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Ahead Of Tomorrow's Dimon Hearing, Presenting JP Morgan's 93.5% Historical Winning Trade Perfection
We are just about 16 hours away from Jamie Dimon's sworn testimony before the Senate Banking Committee, which even has the theatrical name: "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" Will anyone learn anything? Of course not: Jamie Dimon has been well-schooled in not disclosing critical trading information, and will certainly use the "proprietary position" and "more shareholder losses" excuse for any directed question asking how big the JPM CIO loss has become. Because while the hearing could have been productive, if indeed its purpose was to seek to prevent future massive losses of scale such as the suffered by the JPM prop trading unit and its hundreds of billions in CDS notional position, the last thing anyone will care about tomorrow is market efficiency and actual regulation. First and foremost: grandstanding and posturing, in the case of the politicians, and not disclosing anything, without saying too many "I don't recall"s in the case of Dimon. Which is why we have little hope to get anything out of tomorrow's formulaic 2 hours of largely meaningless droning. That said, considering we have already covered the topic of the JPM loss from a mechanistic standpoint more than any other media outlet, there is one more chart we would like to share with readers.
The reason for this chart was predicated by a small note in the latest WSJ article on who knew what and when (which came out at just the same time as the Bloomberg piece - as if the JPM CIO leaks can't decide who to dump information to so does it to both BBG and the WSJ), in which it is said that in "2010, another bad trade caught the attention of a senior finance executive who notified top J.P. Morgan executives. Joseph Bonocore, then chief financial officer of the CIO, became concerned when London-based traders lost about $300 million in a few days on a foreign exchange-options trade, without any offsetting gains to balance out the losses."
We decided to go back to the firm's 2010 filings and see what it had disclosed about its losses based on trading days reporting.
Here is what JPM reported publicly:
- Q1 2010: zero days with any trading losses; 64 profitable trading days
- Q2 2010: 8 trading loss days; 57 profitable days; of which the worst were 2 losses between $100-$120 MM
- Q3 2010: zero days with any trading losses; 66 profitable trading days
- Q4 2010: 5 trading loss days; 61 profitable days; of which worst was 1 loss day between $80-$100MM
Most importantly, in JPM's own words: "During 2010, losses were sustained on 13 days, none of which exceeded the VaR measure." Recall that this is the fudged VaR, which upon the discovery of the Iksil trade, had to be massively adjusted upward having been found to be completely meaningless and to exclude all CIO positions.
We wonder: was the CIO responsible for all of these losses, and more importantly, is the abovementioned loss captured in any of the JPM public reports? And if not, why not? More importantly, can someone explain how it is possible that a firm that over the past 9 quarters has disclosed a total of 41 days on which it has lost money trading, and 546 days on which it was profitable, or a 93.5% win rate of the total 587 days in the past 2 years and 1 quarter.
All this is shown in the chart below:
To borrow a phrase from Taleb: was JPM's now mega-loss merely the non-scalable outlier event that occurs when a firm has an artificially impossible winning ratio, and uses complexity to mask the fact that it is in fact merely accumluating losses which have to be booked eventually?
Does being successful nearly all the time explicitly imply there is a time bomb in your books just waiting to be detonated? If JPM is any indication, the answer is a resounding yes.
* * *
Below is the breakdown of the past 9 quarters of JPM trading days from the company's own filings:
Q1 2010: Zero trading loss days: "The following histogram illustrates the daily market risk-related gains and losses for IB, CIO and Consumer Lending positions for the first three months of 2010. The chart shows that the Firm posted market risk-related gains on all 64 days in this period, with 9 days exceeding $180 million. There were no losses sustained during the three months ended March 31, 2010."
Daily IB & Other Market Risk-Related Gains (95% Confidence Level VaR) Three Months Ended March 31, 2010.
Q2 2010: 8 Trading Days Losses of which 2 Days with losses between $100 and $150 MM. "The following histogram illustrates the daily market risk-related gains and losses for IB, CIO and Mortgage Banking positions for the first six months of 2010. The chart shows that the Firm posted market risk-related gains on 121 out of 129 days in this period, with 10 days exceeding $200 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the 95% confidence level VaR exceeded the actual loss on each of those days. Losses were sustained on eight days during the six months ended June 30, 2010, none of which exceeded the VaR measure."
Q3 2010: Zero Trading Day Losses: "The chart shows that the Firm posted market risk—related gains on 187 out of 195 days in this period, with 12 days exceeding $200 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the 95% confidence-level VaR exceeded the actual loss on each of those days. During the nine months ended September 30, 2010, losses were sustained on eight days, all within the second quarter of 2010, none of which exceeded the VaR measure."

Q4 2010: 5 Trading Day Losses. "The following histogram illustrates the daily market risk–related gains and losses for IB, CIO and Mortgage Banking positions for 2010. The chart shows that the Firm posted market risk–related gains on 248 out of 261 days in this period, with 12 days exceeding $210 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the 95% confidence-level VaR exceeded the actual loss on each of those days. During 2010, losses were sustained on 13 days, none of which exceeded the VaR measure."

Q1 2011: Zero Trading Day Losses: "The following histogram illustrates the daily market risk—related gains and losses for IB, CIO and Mortgage Banking positions for the first three months of 2011. The chart shows that the Firm posted market risk—related gains on each of the 64 days in this period, with seven days exceeding $160 million."

Q2 2011: 2 Trading Day Losses: between $80-$100MM; "The chart shows that the Firm posted market risk-related gains on 127 of the 129 days in this period, with four days exceeding $200 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the VaR exceeded the actual loss on each of those days. Losses were sustained on two days during the six months ended June 30, 2011, none of which exceeded the VaR measure."

Q3 2011: 16 Trading Day Losses., 5 Days over $200MM "The chart shows that the Firm posted market risk related gains on 177 of the 195 days in this period, with five days exceeding $200 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the VaR exceeded the actual loss on each of those days. Losses were sustained on 18 days during the nine months ended September 30, 2011, of which three days exceeded the VaR measure."

Q4 2011: 9 Trading Day Losses: "The chart shows that the Firm posted market risk related gains on 233 of the 260 days in this period, with seven days exceeding $200 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the VaR exceeded the actual loss on each of those days."

Q1 2012: 1 Trading Day Loss: "The chart shows that the Firm posted market risk-related gains on 64 of the 65 days in this period, with one day exceeding $200 million. The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which the VaR exceeded the actual loss on each of those days."

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So wait, the banksters are not doing god's work then? WTF?
They are stealing in broad daylight. These hearings are utterly sickening!
Martingale, bitches.
http://www.zerohedge.com/news/double-or-nothing-how-wall-street-destroying-itself
JPig is wholly insolvent. Accounting standards have been changed to meet the pigs' needs by fooling the average person into believing they provide a legitimate service and have value. Is Cramer that dumb?
A pig knows no limits, and JPig proves its a pig by its actions. This sucker is corrupt as hell and one day will bring down the financial system.
Why anyone would allow this firm to hold their money is beyond any rational comprehension.
You won't hear any of that tomorrow in the Senate, that for sure.
It'll be Comedy Hour...with a bunch of people like 87 year old Daniel Akaka of Hawaii trying to read his prepared script before he takes his morning nap and dump.
"Nap n' Dump"
The New Normal
Don't feel bad. It's not just the Americans getting fleeced by the bankers.
'We're being robbed!' 12yo girl exposes Canada banking flaws
http://www.planbeconomics.com/2012/06/08/were-being-robbed-12yo-girl-exposes-canada-banking-flaws/
We need more leniency and compassion toward banksters.
I can only promise it will be quick and painless.
If Corzine didn't incense 'the representatives of the people' then Dimon will have a cake walk.
...nap and dump
That has franchise written all over it...franchises available only in D.C
Damn. What am I going to do with the property in Arlington that I just bought for a new Nap'n'Dump? I already hired contractors to remove the plumbing and put in a cesspool.
"I fail to see how this is any of my business" Joe6Pax
We Joesixpacs know what's going down.
Someone on CNBC just referred to JPMorgan as "still the prettiest girl in the neighbourhood." Humph I would love Banzai to get his crayons out. I have a great photo of a pig with lipstick and long eye-lashes. That would just about do it!
Jamie's volunteer job at the NY Fed has side benefits....info is money, bitchez !
http://youtu.be/se5KqgXqiZ0
This pretty?
http://ftalphaville.ft.com/blog/2012/06/13/1040881/hypothetical-illustra...
