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Ina Drew Throws Jamie Dimon Under The Bus
From the prepared remarks of Ina Drew, former JPM CIO:
- ... In January the Company’s independent Model Review Group, part of the corporate Risk Management organization, approved a new, and purportedly better and more accurate, value-at-risk (VaR) model for the synthetic credit book... Although I, as well as the Company’s senior management, was well aware that a new VaR model was pending, I had no involvement in the process of developing, requesting or approving the new model and no basis to personally assess the merits of either the new or old model.
- ... It is also important to note that the Task Force Report itself lays out the critical factors – the flaws in the new VaR model and the deceptive conduct by members of the London team – that undermined my management and my oversight of the book.
- ... It appears that CIO Risk Management failed to properly understand and assess the risks in the book, and that CIO Finance failed to properly review the position valuations recorded by the traders.
- ... Though I did not (and do not) believe I bore personal responsibility for the losses in the synthetic credit book, in late April I began to consider whether, for the good of JPMorgan Chase, I should step down and make it easier for the Company to move beyond these issues. In the wake of the May 10 disclosures I approached Mr. Dimon and told him that I thought it would be best for the Company if I stepped down. He reluctantly agreed, and shortly thereafter I submitted my retirement letter. Similarly, although I did not (and do not) believe that I engaged in any misconduct, I offered to give up a significant amount of my recent JPMorgan Chase compensation, which I have done, in recognition of the size of the losses and my position as head of the business. Although asset-liability management, by its nature, involves regular ups and downs in both investment and hedging books, I had never before experienced a situation like this one.
- ... I have since come to learn – based on the Company’s public statements in July 2012 and Task Force Report in January of this year – that valuations for many of the book’s positions were inflated and not calculated or reported in good faith; that the original version of the second quarter scenario analyses reflected much higher projected losses and was specifically re-done before it was sent to me so as to reflect lower projected losses; and that some members of the London team participated in or condoned such conduct and hid from me important information regarding the true risks in the book. I have also since come to learn – based on the same public statements of the Company – that the new VaR model was flawed and significantly understated the true risks in the book. Needless to say, I had no knowledge of these things at the time.
And the piece de resistance:
- Since my departure I have learned of the deceptive conduct by members of the London team, and I was, and remain, deeply disappointed and saddened to learn of such conduct and the extent to which the London team let me, and the Company, down.
Maybe it is time to call back Jamie "This is why I am richer than you" Dimon?
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Thanks for never letting up, ZH.
I'm sure Jamie Dimon is shaking in his Ferragamo shoes right now. And I bet you that Hermes tie is feeling kind of tight right now. May even have to remove his Brioni coat as I'm sure it's getting hot.....
That was a lot of words to say "Jamie, you'll be hearing from my lawyer to renegotiate my severance".
“You’re taking this way too personal, this is business not personal. You know what you have to do is put a gun to the side of his head and BADABING!”
Sonny/ The Godfather
Okay, from what I've read here, it looks like she threw the London office under the bus, not Dimon.
While I realize he is absolutely responsible for driving this mess, I don't see it in the above testimony.
Behold another banker scum who is shocked there was gambling going on in the house.
Lean In, Ina Drew.
When Dimond jumps from the top of the JPM building tommorw, then its time to panic.
LOL- what a dipshit.... Hey Ina, lemme get this straight- your job was to "oversee and manage the book", yet you cry foul and say it's not YOUR fault when the kids play in the sandbox??? So what- EXACTLY- did you think you were being paid MAJOR bucks for? Mimi make up tips?
Cry me a river, bitch- you're going down with the rest of them, it's called ACCOUNTABILITY.
Ms Drew said she “relied” on Mr Macris and Mr Martin-Artajo. The men, who live overseas, were beyond the Senate panel’s jurisdiction, and declined invitations to testify.
Fuck you muppets!Was that Ina anf Blythe leaving the hearing?
http://i.imgur.com/4QsJ3ry.jpg
This all looks like a limited hang out instead of dealing with the real issue which is gold and silver manipulation.
