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Ahead Of Jamie Dimon's Senate Testimony, Who Knew What, When: The Full Infographic

Tyler Durden's picture




 

One day ahead of Jamie Dimon's blockbuster appearance before the Senate Banking Committee, Bloomberg has released the definitive timeline infographic of who knew what, when, together with damning evidence that, contrary to what has been represented by JPM execs, the firm knew about the massive risk, which an in house risk manager described as "trying to land a Boeing 747 without flying lessons", as far back as 2010. Not only that but the firm was actively engaged in fudging its VaR for years in an attempt to hide the monster in the closet which we dubbed, long before the details were exposed, the "world's largest prop trading desk". Well, now the monster is out, and nobody wants to come within one bid/ask spread of it. And tomorrow, Jamie will have a fun time explaining just how he let all of this happen for years while potentially engaging in material 10(b)-5 fraud in his public filings and statements.

There is much more in the must read Bloomberg piece by Erik Schatzker et al, but here are some highlights.

First, we learn that contrary to popular folklore, not only Goldman was betting against US housing (as idiotic as that populist statement is). So was JPM, which somehow nobody mentioned over the past 3 years.

The group started making more exotic trades, betting against an index of subprime mortgage bonds in 2007 that resulted in a roughly $1 billion profit that year, according to one former CIO executive and another person briefed on the trade. 

JPM was never about ordinary banking operations. It was all about prop. Any wonder why Jamie Dimon has been so vehemently against the Volcker Rule?

Macris’s team in London, running a portfolio of as much as $200 billion in trades, had a profit of $5 billion in 2010 alone, more than a quarter of JPMorgan’s net income that year, one former executive said

But what is most relevant for the current market is that it seems that JPM is completely unable to unwind its massive prop bet.

Peter Weiland, who graduated from Princeton University with a degree in chemistry and had been overseeing risk for JPMorgan’s proprietary-trading group, was transferred in 2008 into the same role at the CIO. He immediately saw faults in the division’s risk-management system, said two former executives who worked with him.

 

Weiland became concerned that Bruno Iksil, the trader in Macris’s office now known as the London Whale, had amassed a complex and illiquid position, according to two former executives. Weiland, who declined to comment, warned Macris and Drew about the trades on numerous occasions beginning in 2010, the people said. It was a topic of frequent discussions in the CIO’s global weekly meetings, they said.

 

Weiland compared efforts to reduce Iksil’s outsized position to the difficulty of trying to safely land a Boeing 747 without flying lessons, one executive said. The position was so large and illiquid, Weiland said he couldn’t get the plane below 35,000 feet, the executive said.

 

By 2010 Iksil’s value-at-risk, or VaR -- a formula used by banks to assess how much traders might lose in a day -- already was $30 million to $40 million, a person with knowledge of the matter said. At times the figure surpassed $60 million, the person said, about as high as the level for the firm’s entire investment bank, which employs 26,000 people.

The natural response: fudge the VaR calculation of course. After all JPM is exception: the rules that apply to everyone else, do not apply to it.

Early this year, as the size and volatility of its trades were growing, the bank changed the computer-based mathematical formulas for calculating the chief investment office’s VaR. The new model had the effect of understating the risk of losses from Iksil’s trades: It showed an average daily VaR within the CIO of $67 million, about where it stood in the fourth quarter of 2011.

And this was in 2010, long before Iskil decided to delta hedge by buying up tens of billions of IG9 10 year notional. Which is why we fear that our current estimate of JPM's CIO DV01 being at about ~$200 million may well be conservative.

And the biggest problem: an offerless market for the firm's tens of billions in long IG9 10 year positions!

Drew and Macris agreed to reduce Iksil’s positions and tried to do so beginning in early 2011, according to a current and two former executives. The plan was to work down the book gradually as they found opportunities to sell the assets, these people said. The problem: No one was buying. The position was too large and illiquid and couldn’t be reduced without a loss. Drew and Macris decided the bank could hold the trades to maturity and that the risk of being forced to liquidate them under duress was low, according to the former executives.

...