Does the pig work on-air at CNBC?
Does the pig work at CNBC as on-air talent?
"Does being successful nearly all the time explicitly imply there is a time bomb in your books just waiting to be detonated? If JPM is any indication, the answer is a resounding yes."
Indeed: Bring out the rest of the cockroaches such as GS, et al.
And fuck modern corporate finance, if you know what I'm talking about: massaging results and commoditizing profits.
what the govt needs to do is make losses illegal, it would solve all these silly problems.
As in baseball, if you hit a .333 lifetime average your an automatic first time eligible pick for the 'hall of fame', period!
In the casino business your even with the house, even though your losing with a .500 average? But... in the banking business, the rules state implicitly that TBTF Bank's need only show the winnings. That's right,... think of it as, 'The Babe Ruth House of Mandrake the Magician', that the 'Dimon' built'! The 'Law of TBTF's Averages' counts the slugging average plus a gratuitous 25% handicap from the 'SEC Scorekeeper? Who wrote this crap? Why,... Pete Rose did of course!
jmo
You do not get a big bonus with loses....winning.....even if its with bailout money...
bailout money is winning..
ROI in political puppets and your hedging at The Fed
93.5% in a rigged market.
Guess someone figured out that 6.5% is the magic number to give up to appear legit.
I'd say that's the measure of difference between influence and control. They're way too greedy to give that much up willingly.
So you are sayin that the justice dept should look the winners in a rigged market???
HAHAHAHAHAHAHAHHAHAHAHAHAHHAHAHAHAHHAHA
No dude. Those fuckers destroyed all values in the market and all there is left is for their risk alchemists to transform a huge amount of risks into steady stream of profits. It is just normal that from time to time, the whole thing blows up in their faces and destroys all the profits they made.
But that happens too late, they already cashed out and the taxpayers foot the bill of saving the bankers.
Rinse... repeat...
Put another way; even when everything is rigged in their favor, even when they have unlimited amounts of free chips, even when they hold all the aces, even when they get to deal from the top, bottom, and middle of the deck, and even when they get to see everyone else’s hand, these bumfucks still manage to figure out a way to lose now and then. And that’s what they get paid the big bucks for.
Some losses are necessary in every profitable company in order to game tax code.
It boils down to absolute pure GREED, plus all this so perfectly foretold:
2 Timothy 3:1-5
1 But know this, that in the last days critical times hard to deal with will be here. 2 For men will be lovers of themselves, lovers of money, self-assuming, haughty, blasphemers, disobedient to parents, unthankful, disloyal, 3 having no natural affection, not open to any agreement, slanderers, without self-control, fierce, without love of goodness, 4 betrayers, headstrong, puffed up [with pride], lovers of pleasures rather than lovers of God, 5 having a form of godly devotion but proving false to its power; and from these turn away.
93.5%? That's pretty good, right? LOL.
Come on Jamie....keep whispering softly in our ear as you ram us all in the ass.
"Winning Trade"?
The word "win" has the implied connotation that the act was done with honour. There is no honour with cheating & fraud. In fact, I would not call these "wins" at all. They are profits, and that is all. And paper profits at that. They might as well just print it for themselves, this "win" is THAT meaningless....Oh wait, they already are printing it for themselves....End of story.
The chart is misleading. I can have a profit of $1 every day, and lose $1,000,000,000 in just one day, and then show a chart about how I had gains in 279 out of 280 trading days, or a 99.64% win rate. Or am I missing the point?
Also Tyler:
"More importantly, can someone explain how it is possible that a firm that over the past 9 quarters has disclosed a total of 41 days on which it has lost money trading, and 546 days on which it was profitable, or a 93.5% win rate of the total 587 days in the past 2 years and 1 quarter."
is not a sentence. "Can someone explain how ... a firm ..." does what? I love your articles and your research, but some of these grammar issues makes it even harder to understand you.
Wow- so you had an 8th grade Stats class AND grammar classes too?
They clearly masks your grasp of trading- this is JPM, you pretentious twat- they don't deal in the tiny numbers that could prove you actually know what you're talking about;
Go back to your Cramer tapes....
tapes?....beta or VHS?
Tapes are ok - steak is better. But Mexican food gives me the shits.
!Viva Espana!