I have also since come to learn – based on the same public statements of the Company –that the new VaR model was flawed and significantly understated the true risks in the book. Needless to say, I had no knowledge of these things at the time.
Yeah except they all approved and implemented it without testing it against the old model. Dimon's words "I approve"
Clearly in the doc they had no interest in mitigating risk, they just needed to get their risk down to shield their craziness from regulators.
And they also failed to disclose changing the var model until well after they reported their new numbers.
Lots of holes!
I think this could best be summed up as "chaos and porous risk controls." Pack it up our work here is done.
's not my fucking fault...
(y'all had yer chance to gimme a much bigger severance package, assholes)
Two words:
Sarbanes Oxley
Only if it will not hurt the economy, peon.
Honor among thieves?
There is none.
Ina was supposed to take one for the team.
Instead, she gave it back and then some!
Blood in the water.
The sharks are circling.
Well, it's about time someone let the air out of that mendacious bastard. I'm just surprised it's Miss Piggy.
Is it just me or does Ina look like Carol?
http://www.youtube.com/watch?v=twsxiZ-jh8E
"I'd fight Ina Drew."
I have to say that I am really, really surprised that one of these a-holes hasn't had an accident yet. There are so many people out there whose businesses... prosperity... lives... have been ruined by the "priviledged" who have bent the laws to amass fortunes.
I SO wish he would. The only difference between him and Madoff is sophistication. Crash JP Morgan; buy silver. Plus it will help you prosper.
I SO wish he would. The only difference between him and Madoff is sophistication. Crash JP Morgan; buy silver. Plus it will help you prosper.
"I approached Mr. Dimon and told him that I thought it would be best for the Company if I stepped down. He reluctantly agreed..."
More like: I got the fuck outa Dodge, because these bastards were going down.
Or like:
Look bitch we need someone to take the heat for this and off themselves. We chose you, plus we got tired of you walking around here looking like Ms. Piggy. Now beat it.
- J. Dimon
if she was Ima Jew she would still have a job
Damn, caught myself trying not to snigger.
"He reluctantly agreed."
That part is true. Dimon was reluctant to see her leave the company, because once she was on the outside, he couldn't control her mouth any more.
Yeah, I wonder how much of Jamie's "I-got-more-than-you" she'll get for throwing London under the bus, falling on her sword and shielding New York? Somebody should grow a pair and send them all to Guantanamo for re-training.
and JPM stock cuts it's losses on the news
"although I did not (and do not) believe that I engaged in any misconduct, I offered to give up a significant amount of my recent JPMorgan Chase compensation, which I have done, in recognition of the size of the losses and my position as head of the business."
Duh sorry but I'm not buying this salad. Translation, she's as guilty as the others, but trying to escape the guillotine by being the first out.
Snap back to reality hedgers. Nothing will happen when the fox is guarding the henhouse. Won't even make Main stream news...
I'm looking forward to the day Blythe Masters is sitting in Ina Drew's chair.
I'm looking forward to the day Blythe Masters is sitting in another type of chair.
OK, I understand that you don't like being the goat, but what is a Chief Investment Officer in a behemoth like JPM if not a compliance/quality control nanny? Screw your latest model. What about the most basic controls like position limits, capital limits, weekly reports from every unit on what they are doing and risk/reward data?
This is way above my pay grade, but some of us know the answers. There was no external clearing broker, so entire levels of over-sight and security never had a chance to kick in. Also, one trend that is obvious from the Tylers' reporting is that this place is being run to maximize leverage and circumvent regulation. Hence the option selling to the moon within one year, when it does not create a capital requirement.
As the rednecks say, what goes around, comes around.
(Placed way out of sequence, not in response to the comment above. Something hinky is happening to the order que. Anyone else see black helicopters?)
I'm curious, where did you think you were posting this comment?
On the original thread, under Joe above.
Happened once last week, but I see some stuff clearly out of sequence on many threads. Probably just the volume of readers creating mild chaos. A good thing really.
