The Presidential Cuff-links are BA-AAAAACK!!!!
For those who weren’t nauseated enough watching Jamie Dimon’s Senate Banking Committee testimony last week (which devolved into Senators asking Dimon for advice on how to regulate Wall St. banks- seriously!), the JPM CEO is back on Capital Hill today to testify in front of the Financial Services Committee.
Perhaps the FSC will let Jamie run his mouth and he will incriminate himself. Watch the farce LIVE at C-Span below after the jump:
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Question for Jamie: “What is the extend of your trading losses so far? In other words, how much money have you lose up to date on risky bets?”
“Perhaps the FSC will let Jamie run his mouth and he will incriminate himself.”
Hi Doc;
Yeah, that what this is!
lol it should rather read: “…how much money have you lost up to date on risky bets…”
427 I agree. I’ve also previously asked: “Is there not a way of blocking members from coining them self?”
Ya SB:
Bloomberg says he’s going to start testifying around 11:35AM EST
SB—The Real Answer, According To My Calculations, Is a $25.4 Billion Loss as of 11:00AM EST Today. I don’t think we’ll hear about this loss until it’s reported in some buried page of time magazine. I just don’t see how this loss has done anything but get worse since the announcement of an increase to $3 Billion. Think of it—In just a few days, the loss went from $2 Billion to $3 Billion—50% IN JUST A FEW DAYS!—This must be a very difficult trade to exit.—But of course, no questions will be put to Jamie on this subject.
Rather, We’ll get, “Jamie, we’re looking to your expertise in finance to help us kill Dodd-Frank—How can you help us to write the legislation?
I also hear Greece May Form A Coalition Govt Today
Greece pro-bailout parties could form govt
ATHENS, Greece (AP) ? The pro-bailout New Democracy party came in first Sunday in Greece’s national election and could gather enough support to form a pro-bailout coalition to keep the country in the eurozone. READ MORE
Greek parties meet to finalize coalition-sources
ATHENS, June 19 |
Tue Jun 19, 2012 8:28pm IST
(Reuters) – Representatives from three Greek
political parties involved in coalition talks will hold a
meeting shortly to discuss policy issues and the make-up of a
cabinet in a new government, two party officials told Reuters on
Tuesday. READ MORE
Hey, I learned something new in these testimonies. The $2 billion that was lost by JPM was in a part of the banking entity that WAS insured by the FDIC! Wow. You can learn something by these circuses!
FROM WSJ LIVE BLOG: JAMIE STARTING TESTIMONY
Gentlemen: Here Are The Questions I Will Answer—Please Stick To The Script
Dimon’s prepared remarks are the same as they were last week, so it will be up to lawmakers to drag something new out of him about the $2 billion-plus losses tied to the London Whale. (WSJ provided its own new news on that this morning, with another story detailing what really was going on behind the scenes at the Chief Investment Office in London.) READ MORE
Sure thing 427, the exact reason why I have admitted previously, a while ago now, that I’ve coined my own comments during one of the silver contests here at SD (after I saw that others followed the exact same strategy).
If Doc can manage to stop members from coining themselves, it will definitely help towards making the SD system of commenting more reputable. However, I don’t think there should be a complete ban of coining though, because with coining we get to express our support for comments we like. I believe it will be detrimental to our freedom of expression if it’s completely banned. It is of course not my call, so I will go with whatever Doc decides. This being said, it is important to address the issue, but we should not allow this issue to upset the apple cart and to course disunity. I believe there are much bigger fish to fry.
Jake Thanks for the update. I always enjoy your updates. lol I know it sounds corny, but it’s the truth.
J.P. Morgan Chase & Co. trader Bruno Michel Iksil at times
resisted sharing some details of his positions with superiors, while
trading executive Achilles Macris had a history of clashing with
co-workers, according to current and former colleagues.
Mr.
Iksil, a Frenchman known as “the London whale” for his outsize
positions, and the Greek-born Mr. Macris are at the center of at least
$2 billion of losses at the nation’s biggest bank by assets. Each
remains at the bank but is expected to leave, according to people at the
bank. READ MORE
Will JPMorgan take a “big bath” on the London Whale?