Unable to unwind Iksil’s bets, the bank tried to hedge them this year with other trades, exacerbating the losses, Dimon said on May 10. Iksil had amassed positions in securities linked to the financial health of corporations that were so large he was driving price moves in the $10 trillion market.

One thing they did not anticipate was, well, reality. And the fact that in the absence of the Fed backstopping the world, holding a position to maturity would inevitably lead to massive losses on the book of a firm whose sole path to profitability for the past 3 years has been courtesy of its position as the only real tri-party repo bank, and the right-hand of the New York Fed (where Jamie Dimon is still a Class A Director). Also explains why the estimate of a $5 billion loss, which Zero Hedge calculated first, on the day of the JPM announcement, will also likely be very, very conservative, when all is said and done, and why the JPM's decision to stop its stock buyback implies a breach of the Fed's stress test loss parameters, meaning the total loss could be orders of magnitude higher as also calculated here previously.

 

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Tue, 06/12/2012 - 08:49 | 2517462 bullionbaron
bullionbaron's picture

Meanwhile in the land of Oz we are looking to securitize our lottery revenues to fund budgets...

https://twitter.com/bullionbaron/status/212467333753614336

Or as we like to call them CBOs (Collateralized Bet Obligations).

Tue, 06/12/2012 - 08:59 | 2517491 GeneMarchbanks
GeneMarchbanks's picture

I'm sure the Oz government is standing fully and firmly behind this so, just like Oz housing, this will all be okay.

CBOs FTW!

Tue, 06/12/2012 - 09:09 | 2517530 Colombian Gringo
Colombian Gringo's picture

Jamie.Dimon.Liar

Tue, 06/12/2012 - 09:26 | 2517608 Chief KnocAHoma
Chief KnocAHoma's picture

If it were not so sad, this would be fucking hilarious. Talk about a slippery mofo... Dimon is about to make Nixon, Obama, Clinton look like amateurs. Shit even Houdini will look like a clown act compared to what this guy is about to do. 

If you thought Regan was made of teflon, you ain't seen nothing. If you thought Corzine was a sack of shit... well you get the idea.

 

Chief.

Tue, 06/12/2012 - 10:55 | 2517961 azzhatter
azzhatter's picture

Dimon should go Japanese and commit suicide in front of congress

Tue, 06/12/2012 - 12:56 | 2518473 malek
malek's picture

Those guys are so behind the curve... California has done that years ago already.

Tue, 06/12/2012 - 08:54 | 2517475 Whoa Dammit
Whoa Dammit's picture

Vanity Fair editor Graydon Carter skewers Jamie Dimon and banks:

"The pedestal that he (Dimon)so carefully constructed for himself is now vacant."

"Now might also be the time to stop calling all banks “banks.” Only institutions that go about the old-fashioned business of taking in deposits from customer A and lending them out to customer B should be called banks. The rest should call themselves what they are. “Parlors” would be appropriate, or “dens”—words more suitable to venerable betting pursuits."

http://www.vanityfair.com/magazine/2012/07/graydon-carter-on-jamie-dimon-jpmorgan

Tue, 06/12/2012 - 08:54 | 2517476 GMadScientist
GMadScientist's picture

Clawback Jamie's $36M in salary since then for dereliction of duty!

No more Alzheimer's CEOs!!

Tue, 06/12/2012 - 08:57 | 2517480 Chaffinch
Chaffinch's picture

Bankrupt him and then put him in jail for life.

I'm against capital punishment but on second thoughts in his case maybe I would make an exception.

Tue, 06/12/2012 - 09:15 | 2517559 Seasmoke
Seasmoke's picture

You could zero the country's debt if you put a pay per view of the hanging of the 10 biggest thiefs.

Tue, 06/12/2012 - 09:31 | 2517622 GMadScientist
GMadScientist's picture

They'll just charge it to plastic, but I can think of worse stimulus plans.

Make it a live road show!

Tue, 06/12/2012 - 09:26 | 2517586 0z
0z's picture

Go to hell, facist! You're worst than he is.

 

A gun is not a God-damned argument.

Tue, 06/12/2012 - 09:31 | 2517627 GMadScientist
GMadScientist's picture

You need to stop thinking of banksters as humans. They willfully shed their humanity long ago so don't let them hide behind it as a shield now.