I'm noticing more and more that the up/down arrows are not responding. Anyone else getting an error message?
If someone imports text from another source (writes it in word and copies) that will often overlap the arrows, and inactivate them.
CD had it working once where he could get green arrows but not red. Clever boy. Like the most zen among us cares about arrows.
... or maybe ilene just doesn't like you;)
She swims with the fishes now my friend
she should watch out for them pigs
They didn't deposit enough in her secret swiss bank acccount prob.
thank god the banks have fixed all this
Typical elite infighting.
Since this shit started last year, I strongly believe two opposing factions inside or outside JPM are fighting against each other.
They want Dimon's head and I think they will get it. It seems to me that the group against Dimon have the senators in their pocket.
@ekm
I think you are right. Dimon has served his usefulness. He slipped up last year on the Whale Trade and, after his boastful "Fortress Balance Sheet" gaffe and all-around acting like he is a demi-god (understandable given how he is treated), it looks like he is prime for the slaughter (think Marlon Brando in "Apocalypse Now," nee Heart of Darkness).
Reading marketwatch headlines.
John McCain got involved bashing Dimon.
I think he's done.
Oh, dear.
Hang her on the Blackfriars bridge, I say!
Is the bus okay?
The bus is fine, although the tire treads are severely caked with dog shit.
Don't worry Jamie, Eric Dickholder has got your back
NAH. Crony capitalists from TBTF banks don't hang each other out to dry.
The narrative is "bad people do bad things" Jamie and I are good people who got caught up with bad people who sought to "hide" things from us.
But my due diligence was good, jpm's was good and #btfd!
Then Lehman and Bear Stearns were what? Not TBTF?
Chum. You have to fed the sharks.
Jamie, better polish those cufflinks.
stay away from hottubs bitch
Jesus fucking christ himself would be shocked at what these two bit shysters have gotten away with these past few years.
Send these thieving fuckers to jail for fucks sake.
DoJ, do your fucking job, get these thieving clowns in orange jump suits. If you dont something is going to happen to them, of that I am sure. Your average bloke would be in a high security, full lock down joint for half what these criminal bastards are getting away with day by day.
DO YOUR JOB AND LOCK THEM UP.
abandon hope, it won't stop until they have it all. everyone from the president on down takes orders from the likes of dimon and blankfein.
Buzz,
One way or the other, they will pay.
There are far too many people who are now aware of what these thieves are doing. The 'Hundreth Monkey' is nearly upon them. They would be safer in a super-max than out on the street.
Levin has been in office since 1979. I'm telling you nothing will change.
It will buzz, as much as I once thought that these thieves are un-touchable, they are not. Blame the interwebs.
Too many people know the score now, even my mother knows whats going down and is pissed off.
Little bit more time is all.
;-)
Yes, but your mother still votes for Levin tho...
that's funny. I had this argument with my mother who is 85 the other day. I said we are responsible for voting for these people year after year. She said "not me, I always voted for republicans" I rest my case. We are fucked
We have been divided and conquered. Only those that use both parts of their brain have any insight.
every vote is another hand on the plate, giving it yet another spin, keeping the whole game-show playing.
every. vote.
@inthemix96
Let me explain Amerika:
As long as the general populace gets their phone, TV and hamburgers without interruption, the masses on the street will not exist.
Drone the fuckers.
Jesus fucking Mary is a much better expression.
J&M sitting in a tree, K.I.S.S.I.N.G.!
But, but, but if we don't allow them, and even encourage them, to break the law, Bad Things® might happen somewhere to someone.
</Eric "Ball" Holder>
Seeing as how the DOJ and the SEC are being run by the banksters' lawyers taking a vacation from their Wall Street firms to do "civic duty", I doubt anyone of any consequence ever sees the inside of a jail cell, the worst that will happen is they'll blame the whole thing on the copy boy and give him 20 years.
Why does anyone have $1 dollar on deposit with these assclowns
The sad fact is that they don't need your or my deposits.
