Live Webcast Of Senate's JPM's London Whale Grilling

Tyler Durden's picture

In the marked absence of JPM CEO Jamie Dimon who will sadly not be present to explain to Senate why he is richer than (most) of the people present while wearing his signature presidential cufflinks, Carl "Shitty Deal" Levin will be the main highlight in today's Senate hearing "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses" which as reported previously found that JPM "lied" and "deceived" regulators.  As the Seante's report concludes, "The bank’s initial claims that its risk managers and regulators were fully informed and engaged, and that the SCP was invested in long-term, risk-reducing hedges allowed by the Volcker Rule, were fictions irreconcilable with the bank’s obligation to provide material information to its investors in an accurate manner." Today, those fictions will attempt to be reconciled, primarily with the help of the "voluntarily retired" former CIO Ina Drew, as well as JPM's vice Chairman Doug Braunstein and IB Co-CEO Michael Cavanagh. Will anything change as a result of today's hearing? Will JPM be broken down? Will the DOJ begin an inquiry into JPM? Of course not. But it makes for a good 3 hours of theater.

 

Schedule:

PANEL 1

    INA DREW
    Former Chief Investment Officer
    JPMorgan Chase Bank NA
    New York, NY
    Download Testimony (85.4 KB)

    ASHLEY BACON
    Acting Chief Risk Officer
    JPMorgan Chase Bank NA
    New York, NY
    Download Testimony (121.7 KB)

    PETER WEILAND
    Former Head of Market Risk - Chief Investment Office
    JPMorgan Chase Bank NA
    New York, NY
    Download Testimony (39 KB)

PANEL 2

    MICHAEL J. CAVANAGH
    Co-Chief Executive Officer - Corporate & Investment Bank
    JPMorgan Chase Bank NA
    New York, NY
    Download Testimony (626.6 KB)

    DOUGLAS L. BRAUNSTEIN
    Current Vice Chairman
    JPMorgan Chase Bank NA
    New York, NY

PANEL 3

    THE HONORABLE THOMAS J. CURRY
    Comptroller of the Currency
    U. S. Department of the Treasury
    Washington, DC
    Download Testimony (73.3 KB)

    SCOTT WATERHOUSE
    Examiner-in-Charge - OCC National Bank Examiners - JPMorgan Chase
    Office of Comptroller of the Currency
    Washington, DC

    MICHAEL SULLIVAN
    Deputy Comptroller for Risk Analysis - Risk Analysis Department
    Office of the Comptroller of the Currency
    Washington, DC 

The 300 page Senate report is posted below (link):