 

Tue, 06/12/2012 - 08:54 | 2517477 Chaffinch
Chaffinch's picture

Jamie Demon knew exactly what JPM was doing!!

Tue, 06/12/2012 - 09:03 | 2517511 lolmao500
lolmao500's picture

Eh, warlords never know what their minions are doing!

Tue, 06/12/2012 - 09:57 | 2517711 Umh
Umh's picture

It's still their fault. Not knowing what your employees are doing is at least grounds for dismissal.

Tue, 06/12/2012 - 10:09 | 2517760 lolmao500
lolmao500's picture

That was sarcasm...

Tue, 06/12/2012 - 08:55 | 2517478 ghostzapper
ghostzapper's picture

This can't be.  Jamie's personal cheerleading TV station put so much effort into trying to convince the viewers that Jamie Dimon is nothing less than a god that walks on water. 

Tue, 06/12/2012 - 10:57 | 2517966 azzhatter
azzhatter's picture

Bartiromo regularly fellates him on the air

Tue, 06/12/2012 - 08:57 | 2517484 GeneMarchbanks
GeneMarchbanks's picture

Just carry on circling, there is no reason to land. Ever.

Tue, 06/12/2012 - 09:28 | 2517618 resurger
resurger's picture

"CB Radio" ....

Radar Contact .. This is Central Bank KC-135 at 35,000 ready for QE-fueling

JPM-747 : rgrrrrrrrrrrrrr

Tue, 06/12/2012 - 11:49 | 2518218 tabasco71
tabasco71's picture

What happens when you run out of fuel?  Or is that a technical detail...?

Tue, 06/12/2012 - 08:58 | 2517486 junkyardjack
junkyardjack's picture

Congressional roasting of Jamie:

Congress: Did you willingly do anything wrong?

Jamie: No

Congress: Okay, so how was your flight?.....

Tue, 06/12/2012 - 09:14 | 2517552 mayhem_korner
mayhem_korner's picture

 

 

The Senators may have some difficulty reading the questions (Dimon's handwriting isn't real good).

Tue, 06/12/2012 - 11:39 | 2518148 Widowmaker
Widowmaker's picture

The questions will have more to do with saving money on car insurance than the American people's interests.

Dimon will simply lie to the public patriotically and take what isn't his, and "bitch-Congress" will assure that absolutely nothing changes and no one gets any closer to truth or the common good. That is a fucking guarantee.

Tue, 06/12/2012 - 12:01 | 2518279 Raging Debate
Raging Debate's picture

I am not so sure Junkyard. Governments throw industrialists under the bus when their usefulness in getting elected ebbs. Hard to tell if that time is this election or next. The political choices regarding costs of living are narrowing. We all do like to talk about hyperinflation as an outcome but that becomes political suicide. I think we hit the wall on that one.

Tue, 06/12/2012 - 09:12 | 2517490 Cognitive Dissonance
Cognitive Dissonance's picture

Chris Whalen (a ZH contributor among many things) appeared on CNBC this morning and read them the riot act, even going so far as to use the "F" word...(failure to disclose) aka...fraud. Poor Becky (and Joe) didn't know what hit her.

Becky Quick regarding JPM - "Why didn't they get out of those positions?"

Chris Whalen - "Because this is what banks do."

http://video.cnbc.com/gallery/?video=3000095488&play=1

BTW Chris, thanks for the hat tip to ZeroHedge live on CNBC.

(at 2:30 in the video)

If you watch this video a few times and carefully examine Becky and Joe reactions and questions in particular, you'll find them to be just incredulous regarding what Chris is saying. This demonstrates to what degree they are unthinking ideologue tools of the financial system. They really do believe most of what they say.

Tue, 06/12/2012 - 09:16 | 2517563 Dr. Engali
Dr. Engali's picture

Sorkin's last comment set the stage....."one thing you learn about banks is it is just three or four people who may have just gone off the reservation." They willl say anything  to protect Jamie.

Tue, 06/12/2012 - 09:24 | 2517588 Cognitive Dissonance
Cognitive Dissonance's picture

The rogue (fill in the blank such as trader, broker, advisor, accountant, middle manager, CEO, director, regulator, representative etc) is the fall back position of the Ponzi.

