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JP Morgan Chase CEO Jamie Dimon testified on Capitol Hill today for the additional time in two weeks, actualization afore the House Banking Services Committee to altercate the trading beating that has amount his coffer billions of dollars. Afore the hearing, Bloomberg News acicular to a new abstraction assuming that JP Morgan Chase receives a $14 billion anniversary subsidy from the U.S. government. This subsidy is due to JP Morgan’s acceptability as a too-big-to-fail bank, which lets it borrow money at lower ante than other, beneath systemically chancy banks:

JPMorgan receives a government subsidy account about $14 billion a year, according to assay appear by the International Monetary Fund and our own assay of coffer antithesis sheets. The money helps the coffer pay big salaries and bonuses. […]

In a contempo paper, two economists — Kenichi Ueda of the IMF and Beatrice Weder Di Mauro of the University of Mainz — estimated that as of 2009 the apprehension of government abutment was atom about 0.8 allotment point off ample banks’ borrowing costs. That’s up from 0.6 allotment point in 2007, afore the banking crisis prompted a all-around annular of coffer bailouts.

To appraisal the dollar amount of the subsidy in the U.S., we assorted it by the debt and deposits of 18 of the country’s bigger banks, including JPMorgan, Coffer of America Corp. and Citigroup Inc. The result: about $76 billion a year. The cardinal is almost agnate to the banks’ absolute profits over the accomplished 12 months, or added than the federal government spends every year on education.

JPMorgan’s allotment of the subsidy is $14 billion a year, or about 77 percent of its net assets for the accomplished four quarters. In added words, U.S. taxpayers helped bottom the bill for the multibillion-dollar trading accident that is the focus of today’s hearing.

At the aftermost hearing, the Senate all but groveled at Dimon’s feet, and today’s analytic was not abundant better. But Rep. Brad Sherman (D-CA) did ask Dimon about the Bloomberg study. Dimon denied that his coffer receives a allotment advantage due to its size, adage that the coffer is “probably appealing abundant like everybody else.” Watch it:

As Bloomberg’s editors put it, “when Dimon pushes aback adjoin [regulations like] basic requirements or the Volcker rule, it’s account canonizing that he’s blame for a anatomy of accumulated abundance that, larboard unchecked, could advance to a crisis too big for the government to contain.” Yet that’s absolutely what he did today.

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