CS, Save yourself some time.. Read the BOLD to get the gist. Look at the bottom for 5ish stars.. Then peruse the comments..
None of it is really worth wasting time on or caring about anymore.
I don't know about you, but I'm here for the truth and for the financial education. I also love the commentary. I'm not here for grammar, spelling , and punctuation lessons.
Agreed! Often the comments are more educational than the OP. I have learned and laughed much since I started reading here! Thanks all for helping me understand and making me laugh even when what I learn here often makes me want to cry.... or go postal...or both...
You're one of my favorite commenters here and seem to know what's going on, so maybe you can help summarize the main idea of this article. JPM has a 93% win rate, however (fill in the blank).
I appreciate wordplay as much as the next mutant and must admit when sourcing fact, the superfluous descriptors and tangential thoughts, interspersed amongst fact, perhaps, can and will make it difficult if not downright impractical, unless you enjoy the journey as opposed to the destination and who can truly ever know when one arrives, to ever know what the fuck was said.
I thought you made a few practical points but everybody is a genius here so tough shit. We were weened on Rushdie.
One time, I posted about how ZH's summaries are often laden with digressions, making them difficult to read; having to track 10 different thoughts in one sentence doesn't make for easy-to-digest information. I'm not knocking the quality of the information, just its presentation.
I beg to differ.
So your point is that your mind/emotions is/are not capable of multi-tasking.
Clearly, you are NOT a trader or an asset manager, because SUCH is the nature of the business.
A million things happen simultaneously across many markets around the globe, EVERY DAY, and it all has to be processed and cogently argued for a buy/sell/hold decision.
You deal with it and you move on to the next thing. Otherwise, you find a new career.
Are you an outcomes based community standard or just a substandard community?
In case you are still unsure, your example is exactly what Tyler is saying and what the Business Model of those financial instiutions is: collecting pennies in front of a storm. Sorry bad example: a better example would be if the storm gets stronger with every penny collected.
If you were as careful about math as you are about "grammer" you would have been able to read the charts and decipher the "reported" amount of "losses" as miniscule in comparison to the average "gain", yet alone the total "gain" reported and syphoned off by tptb.
In Short, JPM is the house and anyone that walks into the casino is worse off than if you tried to win at an Indian casino, consistently. The politicians that will be doing the "grilling" are nothing more than slot machine technicians at best. Besides which, when a person reads verbatim speech, rarely if ever can the passion show through until and unless the grammer suffers.
I apoligize for writing such a lengthy response, I didn't have time to write a shorter one.--A.Lincoln-(Ithink)
imo.
Thanks for the response. I'm open to criticism, and the importance of grammar is a debatable opinion that in the long run doesn't matter. But I do appreciate you actually attempting to give me an answer as to the main idea of the article, instead of just pretending you knew. When I get comments like "just read the bold and look at the charts", it is a little worrying about how much of Tyler's ideas beyond "JPM is bad" is getting across.
Eight out of the 22 on the Senate Banking Committee have JPM as a top five sponsor. JPM is the Chairmens #1 Sponsor and the Ranking Member has JPM as his #2 sponsor.
For context Goldman appears as one members top 5 sponsor.
I imagine that right now some idiot Senator is getting briefed from some intern on what a "synthetic credit portfolio" is. Likely neither have a clue although betting the intern is less clueless than the Senator.
Tomorrow each Senator will be hoping to score the sound-bite for the "hard working folks back home". Hoping that none of the "folks back home" notice who their sponsors are.
Politics in the USA is merely the practice of bribery and legalized execution of corruption. Funny because tomorrow the puppet master is on the hot seat.....good thing it is only his marionettes, doing the questioning.
+1000 Very well put.
dog & pony show
More like a Tijuana donkey show.
I pity the fool who messes with donkey show. Who called me?
should Senators with a glaring conflict of interest such as JP Morgan sponsoring their campaigns not have to declare their conflicts at tomorrows Hearing?
This is gonna be like the time that one Senator from Texas apologized to BP during the gulf oil spill.
But surely those with a conflict of interest have to recluse themselves from the Dimon grilling. Surely? Crickets...
"OOO-ooooo-hhhhhhhhhh Aaaannn-dy; don't be too hard on the boy" Floyd - Andy Griffith show
Dimon Corzine Dimon Corzine. Same shit different day.