One can always question the symptoms of the Ponzi. This helps create the illusion that the system is transparent because there is near universal agreement (meaning it receives our willing consent, often by saying nothing) regarding its faults and its gloriously beneficial effects.

But one must NEVER question the basis of the Ponzi itself.

Tue, 06/12/2012 - 09:48 | 2517676 Unbezahlbar
Unbezahlbar's picture

Great interview thanks for posting it. Seems like the interviewers do not fully understand hedging v prop trading (as well as many ohter issues). They also seem to try to steer Whalen away from the flame thrower...but he does not blink an eye and speaks with silver tongue---good for him!

Yes, excuses from the palybbok:

1. it was a rogue trader;

2. I had no idea---after all, I'm only the CEO;

3. everybody does it;

4. our accountants said it was ok--I was just listening to them.

Kudos to Chris Whalen for explaining it on national TV. I always look forward to his articles here in ZH.

Tue, 06/12/2012 - 10:03 | 2517728 ElvisDog
ElvisDog's picture

God I hate Becky Quick. That smug, expressionless way of talking when she insists that there is a grey area between proprietary trading and risk-hedging.

Tue, 06/12/2012 - 10:16 | 2517791 Cognitive Dissonance
Cognitive Dissonance's picture

Deeply held beliefs are defended at every cognitive gate. It is clear to me that Becky, Joe and even (especially) Sorkin are ideologues and thus virtual slaves to the system.

Tue, 06/12/2012 - 10:18 | 2517801 AnAnonymous
AnAnonymous's picture

Are they well paid?

Tue, 06/12/2012 - 10:24 | 2517826 Cognitive Dissonance
Cognitive Dissonance's picture

Enabling slaves are almost always paid at a higher rate than simple peon slaves.

Tue, 06/12/2012 - 10:58 | 2517973 optimator
optimator's picture

Pay O.K.

Benefits O.K.

Insider information: Priceless.

Tue, 06/12/2012 - 11:09 | 2518020 azzhatter
azzhatter's picture

Priceless interview. What exactly does Quick bring to the table? She is fucking clueless and the first time I've see that asshole Kernan silenced. Cub reporter Sorkin is such a jackoff, nobody takes him seriously. Whalen looked at him like he was going to swat a fly

Tue, 06/12/2012 - 12:56 | 2518475 YHC-FTSE
YHC-FTSE's picture

CD: Just watched the interview. Thanks mate.

I notice Chris calls it a trade, not a hedge as Dimon has stated (lied) again and again to investors and the press. Few people are aware that proprietary trades contravene the Volker Rule - added to the Frank-Dodd to prevent just this kind of speculative trades that do not benefit clients, and I'm surprised nobody has mentioned it yet. Funny that all this happened before the regulations come into effect on 21st July. 

Tue, 06/12/2012 - 21:00 | 2520083 General Debility
General Debility's picture

Well if Joe had only let the man speak instead of butting in all the time..Grr

 

Tue, 06/12/2012 - 09:03 | 2517494 lolmao500
lolmao500's picture

June 20 : Holder contempt charges vote...

Someone should bring this up during the hearing...

http://jhaines6.wordpress.com/2012/03/26/jon-corzine-threatened-with-dea...

Jon Corzine Threatened With Death By Jamie Dimon

Can ZH send someone over there to ask that question and film Dimon's face when he hears it??? Would be priceless.

Tue, 06/12/2012 - 09:00 | 2517500 pepperspray
pepperspray's picture

A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?

Wednesday, June 13, 2012
10:00 AM - 12:00 PM
SD-G50 Dirksen Senate Office Building, room SD-G50
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

will meet in OPEN SESSION to conduct a hearing on “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?” The witness will be Mr. James Dimon, Chairman of the Board, President and Chief Executive Officer, JPMorgan Chase & Co.

Tue, 06/12/2012 - 09:07 | 2517513 GMadScientist
GMadScientist's picture

Apparently using a spinner with 33% of the arcs marked as "fuck it" and another 33% marked "let it ride" was not as prudent a regimen as they were lead to believe by in-house statisticians and their Matlab simulation.

Maybe Jamie can bring a poster with a picture of a dog, a picture of a large dildo, and arrows suggesting the general manner in which the pooch was screwed for reference.

 

Tue, 06/12/2012 - 09:11 | 2517534 pepperspray
pepperspray's picture

Mr James Dimon

Tue, 06/12/2012 - 09:34 | 2517636 GMadScientist
GMadScientist's picture

Not Secretary of Treasury, James Dimon...yet.

Tue, 06/12/2012 - 09:01 | 2517504 101 years and c...
101 years and counting's picture

going before senate banking committee?  rofl.  dont half these people praise ben for his "decisive actions" during and since the financial crisis he let happen...on purpose.  just another puppet show where there might be 2-3 minutes of intense questioning so it appears congress gives a fuck.

move along people.  NOTHING TO SEE HERE!

Tue, 06/12/2012 - 09:05 | 2517517 Dr. Engali
Dr. Engali's picture

If this doesn't send the message load and clear to break up the giant banks nothing will. Of course nothing will come out of this  Jamie will probably get a slap on the wrist and put in the time out chair Then back to business as usual.

Tue, 06/12/2012 - 11:43 | 2518190 Widowmaker
Widowmaker's picture

Nothing is everything to these motherfuckers. The only cure for banker fever is an unfortunate accident.

Tue, 06/12/2012 - 09:05 | 2517518 YHC-FTSE
YHC-FTSE's picture

I think that's half the story. You have to understand that Ina Drew's unit invested the deposits the bank hadn't loaned to ordinary people and businesses. That is to say, it was a funded exposure. Hence it could not be hidden away and forgotten. Both JPM and Goldman ONLY disclose funded exposures to GIIPS debt, and they are among the biggest traders of credit derivatives - You remember when they proudly told their shareholders that protection on more than $5 Trillion of debt has been sold globally? They are hiding a mountain, nay, a planet full of woes from their investors. Nobody outside truly knows the notional value of CDS sold on GIIPS, nobody knows their counterparty reliability in a default, and they are not the only ones playing the hide the truth game: BOFA, Citi and and MS do it too. 

Tue, 06/12/2012 - 09:09 | 2517529 mayhem_korner
mayhem_korner's picture

 

 

GHWBush:  "Read my lips..."

WJClinton:  "I never had sexual relations with that woman..."

RPalmeiro: "I never took steroids..."

Timmay:  "No chance..."

JDimon:  " ? ? ?..."

Tue, 06/12/2012 - 09:14 | 2517549 oddjob
oddjob's picture

"trying to land a Boeing 747 without flying lessons"

They had no intention of landing it safely.

Tue, 06/12/2012 - 09:20 | 2517575 Vince Clortho
Vince Clortho's picture

When you are TBTF, you don't worry about landing.

Tue, 06/12/2012 - 09:25 | 2517602 mayhem_korner
mayhem_korner's picture

 

 

That was the motto of White Star Lines 100 years ago...

Tue, 06/12/2012 - 09:28 | 2517615 XitSam
XitSam's picture

I'll venture that the risk manager that said that has no idea what the odds are of landing a 747 without lessons. Besides, you don't need flying lessons to land a plane, you need landing lessons! What a dipstick.

Tue, 06/12/2012 - 10:06 | 2517749 tiwimon
tiwimon's picture

No need to worry about landing safely when you have a runway padded with the increasingly obese, chapped asses of serfs, I mean taxpayers to cushion the landing

 

 

Tue, 06/12/2012 - 09:18 | 2517565 orangedrinkandchips
orangedrinkandchips's picture

"together with damning evidence that, contrary to what has been represented by JPM execs, the firm knew about the massive risk"

 

NO SHIT. YOU KNEW THEY KNEW....OF COURSE THEY KNEW.....Come on media (ex-ZH).....they are greedy sandusky's, each and everyone....instead of trying to grope any male in sight these "humans" at JPM wanted more and went all in. They knew full well they would WIN EITHER WAY.....THEY WOULD NEVER LOSE.....RISK? TALK TO THE HAND...WE DONT NEED NO STINKIN RISK! THE FED WILL BAIL US OUT.....

