Top banking panel members got J.P. Morgan contributions

By Robert Schroeder
Tuesday, May 22, 2012

When Jamie Dimon looks at members of the Senate Banking Committee at an upcoming hearing on J.P. Morgan’s costly trading blunders, he’ll be looking at men who have been given tens of thousands of dollars by his employees.

Employees of the Wall Street giant and political action committees tied to it have given to the campaigns of eight of the banking panel’s 22 members, according to a search of data compiled by the Center for Responsive Politics. In the cases of some members – like ranking Republican Richard Shelby, and Jack Reed, the panel’s No. 2 Democrat – J.P. Morgan-related donors are among their top five campaign contributors.

J.P. Morgan employees and related PACs are the No. 1 donor to panel chairman Tim Johnson. During the 2007-2012 cycle, they’ve given just shy of $39,000 to the South Dakota Democrat’s campaign committee.

Johnson, Shelby, Reed and others are gearing up to quiz J.P. Morgan’s CEO Dimon about at least $2 billion in losses related to the firm’s trading stumble. A hearing date hasn’t been set.

Of the committee’s 12 Democrats, four have taken J.P. Morgan money: Johnson, Reed, Jon Tester of Montana, and Mark Warner of Virginia. Four of the panel’s 10 Republicans have also accepted contributions: Shelby, Mike Crapo of Idaho, Bob Corker of Tennessee and Mark Kirk of Illinois.

J.P. Morgan-related donations didn’t show up in lists of the top 20 contributors to the remaining 14 members.

None of the eight members who have gotten J.P. Morgan campaign cash owned J.P. Morgan stock in 2010, the latest year for which financial disclosure reports are available. But Sen. Warner owned a number of J.P. Morgan funds and had cash deposits and a checking account with J.P. Morgan Chase.


Related issues: