This page has been archived and commenting is disabled.
The "Formerly Brilliant Dimon" And Maxine Waters Debate Delta Hedging And Negative Convexity Live
As if last week's bought and paid for by JPMorgan media circus in the Senate was not enough, in which Jamie Dimon played several bribed muppets like a fiddle, today we get part two. Momentarily, the Committee on Financial Services will pick up the baton where the Senate left off, and confirm to everyone that the people who lead this country, at least on paper, are some of the most incompetent, and outright clueless when it comes to financial matters. The same matters that have led America to the Second great depression, which has so far been prevented from wiping out 20% of the economy only courtesy of Bernanke's relentless money printing. Dimon's testimony, which is a replica of last week's, can be found here. In other news, Jamie Dimon is furious he never bribed Maxine Waters before. Now he will have to explain introductory math for absolute idiots. Karma is a bitch.
In addition to Jamie, who will headline the second session, today's witnesses will include Securities and Exchange Commission Chairman Mary Schapiro; Chairman of the Commodity Futures Trading Commission Gary Gensler; Acting Chairman for Federal Deposit Insurance Corporation Martin Gruenberg; Comptroller of the Currency Thomas Curry; and Federal Reserve Board of Governors General Counsel Scott Alvarez.
The live webcast is after the jump.
Finally, those who wish to pour their hearts out vis-a-vis the Formerly Brilliant Dimon, can do so below. The best comments will be used by Geoffrey Raymond as an annotation addition to his "Formerly Brilliant Dimon" presented below.
»
- 22901 reads
- Printer-friendly version
- Send to friend
- advertisements -
No drinking games on this one Tyler? Anyone got any ideas?
Drinking game ... one drink for every word Maxine makes up.
Maxine Waters is proof that you can get elected to COngress even with a sub 100 IQ.
Scary!
It's gonna be like that scene from 'Scanners'...
And by suggesting sub-100, you have kept yourself a WIDE margin of error.
The saddest part of the story is thinking about the bunch of zombies who acctually got out of their house, got into their vehicles, made the line and purposefully performed the action of voting for her as their elected representative.
That scene alone explains A, B, C, Greece and everything else.
"Senator Waters, as chairman I can tell you exactly what happened."
"Stop!. I think I know exactly what happened here, Mr. Dimon. You screwed up didn't you?"
"Yes."
"Ok. Very good. Well I have nothing else to say. Let the record show that I am satisfied with Mr. Dimon's answer."
Jamie Dimon "The Board is 100% responsible for my salary" (when asked if his salary would be subject to clawbacks)
Will they be 100% responsible for JPM losses?
Jamie Dimon: "Lobbying (bribing your favourite congressperson) is a constitutional right" No, I'm not kidding, he said that! obviously withouth the parenthesis part, but hey! it's good to be the .01%
Maxine Waters has maybe a 85 IQ. Maybe.
Watching the clown show that is an imbecilic Maxine Waters trying to grasp the arithmetic of those 'financially engineered & synthesized products' which Jamie 'superstar' Dimon doesn't understand himself:
Thanks for posting proof that the literacy level about our government is sub-zero in a much wider population than you might have thought; MAXINE WATERS IS A MEMBER OF THE HOUSE - NOT THE SENATE!!!
But then you knew that, and were just testing the rest of us to see who would catch it first.
I love it when the pseduo-intellectuals get on a site and prove they are no more literate than the people they bash . . . I hope your financial literacy is higher than your political.
-30-
Well, your first mistake is that ya didn't focus on the obvious overall parodical nuance here, genius. But I see ya couched 4 that 2 just in case I did it deliberately. Ya know, the whole Dimon brilliance part? Now don't U feel kinda myopically stupid & trite 4 assuming U were possibly smartly onto something about ZH readers? U weren't, U aren't, & I seriously doubt you'll ever be about pretty much anything else at ZH in general. Proof? Ya just got it.
You would've had a decent zinger there, had you not taken to speaking in number/letter gibberish.
You should only use that when you want to look dumb, like the artist formerly known as the artist formerly known as Prince.
Just a ZH shorthand 1-liner habit. Btw, Prince is most likely smarter than U.
Nice try Tom
Your mistake is to think that we should give a F*** about whether Waters is in the House or the Senate. Really, makes no difference about the substance. But some people do like to make useless points about insignificant details, whenever it gives them the shelter that they are right about something, if not about what's important...