Yep same shit indeed ...maybe the Committee could ask Dimon while he's there where he 'parked' stolen client funds from the MFG heist
coz the wet blanket of a Trustee sure as hell isn't making any effort in that direction
FU Dimon!!!!!!
Karma is a BITCH, bithcez
Are you Spanish? Nice theta on the classic ZH sentence ender.
16 hours ??!!..
Better call Jon Corzine...just in case something goes wrong...
Preview of tomorrow's hearing
http://www.youtube.com/watch?v=5j2F4VcBmeo
At least 3 congressmen will cry...
Losses on 6.5% of the trades? These smell like increments of unprocessed London whale shit that JPM has to dispose of.
If you can be 93.5 % sucessful, then you can be essentially be 100%, unless of course you got to hide a big screw up.
I wonder how many other big banks also have such high win rates? And if so who are the losers and why haven't they figured out that doing a deal with JPM means you're 93.5% likely to lose your shirt?
wtf you think these pigmen are doing with free money from the fed...makin loans//??? Sheeeet !
I can barely be bothered to comment, other than Dimon, you're a cunt.
Exactly what does a "sworn testimony" mean to a devil worshiper?
Sworn Testimony: (n), as in the truth, the whole truth and nothing but the truth that you better listen to or your ass is grass. example;
"Goddammit, Senator, I swear to fucking God that I'll have that asshole's fucking entrails hanging as a butler bell call cord in my Viennese castle along the Danube when I find out who let this shit out of the fucking bag. That slimy little cocksucker will be eviscerated in Satan's Own Sacrifice in the middle of Times Square right after I take care of your newest round of campaign contributions which'll be buried as next years trading losses, so do not fucking demean me in front of the public you little prick or those photos of you taking it up the ass while huffing amyl nitrite in the Bohemian Grove will be front and fucking center on every front page from the NY Times to the Enquirer. Do you fucking understand me, now?"
Exactly
93.5%, maybe Jamie really can see the future.
Lest's ask Allen to ask the ZH question
There has to be one tough SOB left in Congress
Maybe Allen
If not him, we need to Keep looking
How bout Markopolis
The truth is a huge boulder in the pathway to hell
http://www.theblaze.com/stories/im-just-getting-started-allen-west-releases-epic-new-ad/
Fuck allen west, he's a truncoat sob draped in camo that voted for NDAA
and the one guy who actually could have stopped it from becoming law you give a pass. That guy being the one who signed it into law on Christmas eve. Yeah that guy.
-1 for sourcing GB.
Wire a polygraph to an electric fencing charger, wired to Jamie's nuts. Every time he lies, full fencing voltage gets applied to his nuts. Let's see if he lives until the end of hour one on that game plan. Hell, let's see if he makes it through the first five minutes without shitting his pants and projectile vomiting.
Tyler, watch your back.
These Mafia types will snuff you out if your not careful.
Get a bodyguard. Just saying...
Damn dude, was thinking the same thing
And don't get on a plane with Max Keiser, et al.
Decided not to vote ever the night they killed RFK.
Lesson of the 60's, if he can make a difference he will die.
This shit started decades or more ago, ain't nothing new.
G
Stay liquid my friends...
Losses on 6.5% of the trades? These smell like increments of unprocessed London whale shit that JPM has to dispose of.
If you can be 93.5 % sucessful, then you can be essentially 100%, unless of course you have to hide a big screw up.
my local worthless utility regulator mandates 95% service reliability
as nobody collects the data other than the utility they can at will drive a horse, coaches and double-decker bus through that 5% rat hole and nobody is any the wiser
The Law looks good on paper, in practice it stinks
Keep voting amerika and when you do remember you are consenting to the ass raping that will commence withing hours of them swearing on a bible to not cornhole you.
F*ck JPmorgan and that disease Dimon. You greedy disgusting a-holes.
Anyway you'll go down in history for setting off the derivative meltdown that the Fed is covertly covering up (there you go conspiracy theory...but most probably true).
TBTF crime and punishment mashup.
Put him in the comfy chair...
Bailiff, whack his pee-pee!
Blah blah blah... meanwhile...we got a war to start.
Stay tuned for your average normal commercial false flag event any day now to blame on Syria, or some one.
And look who's coming to dinner!