All of the above is well and good (not sandusky who is beyond sick) IF THE COMPANY WERE PRIVATE. Jamie can do whatever he wants with HIS OWN company...but for the fucks who got duped into buying a "bank"....it's far from fair and borderline bullshit. (ok, it's complete and utter bullshit but Im giving it the benefit of the doubt).

Bottom line: they are not bad bangsters, no, they are really smart and know to bet on anything that moves because they will always win no matter what....And, they knew full well what was going on....

 

they are not dumb, just greedy and evil......

Tue, 06/12/2012 - 09:19 | 2517572 scatterbrains
scatterbrains's picture

just as I was beginning to enjoy the spailout induced freakcovery you go and post this  ugh

Tue, 06/12/2012 - 09:20 | 2517574 fuu
fuu's picture

Jamie's Lament: http://www.youtube.com/watch?v=jkgfFOkegjM

Also, AU & AG on a tear.

Tue, 06/12/2012 - 09:20 | 2517577 yogibear
yogibear's picture

"Jamie Dimon Senate Committee Dog and Pony Show"

Anyone seriously think anything will be blamed on Jamie? Remember Jamie is in and on the NY fed board.

Behind the dog and pony show (hearings) they will probably talk about playing golf and meeting for lunch.

It's one big club.

 

 

 

Tue, 06/12/2012 - 09:21 | 2517579 Vince Clortho
Vince Clortho's picture

"The Muppets made me do it."

Tue, 06/12/2012 - 09:22 | 2517589 spanish inquisition
spanish inquisition's picture

Awesome bit on Bloomberg TV inferring Jamie getting the easy button because of contributions to everyone on the panel by JPM employees

Tue, 06/12/2012 - 09:23 | 2517595 ElvisDog
ElvisDog's picture

This will be so predictable - Jamie had no idea what his leading traders were doing. How could he? JPM is so large after all, how could a simple CEO know what the day-to-day activities were.....

Tue, 06/12/2012 - 09:27 | 2517612 Vince Clortho
Vince Clortho's picture

Sounds like you read a leaked press release.  Have they chosen the patsy yet?

Somebody will lose his job.

Tue, 06/12/2012 - 09:25 | 2517599 Fix It Again Timmy
Fix It Again Timmy's picture

Rodger that, It's One Big Club and as George Carlin says, "We ain't in it."  Seriously, these senators will be thinking of lunch in the morning and in the afternoon about getting back to the office and fantasizing about that hot, cute senate page or office intern.  They don't give a fuck about anything that doesn't involve getting re-elected to the Club...

Tue, 06/12/2012 - 09:28 | 2517617 eddiebe
eddiebe's picture

Admit nothing, volunteer nothing. And then there is my favorite: ' I don't seem to recall.'

Tue, 06/12/2012 - 10:54 | 2517956 optimator
optimator's picture

I  can't recall.

I'll get back to you on that.

 

Tue, 06/12/2012 - 09:33 | 2517626 ArrestBobRubin
ArrestBobRubin's picture

Bankster pets "grilling" a leading bankster. They won't lay a glove on him: it's not their job. Jamie is far more worried about joing DB's Ackermann as an ex-CEO.

JPM and DB are locked in a death embrace of terminal derivative exposure and performance. DB has 4 trill in "assets". Marked to model of course... They have multiples of that amount in bad derivative bets, much of it inherited via their acquisition of Bankers Trust. JPM threw their fellows at DB a lifeline that could take them under too.

JPM is even more exposed than DB, nearly 80 trill on its "books". Slow strangulation with no way to slip the noose: that's what Jamie is up against.

Calling on a gang of obedient bankster's monkeys for the day tomorrow will be a picnic in comparison.

Tue, 06/12/2012 - 09:41 | 2517667 ElvisDog
ElvisDog's picture

You know what would be really entertaining? If instead of working together, the TBTF banks went after each other in a death match. The traders at JPM and GS would square off against DB and Credit Suisse, et al using every dirty trick and political influence to bankrupt the others. Now that would restore CNBC's ratings.