"The saddest part of the story is thinking about the bunch of zombies who acctually got out of their house, got into their vehicles, made the line and purposefully performed the action"
I never knew that DIEBOLD machines could drive?... U learn something new every day on ZH...
In her district you have to consider who she was running against. Maybe a potted plant and she barely won. I'd vote for the plant
Leon the Professional's plant?
Maxine Waters: Mr. Dimon concerning hedged fixed income derivative trades, would you agree that Convexity is essentially the same as Gamma, and measures changes in Duration over different interest rates?
Jamie Dimon(as he begins to fume) Congresswoman. I am not sure that I am able to...(Dimons head explodes as brain matter and blood are strewn around the hearing room, like a famous scene in Scanners.)
Maxine Waters (turns and whispers to her aide) Heh heh heh...thank Congressman Paul's office for that question.
(10 sec. scene from Scanners):
http://www.google.com/url?sa=t&source=web&cd=1&ved=0CE4QtwIwAA&url=http%...
I mean, the mere idea of Maxine Waters interrogating Jamie Dimon is like having Frank Drebin on the trail of Carlos the Jackal.
That would lead to alcoholic poisoning and eventually death
summary of Dimon's speech: "Risk is awesome, I love risk, risk gives me a boner, risk is part of the American dream, only faggots dont take risks, this time though we fucked up on this isolated event, which doesnt mean we cant take no more risk in the future. They dont call us RiskyMorgan for nothing. I might be back soon on another risk-related debacle but it won't be the government's or the taxpayer's fault, it will be the company's coz we are chronically addicted to risk. God bless America and risk risk risk risk risk risk......"
Bachus, try 10 times 10 million
"We do not have a crisis at Freddie Mac, and particularly Fannie Mae, under the outstanding leadership of Frank Raines."
Maxine Waters, October 6, 2004.
'nuff said. Frank Raines is just one more of the many, many unprosecuted "mass crimes" criminals.
The realization creeps in that our government is becoming illegitimate, folks.
Having dumber politicians than business people is the same as having less government.....it is no accident
True. a new light on the subject. Things change over time, tho, as the gubmint becomes more and more corrupt the politicians become dumber and dumber and dumber. Now that the US gubmint is the most corrupt on the planet its politicians are the dumbest. And then there's gullible, which is quite distinct from dumb, since very smart people can be very gullible. Witness Mormanism.
well i'm wondering about jamie's cuff links
is that the FED logo? the prezSeal? maybe they we given to him by DOJustice? kiwanis?
with jamie, the CFTC, FDIC, the SEC and the topGunner for the FED, if they carry jamie out on their shouders it's bullish!
nice little pump & dump already
when the FED shill gats the chair, 500.000 metric tonnes of gold will be naked shorted by jamie's blythe msMasters and silver will go down 5 cents in Sympathy for The Devil Rolling Stones - ( Live 1969 Altamont
I think the comments about Dimon wearing presidential cufflinks are overblown. The real story is all the congressmen wearing JP Morgan cufflinks.
Plus, you can't see it on camera, but I'm pretty sure they're all wearing Goldman Sachs cock-rings as well.
I think its a swastika
And I bet those retards think they look phat in the c-rings to boot!
Her we go! The joke begins!
It was not the answer she wall looking for!
It was not the answer she wall looking for!
Dude, this is a complete shit show. (Our country, that is.)
Check this:
http://www.dailymail.co.uk/news/article-2160340/JPMorgan-Chase-CEO-Jamie...
He's wearing "Presidential Seal" cufflinks. Oh my God. What a fucking absolute shit show. Why not have Corzine and Obama sitting right next to him?
As a banker, CRED ZERO. As a businessman, CRED ZERO. As a man, CRED ZERO.
Bunch of fucking absolute moronic scumbags.
He's making a statement to the committee, to Congress, and to anyone watching on TV: "fuck you you shitbirds, i OWN the POTUS, so let's end this farce and go home, where I will continue buttfucking you relentlessly, you stupid worthless fucks."
`
Sorry, you have it wrong...he own everyone, not just the pontus. He is symbolizing he is the President and in charge. Don't like it? well see how you like your 401k busted.
Absolute fucking third world shit show. They have turned this great country into a fucking disgusting characature.
Complete FUCKERY.
What are we, fucking children? We trade in little coupons that these motherfuckers print out of thin air? Whee! So these scumbag gangsters directly control the purchasing power of our savings. This is childish stupidity.
Is there any "full retard" moron out there who is somehow mystified with what exactly is wrong with our so-called "economy?"
Gee! I can't quite figure it out! FUCKING EPIC STUPID CHILDISH SHIT.
We need sound money RIGHT FUCKING NOW.
By the way according to the article I posted above, Obama & wife are clients of JPM/Chase private client services, with a FUCKING CHECKING ACCOUNT that appartently has $1 million in it. Can this be any more pathetic?
Hey Banzai, where are the Hong Kong Caviliers when you need them? "There are money boys on the premises!"
Bingo. Bring Clemens back into the chamber here and have him fire a 100 mph fastball right between Jamie's beadly eyes.
So... just curious... does anybody know whether Obama gives those out to catchers or just pitchers?
(trying to calibrate my gaydar, here)
The magic cuff links mean that Dimon is short 8 grams less gold than GATA calculates.
every time i see maxine waters, i see whats wrong with this country/world.
Self-righteous parasites with power?
What about the $800/hr legal hacks behind Dimon, do you think they might be up to their eyeballs in the rape and pillage as wel?
DaddyO
Rest assured that they are not making $800 an hour. Not when starting "pay" at stepetoe and johnhansen is 3 million fresh out of school.
They are subway tokens. He wanted to impress his banker buddies with something they've never seen.
1 shot every time someone blames regulation.
I'm a Wisconsin alcoholic and I'm afraid to play that without activated charcoal and 911 on speed dial.
Spent some time in WI.
The alcoholics there are nothing special...just colder than most.
Uff Da!!!
Jamie Dimon will start talking about the Alpha and Delta of the trades, then throw in Synthetic Derivatives, and the Congressmen will be scratching there heads because they will have no idea what the hell he is talking about. What a Colossal waste of time. But I love that media whore Maxine, god that women is funny, tragic but funny....Non-Event.
JPM:
JackassPornMafia
Umm, have the Tyler's brought up the fact that by disclosing this loss, JD is basically telling everyone to pile onto his position, while creating himself an opportunity to hedge the other way? I mean, really a $2b loss? Seriously?
Maxine is one smoking hot babe.
her appearance is the least of her problems. Actually, for like 72 years old, she ain't that bad. But you can't fix stupid
If you stare into a dairy cow's eyes you'll see the same facial expression that Maxine Waters has
I have met Maxine Waters and I own dairy cows, so I am qualified to say that you are incorrect. Please, refrain from further insulting my productive, valuable, beautiful, and intelligent cattle.
I was just thinking the same last night about my neighbor. About the part how he looks like a cow; not Maxine.
I simply cannot imagine what Global Hunter was thinking.
the one on the left still looks productive...
Thank you, francis, for the laugh.
the productivity quote just made my day.
the one on the left's hair is actually its own.
But I worry about where she wears the aforementioned cock ring. Or rather, perhaps her husband does.
Facial expression??? That's just gas.
Ok, I will say what everyone is thinking, if you put a gun to my head, I would bang the one on the left instead of the one on the right.....MOOOOO!!!
Jamie talks to black people? When did that start?
If ugly was gravity, what would Maxine Waters be?
Good one
But nobody would want it
A singularity.
The same thing she is in reality: a Black Hole.
A BLACK HOLE!
If stupid was money she'd be Jamie Dimon...
I don't see it. Two billion loss? That's a no-sigma event for JPM. What is the real issue here?
it's a lot more than $2B. <- and you can put that on the poster!
It was $2 billion until they disclosed it and traders had them on the run. Who knows what it is now. My guess is $5 billion plus. Ego at work here though. Look for Jamie to sell $100 billion of bonds and generate a one time gain to offset the loss. Keep the old master of the universe PR machine working as best he can.
I think the real issue congress are JPM shareholders and insiders in a rigged game there should not be a loss unless some other insider is stealing . Thats the shock from congress to them it's not a loss they want to know who took their money from the rigged game.
RiskMetrics!
Tyler, Is there a list of campaign contributions (bribes) for this sorry lot.
Barney really wants to suck on that microphone
Those "Picket fence balance sheets". And Dimon "A well respected director" so far, are my favourites.
"What Would Sandy Do?", wonders Mr. Dimon.
OJT for future lobbying jobs
Shut the fuck up Fwank.
dimons are a muppets best friend
Jamie must have the softest shoes, because his earlier testimony was one of the greatest displays of congressional bootlicking I have ever seen. I am surprised Jamie didn't actually require them to do it on camera rather than in a smoke filled back room.
I found the basis for some of the Senators the opening remarks.
http://www.planetclaire.org/quotes/montypython/
Compère Good evening, ladies and gentlemen, and welcome to the refreshment room here at Bletchley. My name is Kenny Lust and I'm your compère for tonight. You know, once in a while it is my pleasure, and my privilege, to welcome here at the refreshment room, some of the truly great international artists of our time. And tonight we have one such artist. Ladies and gentlemen, someone whom I've always personally admired, perhaps more deeply, more strongly, more abjectly than ever before. A man, well, more than a man, a god, a great god, whose personality is so totally and utterly wonderful my feeble words of welcome sound wretchedly and pathetically inadequate. Someone whose boots I would gladly lick clean until holes wore through my tongue, a man who is so totally and utterly wonderful, that I would rather be sealed in a pit of my own filth, than dare tread on the same stage with him. Ladies and gentlemen, the incomparably superior human being, Harry Fink (My bold and ital)
we r in the middle ages. Where is Frodo of middle kingdom?
If Maxine Waters could actually pass a second grade math test, I would be pleasantly surprised.
I would say that Bernanke has already wiped out more than 20pct of the economy because it is not nominal growth that matter but the capital stock of the country , human, financial, cultural, moral. In all of these areas, the effect of these policies has been much much worse than without QE. Destruction of all pillars of American society. Collapse cometh
Where is the predator when you need it
Maxine is just GOOD TV. Her special genius is soon going to take its rightful place as head of this committee. YIPPEE
Maxine is "GOOD TV" only when questioning a WHITE person.
"So Jamie, can I aks you a question?" "How many of those derivatives did you receive in compensation?" "And I need to aks you if you have any black people in your london orifice?" "I would reccomend my nephew cuz he needs to have some derivatives too wink wink"
lizzy, high upon her pony, is predicting the Dems will take the House back
pour her a stiff one and get her going side-saddle-godiva; she's already let down her hair...
LMFAO!! Two fools debating make believe "laws".
So long as there are no real consequences for bad behavior at all levels of society, nothing will fucking change until it all simply falls apart. The laws of physics and Nature make no promises regarding anyone's survival and in the end, these are the only laws that matter. Fucking morons, all of them.
Heeeeeere's Jenna...P Star to watch BJ by....to big to swallow
Bring In Jenna Jamieson to testify; i ll watch.....otherwise its all like Senate BJ with their bJ for Pac $$$, a BS a fade....
Europe blows, range loss $ 10 -15 Billion ... $ 100 B bailout to banking industry
meanwhile....Heres Jenna...http://youtu.be/p4lYhBYiPd0
Holy Shit! Even Hollywood limited the stooges to only THREE!
And we get the biggest RETARDS in congress to "question" him....much like asking Jamie on the golf course where his ball last crossed the hazzard!
'fries are up!"
Mongo and friends having a chat with Jamie...wast of time!
at least he has to endure these imbeciles on teevee for awhile. unfortunately that is the extent of the punishment dimon &/or jpm will ever receive for countless felonies.
Not much sport for Mr. Dimon, facing this committee is like shooting fish in a barrel with a machine gun. Watching paint dry would be more mentally challenging than facing this group of congresspersons: "Mr. Dimon, when you are talking about hedges, do you mean those around your home or those around your office building and how can hedges be that much of a problem?"
"I'M A MOVIE STAR" - Capuano
Watching Congress is like watching a train wreck. These people truly defy belief.
Buy and sell the country down the river everyday and get pay and pensions for their trouble.
Read there bios.
It is a joke.
studied poli sci. maybe went to law school. worked on a city council campaign. ran for council, won. 5 years later Congressman Idiot. 20 years later they are still there with there face squished up against the ceiling of the peter principle.
It is rare that someone is in Congress that actually has any understanding of what real life and real economics is about. 10 maybe 20% of the House.
Maybe I'll write a book. A coffee table book detailing the vapid bios of the members of Congress.
"Worst and the Dimmest"
"If Washington is Hollywood for Ugly People than Congress is a Mensa Group for Dimwits in DC"
I can't watch Obscene Maxine. I break too many perfectly good monitors. I listen to her and wonder "can she clean herself in the morning?" "and she makes laws?" "how stupid are we?"
But then, the Senators who blew Jamie last week are no better....maybe not as dumb, but equally corrupted and completely void of moral conscience.
