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