Dimon’s testimony yesterday before the Senate Banking Committee -- the week of the anniversary of the passage of the Glass-Steagall Act in 1933 -- is ironic, to say the least. He objected to the Volcker Rule’s prohibitions against proprietary trading by federally insured banks (acting like hedge funds, in the words of Senator Merkley), characterizing the re-instatement of a separation of commercial banks and trading markets as an imprudent act taken by Congress in anger.