For example, Rep Pearce had reasonable testimony. He owned a business for 20 years. Not political pro or jaded welder. (prior two)...I appreciate the welders perspective, but understanding that alone is not enough.
There is NO valid capitalism without bankruptcy.
You can print up 2000 pages of regulation, but you can't escape a basic tenant of capitalism is failure.
But hell merit badges have been established everywhere else so why not in business.
What a great system....everyone gets TBTF participation points.
Will Securities and Exchange Commission Chairman Mary Schapiro ask to suck Jamie's silver dick today? That's the main job description is it not?
Go to the Library of Congress and see who, what and how important was JP Morgan in 1911. It is the same if not bigger now. So who do you expect to reprimand it now?
http://www.loc.gov/pictures/resource/cph.3g06404/
what happened?
Heeeeere's Jenna..... swallow it congress, too big to fail http://youtu.be/p4lYhBYiPd0
"This trading may not have violated the Volcker Rule, but it violated the Dimon principle." - Jamie "How Much for the Committee?" Dimon
Dimon principle - Only making losses public only after a securing a bailout through overt campaign contributions, death threats, and causing panic to the sheeple through secured media channels.
I am so confused as to how someone can lose money with an unlimited amount of negative interest money being shoveled to them daily. Actually I am not confused. This money is never actually lost per se, it is lining the pockets of some monetary cannibal out there.
why are we watching last weeks hearing?
Judicial Watch Announces List of Washington’s “Ten Most Wanted Corrupt Politicians” for 2011
http://www.judicialwatch.org/corrupt-politicians-lists/washingtons-ten-m...
Rep. Spencer Bachus (R-AL)
Former Senator John Ensign (R-NV)
Rep. Alcee Hastings (D-FL)
Attorney General Eric Holder
Rep. Jesse Jackson, Jr. (D-IL)
President Barack Obama
Rep. Laura Richardson (D-CA)
Rep. David Rivera (R-FL)
Rep. Maxine Waters (D-CA)
Rep. Don Young (R-AK)
Only ten? Well, that's kind of pointless!
They'd be better off making a list of the "Ten Least Corrupt." Assuming they could find that many, that is.
Maxine DoucheBlackBag Waters is a race-baiting, idiotic, mean fuckin hagolopolus.
This cunt is the definition of racist.
Her "defense" of "Mr. Franklin Raines" was one of the most shameless acts of criminal cover up in Congressional history.
The problem is, bitchbag has the Watts section of Lossssssss Angeles as her district, so the dumb-as-dirt gimme,gimme,gimme blacks will keep voting the smelly cunt in.
The vagina needs to be investigated in her own right. Some of the shit she's pulled is criminal.
It is amazing to me that this smelly cunt is even listened to. I doubt she knows a lick about what JPM did, or the intricacies in any sort of detail.
Please, let's not go ...er...bad-mouthing c's and v's...we can despise the brain and personality without disparaging the holy-of-holies.
Classic Maxine from 2008:
“And guess what this member* would be all about? This member would be all about socializing — er, uh. [Pauses for several moments] …. would be about … [pause] … basically … taking over, and the government running all of your companies.”
“Hands Off My Clam” – Lisa Koch
Posted on June 19, 2012 by maxkeiser
http://maxkeiser.com/2012/06/19/hands-off-my-clam-lisa-koch/
.
another example of govern-mental over reach.
Fuck you Dimon and the Blythe you rode in on.
Choice.
Light this man a Cohiba Robustos...
he won it fair n square!
I just want to know what either of these two ass holes is doing to get good paying jobs back in the USA? It doesn't matter what happened ; but rather what might happen.
None of them gives a damn about jobs as that would, god forbid, put money back in the hands of the American people and cause, cause dare I say it....INFLATION.
Where is the live feed...why did they switch to re-run of last weeks senate hearing.
link to hearing now on delay on cspan radio...
http://den-a.plr.liquidcompass.net/player/flash/audio_player.php?id=WCSP...
that link also has technical difficulties.
hmmm
yes they also ended their coverage...I guess the regulators were going to tell the truth.
seems they have overcome the difficulties
for now.
Calling Wells Fargo out
Hartzman's allegations
Wells Fargo Whistleblower
Technical difficulties? Efff, what am I going to do at work now...
Meredtih Whitney finds Dimon charming and sexy, the antithesis to Blankfein!