By Stephen Gandel, senior editor June 19, 2012: 10:52 AM ET
JPMorgan has a lot of leeway when reporting its recent trading losses.
JPMorgan CEO Jamie “Crazy” Dimon
Fortune — JPMorgan Chase (JPM)
could be headed for the tub. Some are wondering if the bank could take a
so-called big bath – an accounting term for exaggerating losses in
order to benefit later – on the London Whale’s trading red ink.
Jamie Dimon is testifying in front of Congress again on Tuesday, this
time for the House Financial Services Committee, about how a unit of
his bank that is charged with risk management was able to lose $2
billion in a little over a month.
As with last week’s hearing, JPMorgan’s CEO is not likely to say more
about how big the loss could get – though many think it has mushroomed.
The question is whether JPMorgan will choose to be conservative when it
reports its second quarter earnings about a month from now and say the
trading loss could end up being large or instead try to make the red ink
in the chief investment office, which is where the London Whale works,
look as small as possible.
Banks have a certain amount of leeway when reporting trading results.
They are supposed to use so-called mark-to-market accounting, under
which they would value all stocks, bonds and derivatives at current
market prices. The problem is that some investments don’t trade
regularly. In those instances, banks can use their own judgment.
JPMorgan’s losing trades were reportedly in complex, illiquid
derivatives, so Dimon could easily defend a more flexible approach to
assigning value.
There might be an advantage for JPMorgan to make the trading losses
look as big as possible, taking a so-called big bath. JPMorgan has a
history of being conservative about losses. For instance, JPMorgan has
recorded losses on its books on some delinquent mortgage loans that are
backed by government guarantees, even though it’s almost certain to get
its money back on those loans from Uncle Sam. Other banks have not taken
a loss on similar loans.
If JPMorgan were to take a conservative estimate on the London
Whale’s trades, recording the high-end of the range of what the misstep
could cost the bank, JPMorgan could get an earnings boost later if the
trades don’t turn out to be as disastrous as the bank predicts. Indeed,
Dimon has surprised some people about how vocal he has been about the
trading losses. Some have questioned why he didn’t try to bury the
losses from the start.
Nonetheless, JPMorgan has a number of different levers it could pull
if it wants to make the loss as small as possible. Last week, Dimon said
that the bank’s chief investment office has $7 billion in unrealized
gains in its portfolio. The bank could sell off some of those profitable
positions to limit the losses in its CIO unit. A smaller than expected
overall loss in that unit could quell some fears about the CIO office,
which is likely to be under intense focus from analysts, investors and
regulators for some time. READ MORE
First Question To The Chairman Of The Committe:
—Are We Going To Make Jamie Dimon TAKE AN OATH?—Chairman: I See No Reason To Do This—He’s Here Volantarily And It’s NOT A CRIMINAL PROCEEDING! —-UNREAL!—So He Can Lie?—NO PROBLEM!—MOVE ALONG!
Jake I suppose the “London Whale” is a nice scapegoat to have; if the likes of Jamie will only realize that ultimately they’re going to be the scapegoats of the guys that really pull the strings. I suppose it’s a-big-fish-eat-smaller-fish-and-then-gets-eaten-by-a-bigger-fish situation. lol
Barney Frank: Do you Think The CFTC Can Regulate Properly With Only 180 Million?—Jamie—I Have No Idea!
Barney: Do You Believe We Should Exempt JPM Trades from Overseas Regulations–Regarding Derivatives?
Jamie: YES—UNREAL–THE ARROGANCE!
Jamie:—These Trades are Visible!<—VISIBLE?—UNREAL!—There Is Nothing About These Trades That Are Visible!
Barney: Please Don’t Filibuster!—Is your Compensation Up For Consideration For Clawbacks?—Jamie: I Can’t Tell My Board To Do Anything.
