[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/05/04/art.jpmorgan.jpg caption="A top JPMorgan Chase executive authored a memo critical of members of congress earlier this week."]Washington (CNN) – A JPMorgan Chase spokesperson is apologizing Tuesday after a top executive at the firm authored a note implying that senators displayed a "low level of economic literacy" at last week's Goldman Sachs hearings.
"The hearings exposed an unnerving ignorance of fundamental principles of market economics by folks who have a hand in remapping rules of finance that will be with us for a while," JPMorgan Chase Managing Director and Senior Economist James E. Glassman wrote Monday in a memo obtained first by the Huffington Post.
JPMorgan Chase spokesperson Jennifer Zuccarelli, in a statement to CNN, distanced the company from Glassman's May 3 analysis.
"The report is from a single economist and does not reflect the views of our firm," she said. "We disagree with his characterizations, and we're sorry."
Glassman took aim at the senators following the much publicized testimony given by former and current Goldman Sachs officials during the committee hearing looking into the company's investment practices.
"The financial reform debate is in the final innings with much at stake," he wrote, later adding that the "legislation in its present form seems likely to do little to fix the flaws" and that "it's time for the grownups to step in."
Glassman directs much of his ire at Sen. Carl Levin, a Michigan Democrat who chairs the Permanent subcommittee on Investigations. While not mentioning Levin by name, the memo includes a chart entitled: "People who live in glass houses shouldn't throw stones" that details Michigan's ongoing unemployment woes.
"Where are the hearings about the shameful story in the figure below?" Glassman asks, referring to Michigan's unemployment. "Michigan's problems began long before the first swap transaction was introduced in 1981."
The subcommittee, headed by Levin, is examining Goldman's role in the financial crisis last year and allegations it sold mortgage-backed securities to clients that the firm later bet against.
The release of Glassman's memo comes as the Senate considers financial reform legislation, a priority for the Obama administration. The House has already passed its version of the bill.