Tue, 06/12/2012 - 09:34 | 2517637 tiwimon
tiwimon's picture

"And tomorrow, Jamie will have a fun time explaining just how he let all of this happen for years while potentially engaging in material 10(b)-5 fraud in his public filings and statements."

WTFevah, seriously, anyone who actually thinks they will grill Jamie with any real, hard questions is quite the fool, most asking the questions don't know what to ask other than what their advisors put together or what [VERY] little they know (not very damn much) and most questions will be softballs, those easy to answer, sound tough yet technical like they know what the hell they are talking about but not questions that will root out the real truth or allow Jamie or anyone else to incriminate part of the good old boys betwen the beltway and wallstreet

Tue, 06/12/2012 - 09:35 | 2517642 Leknam
Leknam's picture

Same old same old, this SHAM is part of the problem all in CAHOOTS with the mainstrem media, politicians, banksters et all. The truth is their unfudged for all to see. The laws are their why don't we use them, answers on a postcard please...

Tue, 06/12/2012 - 09:41 | 2517664 valkir
valkir's picture

Hm,before was-Honorable Joe ,now Mr Jamie,whne will be -prisoners Corzine ans Dimon?

Tue, 06/12/2012 - 10:14 | 2517706 earleflorida
earleflorida's picture

'tis only but a fortnight past whence the 'de'mon' hastens naught to impregnate its' recipient with a sense of awe - silenced by the futures stubborn presence - likened, to that of forlorn frothy bubbles at waterfalls' edge - tumbling, gurgling, derivations await downstream - a somber drip, drippity drop... droppity drip - yet dormant of exogenous maelstroms surreality - feigning vicissitudes inane equilibrium with finite liquidity confused - straddling an arid thought teetering upon despair - stormy skies above will wash ones greedy thrist... de`dimon, for most mortals be - but knot for thee... only thy sanctity out to see?'

goodnite,... sleeptight dimon by the sea     

Tue, 06/12/2012 - 10:05 | 2517744 zanez
zanez's picture

"Flying a 747" - Any CEO of a large bank who does not completely understand what his bank is doing with billions of dollars should order that action stopped immediately until: A) Said action can be explained to him so he can understand it  B) He resigns and is replaced with someone who does understand it. In this case, any other action by Dimon constitutes theft from his customers. Even a Congress person should be able to understand this.

Tue, 06/12/2012 - 11:26 | 2518104 Widowmaker
Widowmaker's picture

If by Congress you mean the shills bought and paid for with careers in racketeering, then no. They are paid to keep their fucking eyes closed and heads down. This panel is only a blow-show, nothing, NOTHING more.

Who is Jamie Dimon? All i get are results for hamburger and mortuaries.

Tue, 06/12/2012 - 10:26 | 2517829 newworldorder
newworldorder's picture

JPM's "financial transactions" have been well documented during the last few years. Except for the magnatute of their problems, there is nothing new under the sun concerning their TBTF status. Simply put, they cannot be allowed and will NOT be allowed to fail as they are not a traditional financial institution.

Can we PLEASE stop with these articles and can some of us, please stop pretending that Congressional hearings or government oversight will fix their problems. As an institution, - along with a number of other institutions - they cannot be fixed.

JPM is a plueprint for the US directed Financial System. Fixing it implies that the US Financial sytem can be fixed. It cannot be fixed, and by extention, we have exported this systme to the rest of the world. All we can do is watch the "train wreck pass us by."

Tue, 06/12/2012 - 11:20 | 2518077 Carl Spackler
Carl Spackler's picture

Bravo, Tyler Durden, Bravo !

This is Pullitzer Prize-level investigative journalism (with a touch of Op Ed mixed in)...connecting the dots of a far-reaching and sophisticated trail long before people paid a lot of money to do so ever did so (i.e., the regulators, the risk managers, the main stream media, the CEO and Board of Directors).

And to Cognitive Dissonance...Spot on, buddy.  All of this goes to for once and for all prove out on screen how INEPT these financial news wannabees truly are. 

I will pop open a bottly of bubbly the day CNBC crashes and burns, and all those egos (which refer to themselves as "the talent") get kicked out onto the street (not to be confused with "The Street" -- they are too moronic to survive in that world).

 

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