Maxine Waters: What Is Your Position With Regards To Dodd-Frank? I’m Afraid We Don’t Have Your Support<<—HAHAHA!—Ahhh, Maxine—Jamie Would Like To Have Bugs Bunny Regulating JPM. Did The Losses Stay In London?
Jamie: It Affected Our Shareholders<—Ahhh…Duh!
Jamie—You Didn’t Know About These Losses—How Can You Come Forward And Say That The Regulators Should Have Known About Them?—Some Things Get Through Their Screen…Some Things Get Through Our Screen<—Yeah Jamie—As Much As Possible Gets Through Both Screens If You Have It The Way You Want It!
BTW—Raid Underway:
The $2-$5 Billion Loss That You’ve Incurred—Backed Up By The FDIC?
Jamie: Yes<—So The Tax-Payers Are On The Hook For This!
I think currently for me, freedom of expression would encompass giving jamie the tapeworm diamon a giant enema, this would also literally expose how full of crap this guy really is.
WHAT ARE THE LOSSES JAMIE?
JAMIE: WE HAVE NOT DISCLOSED THAT—UNREAL!
Chairman—INTERUPTS—”The more the disclosure is made, the more the speculators can take advantage”—It’s not necessary for him to disclose it—Losses could be $6 billion—Ah Aha—AHH–AHHhAHHa—WHAT?—How Does The Chairman Know This?—And Why Is it Required of The Chairman of This Committee To Keep This From The Public To PROTECT JPM?—The Losses And TRADES ARE THEIR PROBLEM—THEY PUT THEM ON!—UNREAL!
IF Jamie Is Declining To Disclose The Total Of The Losses—THEY MUST BE HUGE!—I Think My Estimate Of $25.4Billion As Of Today May Be Low
JAKE?
Senator: “Would It Be Safe To Say That If You Didn’t Do Any Trading At All—Would You Have No Losses?”
Jamie: “Yes”<——-OK THEN>>>WHY ARE YOU TRADING FOR YOUR OWN ACCOUNTS?—Well—It’s Because You’re A Scam Operation!
Let’s Get Into Your Risk Models—What Was Your Confidence Level—
Jamie 95%
Going To 3 sigma—99%—Would This Have Reduced You Losses?
Jamie—That’s Not The Whole Picture.
JAMIE—JPM CAN BEAR $80 BIllion WITHOUT THE TAXPAYERS BEARING RISK—DID YOU GUYS HEAR THIS?
Senator: IS GAMBLING INVESTING? What’s The Difference Between Gambling And Investing?
Jamie—When You Gamble, You Lose—HAHAHA!—-So Why Did You Let This Trade Lose So Much You Criminal?
Senator: If You Hedge Your Hedge—It Looks Like A Dart Board—Seems Like Gambling—How Does This Help The Company, Country?—If Wrong, It Puts Systems At Risk. And The Fact It’s Overseas—It Puts A Lot Of Fizzyness Into It. How is This Hedgng And Wedging Different From Las Vegas?
Jamie: We The Biggest Lender—Our Main Mission Is Serving Those Clients <—WHAT? You’re Serving Your Masters Jamie—Trading For Your Own Account!
Should Portfolio Hedging Be Allowed Under The Volcker Rule?
Jamie Yes
Should You Resign Because You Have A Conflict Of Interest?
Jamie—I Don’t Vote For The President Or The Board
Senator: We Wanted To Swear You In—You Already Said Something False—Chairman Interrupts!—UNREAL!
This Is UNREAL!—NO SWEARING IN—Lying Is Ok—Move Along!
Senator:—You Put Forward The Idea That You Gave $350 Billion To Your Credit Office So It Could Get To The Gambling Tables In London—WOW!—Great Question!
Senator: Wild Socialists At Bloomberg Say That Your Cost Of Funds Are Lower Because Of The Bank Guarantee Of FDIC—Reduced By 0.8%—So You Are Too Big To Fail?…You Lost $2 Billion—But Bet over $300 Billion—Can You Say That All Other Banks Could Have Survived—Why Should We Bail You Out If You Go Under?
