Matt Taibbi of Rolling Stone found it hard to watch all of the U.S. Senators giving homage to Jamie Dimon of J.P. Morgan Chase. You can read his detailed report here. And here’s the lesson Dimon doesn’t get:

You can either be a commercial bank, with all the federal support that entails, or you can be a high-risk gambler. But you shouldn’t be allowed to be both. We could have Chase Commercial Bank, and Chase Investments Inc., and they can each be as big as they want, but those companies should be separate. Why do we need companies like Chase that are both things, under one tent?

The real answer, from Jamie Dimon’s point of view, is simple – there’s no way he could have a $350 billion hedge fund if he didn’t have mountains of federally-insured money to play with, and a steady stream of low-interest loans from the Fed.