Russia prepares army for Syrian deploymenthttp://www.wsws.org/articles/2012/jun2012/rusy-j12.shtml
.
Here is what JPM reported publicly:
THIS IS WHAT HAPPENS WHEN YOU HAVE THE BANKS IN BED WITH BEN BERNANKE! THIS IS A FUCKING CLOWN SHOW.
...and PIMCO knows that the Fed will buy-up MBS's soon.
Forget em all. Point is, JPmorgan has set off the derivative timebomb. The Fed is printing into ALL markets, from ECB swaps, repo's, op twists in all configurations, USD printing etc etc etc
Won't matter, the CDS (Insurance) bubble connected to the bond bubble is about to go. The CB's of the world will be lost in a panic and despair. Nothing on earth will stop the doomsday trade
Hey Ron Paul, get them spurs on Partner and ride the wild poney Jamie Dimon,
Yeeh Ha!
So, they have been counting their gains and hiding the losses? Just like Hillary! in Cattlegate.
Transcript you will never see:
Mr. Dimon -
- What is the gross notional value of all INTEREST RATE SWAPS to which your companies and their subsidiaries, off-balance-sheet vehicles etc. are a party?
- Who are the largest counterparties and instruments?
- Are you "hedging" those IR swaps by buying the underlying instruments, e.g. United States Treasury securities?
- What, in your estimation, has been the market impact of your purchasing that quantity of Treasuries as "hedges"?
** Does that not equate to working in concert with the Treasury to suppress longer-term interest rates, far in excess of publicized QE, QE-Lite, Operation Twist, etc. programs?
- What is the amout of commissions your companies (subsidiaries, ad nauseuem) have earned on this official business in the past 3 months? In the past 12 months?
- Any particular plan for ever unwinding any of it?
Thank you and good day sir.
OR, "congressmen, inside the folders I passed out to each of you are hot stock picks you're gonna love-- along with my printed statement, of course."
"Thank you for your time, Mr D. This committee appreciates your largesse."
Is this hearing even remotely necessary? Why doesn't he just say "no" to the request? It's not like the subpoena him
CNBC: 'On the economic front, investors will be watching the monthly producer price index and the retail sales numbers at 8:30 am ET.'
What is this crap?
Economic front: That's where past exchange transactions meet future demand for cartons of Tide.
Investors: That must refer to those narly computer algos.
Monthly producer price index: And thats a graph of fraudulent numbers related to Chinese manufacturing.
Then they throw that graph out and replace it with one matched to an upcoming Bernanke speech and present the PPI at 8:30am ET.
So I guess what the meaningful element of the PPI report is is that 8:30am ET arrives at 8:30am ET.
So he's getting a fair trial, and then what?
Yeah. He needs a trial. They'll give him the same BJ they gave Corzine, who's still roaming like a balth-salt zombie.
Applause and a promotion no doubt.
In 2009 Ge Capital was fined for cooking the books in 2002.
No doubt Dimon is retired by 2020 or so when the govt gets around to doing squat about the obvious manipulation of trading results and thus book cooking that is going on here.
Let us all pray for the Dimon Gaffe tomorrow
so Jon Stewart can exploit the hell out of it.......
http://www.thedailyshow.com/watch/mon-june-11-2012/democalypse-2012---th...
Is this where Gensler and Shapiro leave their chairs to sit with Dimon? After all, they have been paid well by him for years... Hey, Jamie, tell us all about that monster silver short... is that like... er... a legit hedge, sort of like the one you just puked up $40 Billion on?
The best thing about the Fight Club is that it is tough, timely, accurate and indefatigable...even if some of the comment section is offensive.
Reality. Some may ignore reality, but reality will not ignore them.
Jamie 'Diamond' ;-)
You had better make sure your paperwork is in order to verify your statements.
Congressional Inquisitor for The People: "That stellar trading record sure looks like 'hedging' to me. And I yield my time to the Chairman."
. . . . after the meeting, a lifetime contract is won as a consultant/lobbyist for the Morgue.
So on which day did they lose the $2billion?
BEHIND CLOSED DOORS:- LOSSES OVER 10BILLION USD MINIMUM SO FAR AND COUNTING
In the accountancy department of JPM, they decide what the trading day result will be by spinning a Wheel of Fortune.
Now please excuse me, I'm about to watch Whale Wars!