Jamie: JPM Size Allowed Us To Do What You Asked Us To Do…UNREAL!—So He’s Saying Govt Compelled Him To Make Ridiculous Liar Loans, etc.
BTW: I Kept Saying “Senator” Soory—This The A House Testimony—I Should Have Said “Representative”
Congressional Dead Beats! They rather go after Baseball players for doing steroid a waste of The American Peoples Money. You hear this American Peoples Money! Yet! Those who steal the wealth from The American People! They get their asses kissed on National Tv and no Criminal Investigations. Just makes me sick to my stomach. All for the paper called the dollar! To which is not worth a damn.
Jamie Dimon: NO CHANCE WE’RE Going To Fail!<—OF COURSE NOT JAMIE!—Tax-Payers Will Cover You!
(D) Representative: Should We Cut $25 Million From The Small CFTC Budget?
Jamie: I’ve Never Looked At Their Budget—No Comment!—
Representative: You Have No Problem Commenting On Other Matters Unrelated To You—Why Not This One???
Jamie: No Comment!
(R) Representative: With Regard To London, Gensler Says Rules Are Inadequate–Do We Need Regulation From US—Apply To London?
Jamie—NO—We Should Use The London Rules<—OF COURSE JAMIE—When You Can Go Overseas To Avoid Regulation—NO PROBLEM With Gambling Right?—LOL!
JAKE?
You’re Being Tough On Me!
Jamie Dimond to Rep. Rueben Hinojosa. Some People are driven by Money and some are not! Basically he was saying how much do you want?
(D) Representative: What Should Congress Do To Strengthen Dodd-Frank?
Jamie—These Are Complex Things—We Want A Safer System, It’s A Lot Safer Today<—It’s A Lot Safer?—LOL—Losses Gambling In London No Problem Move Along!
(R) Representative What’s the distinction between hedging and prop trading?
Did You Support Dodd-Frank?
Jamie: That’s A Hard Thing To Say—So Did You Or Didn’t You?
Representative: You Have Buyers Remorse Don’t You?
What’s The Distinction Between Prop Trading And Hedging?
I Don’t Think He Answered This Question.
(D) Representative: Did You Have Adequate Risk Controls In Place Before These Losses Were Incurred?
Jamie: The Risk Control Review’s Are Not Done Yet,—No Jamie—There Was Never Any Review Of These Controls!<—The Fact Is, Jamie–You Have No Idea What The Risk Is! <—Maybe Your Losses Are 80 Billion?
(D) Representative: Did You Ever Inqire About That Question From The First Hearing That There Was A Limit On Losses On Positions Of $20 Million?
Jamie: NO<—Of Course Not—Who Cares About Limits On Losses—The Tax Payers Will Bail Me Out!—UNREAL!
Acruzn—YEP!—Unreal!
Another Farce!
THAT WAS EASY!
A couple of the questions were at least some entertaining theater for the masses tho. At least a few of the Reps SEEMED like they were pissed off about this.
Yes Aragornsos—INNIT Amazing?—Only The Democrats Had Any Balls To Ask Anything Important. The Republicans Laid Off. The Chairman Was Jamie’s Mother Protecting His Little Victim. Unreal.
Oh Well…Move Along.
The Only Way This Subject Might Be Brought Up Again, In The Future, Is The Realization Of The True Losses They Incurred On These Trades. If The $80 Billion Maximum Brought Up By Jamie Today Actually Happens, We’ll Hear About It.
Coins for everybody
Dam jake thats some major posting
Another Live Blog Keeping Track Of This Farce Also Picked Up On The $80 Billion Comment By Jamie:
#Dimon: “Regulators cannot catch everything.” Is Jamie #Dimon making an observation or bragging? READ MORE
Man that was a waste of time reading all those posts. Olny good thing was Jake’s commentary on the Dip Shits Hearing,427 and SB takes on coining. I agree take away the coining as I get a big ego when I see my count go up. LMAO
lol
Hay fellow ego maniacs, fear mongers within the colicky click. I coined all 23 comments of jakes as well as everyone ha ha ha