Jun 20, 2012
Congressman Sean Duffy, That’s a Clown Question, Bro
Wall Street Darling Congressman Sean Duffy whiffed on his chance to take on J.P. Morgan’s Jamie Dimon at this week’s House Financial Services hearing on the Wall Street bank’s risky investments and staggering losses. CNBC mocked Congressman Duffy’s turn at bat in a post entitled, “Are You Smarter Than a Congressman,” writing, “Would you, dear reader, be more on target than Rep. Sean Duffy of Wisconsin, who asked if JP Morgan’s could ever approach $1 TRILLION?”
Duffy, who professed ignorance on financial services when he arrived in Washington, was apparently unaware that a $1 trillion loss would be more than 16 times larger than the largest quarterly loss in the history of the world. He has taken more than $300,000 from the financial services industry while pushing to weaken Wall Street reform.
“Five words for Congressman Sean Duffy’s pitiful performance at the House JP Morgan Hearing: that’s a clown question, bro,” said Haley Morris of the Democratic Congressional Campaign Committee. “Unfortunately, there is nothing humorous about Congressman Sean Duffy’s record of putting Wall Street special interests before the needs of Wisconsin small businesses and middle class families given his evident ignorance of the financial service industry. Wisconsinites deserve better than Congressman Sean Duffy’s Wall Street approved agenda.”
Background
Duffy admitted he “wasn’t very familiar” with financial services issues. As reported by The Nation, when Duffy entered Congress he “admitted he ‘wasn’t very familiar’ with ‘banking issues, housing issues, insurance issues.’” Duffy said, “These are specific issues that I didn’t deal with in my entire life.” [The Nation, 6/1/11]
CNBC mocked Duffy for failing to take on Dimon. In June 2012, CNBC asked readers, “Would you, dear reader, be more on target than Rep. Sean Duffy of Wisconsin, who asked if JP Morgan’s losses could ever approach $1 TRILLION?” [CNBC, 6/19/12]
Duffy sponsored legislation aimed at diluting the Consumer Financial Protection Bureau. Duffy sponsored “a measure that would dilute the powers of a new Consumer Financial Protection Bureau.” According to USA Today, the measure which passed the House in July 2011, “would curb the powers of a new Consumer Financial Protection Bureau […] which has broad authority to protect consumers from financial fraud.” [USA Today, 8/31/11]
Biggest quarterly loss in corporate history: $61.7 billion. In March 2009, AIG “posted a $61.7 billion fourth-quarter loss -- the biggest quarterly loss in corporate history.” [Reuters, 3/2/09]
Duffy has taken more than $300,000 from the financial services industry. Duffy has taken $340,320 in campaign contributions from the financial services industry. [OpenSecrets.org, accessed 6/19/12]
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