The Fed (via its electronic printing press) has provided them and the other TBTF's with TRILLIONS in excess reserves that sit at the Fed. They are ready for any kind of bank run.
Honest Barak Obama would never let one of his buddies do anything wrong.........
Obama's JustUs department said so!
It's okay, nothing will happen to Jamie... Or any of them, for that matter...
What goes around comes around...
Well, that escalated quickly.
+1
The wheels of the bus go round and round, round and round....
WB how about a good side boob shot of Ina? What good is this new reality TV crap they are feeding us without a good side boob shot?
Jamie's picture IS the boob shot.
Well played, m'lady.
And the hit just keep on comming....
She's a witch....a witch I tell ya. Lets see if she floats.
Build a bridge out of her...
"A duck!"
She turned me into a newt!
I got better...
+1 for any Python reference.
You meant build a BARGE out of her, right?
touche'
What I like is how these higher-ups get paid tens of millions of dollars in annual compensation, then when massive wrong-doing is discovered in their operations none of them ever had any idea of what was going on. You get paid millions of dollars a year, how much compensation does it take to hire someone who actually DOES know what is going on in their departments?
They are paid millions of dollars a year to not know what is going on.
Bought and paid for.
Cage Match! To the Thunderdome! Two Bankers enter, One Banker Leave!
Funny and satisfying to see, but the idea of the "who's on first" dog shit show where multimillionaires pass the buck around about overt illegality with self anointed diplomatic immunity is still beyond disgusting.
They've brought baldy monotone in now to lull anyone watching to sleep, then they can wrap it up and go to the nearest safe house, do some blow and molest some children.
Jamie, you better brush up - buy and study "Making License Plates for Dummies."
Shit, a jury of Jamie's "peers" would never be able to understand what happened - even if it got that far without executive branch intervention.
that senile old fuck MCcain doesn't even understand what he's reading
I think Jamie will pull a Corizine... unless he walks out a private jet from 30,000 feet and free falls into an awaiting hot tube with a hair dryer in it. I betcha he knows where as they say "the bodies are buried", probably got pics of the politicians accepting the proverbial brown paper bag. Unless he is that arrogant.
What really sucks is that EVEN (if by some longshot miscarriage of justice) Jamie does get jailtime, it would be in "Club Fed", he'll still live a better daily life than most of us!
Be funny to see Dimon get punked by Madoff. In fact come to think of it, if you could make an HBO Series like OZ, but instead of murderous psycopaths, stock the supermax full of banker sociopaths, it would be an instant hit, and probably more entertaining.
DITTO !!!! Thanks for never letting up, ZH.
I WOULD TRULY LOVE TO KNOW WHAT "BIG BROTHER" THINKS OF ZH. THESE WORKS NEED TO BE SHARED AND AIRED EVERYWHERE ! HOW CAN I HELP PROMOTE ? Other than word of mouth, as I always do. Smartest and funniest folks (strangers) I have come to know in my adult life. Thanks ALL !!!
Ina DRONE
she is writting her obituary
She has a $100 Million in Bonus, I am sure she is fine.
AND THAT'S WHY I WORK IN FINANCE BITCHEZ!!!!!
@Sudden Debt
Nominated for comment of the year so far.
Again - barring an outright murder by one of these clowns nothing will happen. Any normal broker dealer would receive a Wells letter regarding these and the company and individuals involved face the full brunt of the SEC, likely being put out of business, fined and possibly jailed. Fabricating false balance sheet information to cover up losses and hide it from management (and regulators) is fraud. It seems that these big banks can pretty much skirt any law on the books with impunity and not face any corporate or personal liability.
I do not anticipate anything happening in regard to these revelations.
"What Difference Does It Make?" - H.R.C.
The NSA has a lot more to benifit from by releasing bankster documents than it does by using the documents of poor people for control.
Hint.
Fixed it:
The Banksta subsidiary NSA has a lot more to lose by releasing bankster documents than it does poor people's.
just like a gang initiation -
Jamie Dimon has proved that he is perfectly capable of committing criminal fraud and then lying about it -
He is now ready to becom US Treasury Secretary.
