Kozlowski Weighs in on Dimon Hearing

Published June 13, 2012

| FOXBusiness

There's been no shortage of opinions regarding Wednesday's testimony of J.P. Morgan (JPM) chief executive Jamie Dimon in front of the Senate Banking Committee.

Now, Dimon can even count former Tyco (TYC) CEO Dennis Kozlowski as a supporter. 

Convicted in 2005 of essentially using Tyco as his personal bank, Kozlowski now resides in a halfway house in New York and is involved in a work release program after being denied parole earlier this year.

Kozlowski reached out to FOX Business Network producer Eric Spinato, exclusively, to offer his two cents on today's hearings:   

"Imagine if every CEO in America had to appear in front of a Congressional Committee every time they made a deal that lost money. There would not be enough hours in the day and committees in Congress to absorb the events. It's one thing when a blunder costs the taxpayers or customers money. That should be of interest to Congress. 

"In the bank's case no taxpayer, customer or client money was lost. Mr. Dimon even apologized for the bad trade. 

"Shareholders or investors are rewarded or penalized depending upon the net results of the good and  bad management decisions. No management bats .1000. It's almost impossible if you are doing anything. This is capitalism 101.

"Congress should focus its time and resources on solutions to the many economic problems facing America like run away debt and job creation. Not too long ago our debt rating as a country was lowered. What are we doing about that?"

URL

http://www.foxbusiness.com/industries/2012/06/13/kozlowski-weighs-in-on-dimon-hearings/