Jamie Dimon all the time in the world
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and it never occurred to him that maybe
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maybe he could pay that worker an extra
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five hundred and sixty-seven dollars a
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month it never occurred to him that
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maybe he could take five hundred seven
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dollars a month less and income so that
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a struggling worker at the bottom of his
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payroll
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could survive if questions like this
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were on the SATs Jamie Dimon would not
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be sitting where he's sitting today
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Katie Porter was asking a math question
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and a humanity question rolled into one
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and Jamie Dimon and his lobbyists
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flunked Katey Porter persisted until
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Jamie Dimon became speechless she's
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still short 567 dollars as are all of
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your employees in Irvine California
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any ideas okay moving on and we're gonna
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move on to Carson Katey Porter after
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this break
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I'd love to call up and have a
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conversation better financial affairs
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and see if we can be helpful see if you
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can find a way for her to live on less
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than the minimum that I've described
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just be helpful well I appreciate your
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desire to be helpful but what I'd like
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you to do is provide a way for families
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to make ends meet and joining us now
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from Irvine California is congresswoman
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Katey Porter a freshman Democrat
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represents California's 45th district
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and cars wooden Porter I have a feeling
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that if Jamie Dimon called up a worker
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at the bottom of the pay scale at his
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bank making $16.50 an hour and tried to
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discuss how to in how that worker could
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better manage their finances
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I think the workers very very first
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suggestion would be you could pay me
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more absolutely if Chase would do what
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bank of america has done which is commit
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to raising its minimum pay to $20 an
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hour that would entirely erase the
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shortfall and the hypothetical that I
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gave mr. Dimon so the answer was right
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there sitting there for him and he said
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he'd have to think about it he said that
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several times I'd have to think about it
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I hope he is thinking about it in these
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upcoming days and then he makes a change
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that will help the lives of his
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thousands of employees around the
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country you know I couldn't help
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thinking about all the exams that we've
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all gone through and you've gone through
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many more than I have since she went to
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law school Harvard Law School with
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Elizabeth Warren as one of your
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professors you then became a law school
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professor yourself and the answer to
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this question that you were giving him
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was just hanging right out there and it
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it he couldn't find it you simply raised
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that person's pay which was good she's
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completely empowered to do you know I
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mean it's interesting to wonder he's
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obviously a very bright man he's a
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successful CEO he's you know highly
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compensated at 31 million dollars he's
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the head of the Business Roundtable
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which is the BLA being kind of advocacy
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organization for the nation's largest
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businesses you would think that
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investing in his own employees would be
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clear to him as a solution to this
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problem so I have to wonder whether he
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didn't think of it or he simply doesn't
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want to invest in those that are helped
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those
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folks who are helping make it possible
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for JPMorgan Chase to make record
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profits how did you arrive at this line
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of questioning because I have to say if
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I was a lobbyist trying to prepare Jamie
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Dimon I don't think I would have thought
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of this as I've got to preparing for
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this well you know one of the benefits I
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have is I'm new to Congress so I am out
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in the real world I am a normal Simon
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I'm a single mom myself so I go to the
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grocery store I go on Wednesdays when I
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can because it's double coupon day I
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understand what it's like I do Drive a
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2008 minivan just like I posted my
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hypothetical and so I think what we're
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hearing in the from the freshman class
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is a lot of people with real-world
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experiences and real-life experiences
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who are in touch with what it's like to
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be an everyday American and mr. Dimon
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clearly is not in touch with that
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reality cars woman Katey Porter
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representing the real world and the 45th
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district thank you very much for joining
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us tonight really for you thanks for
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checking out our YouTube channel
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subscribe by clicking on the button
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