Why be a vassal when you can be King? Bennie Boy's replacement: Fed Head
Toss him in jail like Corzine... Oh wait!
"Ina, you ignorant slut"
Hopefully we will get to see a battle between a douche and a slut. After all the only thing we will get out of it is entertainment value. It's not like anythng will change for the peanut gallery that is "we the people".
Dimon and Obambam, responsible for absolutely nothing.
FUCK that bitch...
she's a banker and she needs to get got like all the rest...
NO MERCY FOR ANY OF THE BANKERS....JUST THE ROPE, PITCHFORK, OR THE BULLET...
FUCK YOU ALL AND DIE...................
That's what I'm thinking. That bitch was a high level scuz cunt banker. Throw her and all her ilk under the bus, nobody cares. Tread marks look great on a resume. Die bitchez.
rope and chains
She's too valuable...if she can help take down the rest of the company, why get rid of her?
Can't wait for these fucks to start turning on each other. It will happen. Just a matter of time. I don't think yet though. Soveriegn crisis hasn't played out far enough yet. Same of the States, Muni's, etc. They are still sucking up to Wall Street for payday loans.
These are the motherfuckers who should be ducking daily.
You don't get that high in an industry of filth without getting dirty.
What's her angle?
As long as it helps destroy the rest of the virus (JPM), who cares?
After reading her "wasn't me" note my only thought is just how many "I's" does it take to spell "Ina"?
Jamie will make sure she's blackballed.
She won't even be able to find a job at a Seven-Eleven.
Wall Street did it to Elliot Spitzer.
Doesnt Spitzer work for Pentagon Network News(PNN)?
Brilliant - nobody at fucking JPM knew who was responsible for reporting positions to regulators, or who misrepresented the positions
Now lets expose Goldman, Citi....doing the same thing. gambling trillions out of loan...FED money!
It was the Patriachy's fault.
Gold is up right now. JPM's prop desk must be watching the hearings instead of their trading screens.
People that have important oversight responsibilities over such operations as JPM CIO as an example should have strong Fixed Income background. Most professionals with Fixed Income portfolio management background would be able to immediately spot that the bets in the CIO portfolio are not a hedge to a long credit spreads exposure in the bank book (that is true even before the scenario analysis was prepped). But then again, I am seeing now and so many times in the past when people without experience and without requisite knowledge are hired into positions of importance instead of those that are both available and possessing experience/knowledge. The answer to this conundrum is that hiring the right people into important positions would run counter to the true business model of many financial institutions. This is true on both sides of the industry buy and sell side. Tyler focuses so much of his energy on the sell side but if he only looked at the buy side, he'd be able to show a more complete picture, however more grotesque it is, of the money management industry.
I'm sure CNBS is queing Dimon up for P/R boost Monday morning. Maria Barfaromo is probably having tea and crumpets with him as we speak.
She sounded like a little housemarm when she gave her speech....no one could ever come out and hurt the housemother...balancing her work with familylife and charities...such a good person.....lol......
" that the new VaR model was flawed and significantly understated the true risks in the book. Needless to say, I had no knowledge of these things at the time."
That little used program called excel is going to be the death of them all at this rate.
http://www.zerohedge.com/news/2013-02-12/how-rookie-excel-error-led-jpmo...
When it doubt blame it on the lackeys for a rookie mistake.
the only question at this point is the breed of horse head which will end up in ms drew's bed....
but given that most horses have been pre-empted for hamburger helper, inflation may force the use of a pig's head - has the pig count in the yanghtze river dropped any - maybe by 1?
BTW- talked to friend in china last night about the mysterious swimming pigs. Apparently the farmers were selling their sick pigs on the black market to local dealers who sold them to restaurants. The gov cracked down on the black market so the farmers just threw their sick pigs in the river instead.
guess they don't shoot their meat animals up with antibiotics to hide the infections prior to slaughter. . .
downer cows still making the grill, eh USDA?
Why not drag Dimon under the bus.
What's he going to do to her?
Blame it on her and fire her?
corzine/Ina/fill in the blank "I knew nothing, I approved nothing, I did nothing, I forget, the question is what again?
JPM: "Chill this shit now or the PM shorts get it."
Something has changed ! Ina departed in a panic. She is now confident. She has a new master and it is not JPM, Dimon.
a black cat, and another just like it..
JPM is the epicenter of all the bullshit in the American portion of the bankster system, with Rockefeller's connection to Rothschild. Jamie Dimon and crew should have their ousted for investor fraud a while ago but no nothing will happen to any of them. The US DOJ is a useless appendage only meant to prosecute the relatively poor where either the rich or the TBTF get off without prosecution. Banksters under Rothschild/Rockefeller will not be prosecuted. $6 billion in losses and no implications, what a farce the justice system is in this country any more. The blatant abuses in PMs by JPM are sickening that they are allowed to continue with impunity.
Exactly what is it that the SEC is supposed to be doing when something this obscene or outrageous continues unabated? Because these are abuses against the current fiat based financial system, supposedly it is difficult to prosecute wrongdoers for fraud. I submit the SEC and the DOJ aren't trying nearly hard enough ro prosecute fraud. or they have been hopelessly corrupted by the Rothschild cartel, or both. I dismiss the concerns about cost to prosecute that I heard in the Warren testimony recently from the banking regulators. Warren is right in one way, if these groups are never ever held to account, why should they change their ways. That's tight, they won't. There is no moral hazard from the bankster side because the wrong side of the moral hazard issue is never allowed to surface.
Dimon should have his ass axed last year when London Whale first emerged and likely before that, but because of the crony network with the banksters, Dimon and other banksters continue to thrive while many millions of people starve or live harsh existences. Imagine any other CEO that could preside over losing billions with impunity. Food stamps and disability recipients are at all time records. The USA is not a great nation any more, not when these level of abuses between rich and poor continue and grow.
The last level of defense with these corrupt organizations are the investors, with caveat emptor. I will not invest in any of these groups where the banksters control, either the US government through its bonding authority to take my investment money or the banking industry. I realize they control about every industry with these connections, but at least I draw a little comfort they are not getting my direct support.
Dear Mark Pryor. You want my vote in 2014? It's for sale. The price is breaking up the banks. That simple. No breakie the banks up ... no votie.
"Those who vote decide nothing. Those who count the votes decide everything."
– Joseph Stalin
It is fairly regular for commercial enterprises who should hedge their inventory PRUDENTLY to " hedge " their inventory aggressively a la the TEXAS hedge - if you own the inventory then be long the futures market. Why not , there's a BIG balance sheet behind us. Mark to Market we may lose today but tomorrow we revel in glory when the market goes our way. The machines have bolluxed all of that up now though. The most powerful thing a trader can know is other traders' positions. Wasn't there a person within JPM who double crossed his former employer ? It's really very simple - greed and fear over the market's knowledge of JPM's position forced them to trade in way to try to defend their position. Nobody wanted to be responsible for the mistakes being made while they were in fact being made. Judicious use of the brake on a car makes a much better driver. JPM used the accelerator only with nobody willing to take the heat for speeding.
Good for her--she's doing exactly what she should do. I don't even care if she's completely lying and guilty as sin--in fact, it would be even SWEETER if she was. Dimon and JPM, like the terrorists they are, should be brought down by ANY MEANS possible, legal or otherwise. Fuck them--they're disease-ridden vermin, and they should be treated as such...
fucking worthless twat.....shoot the bitch already....
fucking cunt
Rats ratting out other rats. Please. You had your chance to call attention to it all when you worked there. Now, you've already collected your golden parachute, so where's the courage? You're dirty, filthy scum. You could have blown it up and saved people, but instead you stole your salary and bonuses off the muppets and let it all ride. FU, bitch.
Makes me wonder what exactly did she do?