Jamie Dimon Is The Antithesis Of Lloyd Blankfein - Business Insider
Women stay women, fortunately!
Well, I took a boo at the link yu kindly provided, and I must say that my image of Meredith as [once pon a time] "charmin n sexy" has crashed n burned....big time. What the hay?
Is their a verb that's been created for 'óverdone plastic surgery on a face that looks no longer human'????
The Dimon[ic] Devil may not have bribed Waters, but it looks like he sure as hell got to Whitney....damn....
once she was legend!
What a joke!
read this ....www.silverdoctors.com/jpm-privately-panicking-over-munis-unfunded-pensio...(SilverDoctors)
and yu will understand why I be so down in the dumps aboot Meredith lookin like a dump[ster];;
all she had to do was "hang on" - an everything she was sayin wooda cooda shooda been proven Korrect...
i write this one off to the absence of 'good nuff 'men to keep the odd good nuff women in the formerly good nuff Merika happy nuff to 'do the right thang!'
nuff nuff respect Meredith...yu did yur best...an it shoulda bin good nuff! http://youtu.be/qibF_s31QW0
How much does she owe him?
Her life, by the way she goes on about him while ignoring all of the sleaze.
can we say wells notice...
How do "regulators" [especially alien looking fuckers like Gensler] get the prefix "honorable".....what makes them "honorable"??????
Fuck this is just a repeat of a few days ago. Dimon just said the same exact thing about "large complex institutions" word for word that he said during the previous testimony. What a joke.
Dimon is probably thinking, shit you paid for JPM slaves, at least make it look real.
5 pieces of silver buys 5 politicians as easy as you like.
Banksters no doubt look down on US Congressmen as cheap hookers, bought for a handful of change and willing to do anything.
Meanwhile the same cheap hooker congressmen probably think they are up there equal with them, not realising the Banksters hold them in contempt as worthless human beings.
There are no clients yachts left for us to repossess
or
Well, I don't know as I want a lawyer to tell me what I shouldn't do. I hire him to tell me how to monetise what others might consider immoral, illegal and repugnant
Wow, the devious vs. the clueless.
A Government Warning! http://shutupnsing.wordpress.com/2012/06/19/a-government-warning/
If I were a banker and Maxine Waters started talking shit to me I would bring up her Ethics Committee investigation where she steered TARP money to a completely insolvent black-owned bank her husband worked at, OneUnited.
The FDIC allowed OneUnited to recognize $20 million in future tax benefits, from stock losses, as capital. OneUnited was the only bank under the FDIC’s jurisdiction to get such an exemption. And when the company was awarded $12 million TARP money (again, over the objections of FDIC staff), the FDIC let OneUnited count it as capital before it even received the funds. Later on, an FDIC official complained in an e-mail that the special treatment OneUnited got was “a travesty of justice”—which, of course, it was.
http://amren.com/oldnews/archives/2011/07/zombie_update_o.php
How could such a corrupt shithead be on a banking committee? Oh, oh right. She's perfect!
House Financial Services Committee members only got:
$17,594,000
(and change) in "contributions" from Bankers so they are no doubt EAGLE-EYED and DETERMINED to find and do nothing other than have a "hearing" and lob softballs to their overlord Jamie "Flavius" Dimon.
http://www.opensecrets.org/cmteprofiles/overview.php?cmte=HFIN&cmteid=H05&congno=112&chamber=H&cycle=2012
Dictionary definition of completely clueless partisan hack = picture of Maxine Waters. Makes Nixon & LBJ look like Boy Scouts, but because she is black, none of the graft/corruption and outright stealing matters a whit because it doesn't advance the storyline. Just once Jamie, show some balls and tell this twit to go fuck herself.
http://vegasxau.blogspot.com
LONDON - A British company said Tuesday it has cancelled insurance for a Russian ship it says was carrying munitions to Syria — a shipment the British government says included refurbished military helicopters.
U.K.-based insurer Standard Club said in a statement that it had been made aware that a Russian ship, MV Alaed, was carrying the munitions destined for Syria, in clear breach of its rules.
"We consequently informed the ship owner that their insurance cover ceased automatically in view of the nature of the voyage," it said in a statement.
Britain's Foreign Office confirmed it was aware that a ship carrying a consignment of refurbished Russian-made attack helicopters was heading to Syria. It said Britain's Foreign Secretary William Hague had told Russian Foreign Minister Sergey Lavrov that all defence shipments to Syria must stop.
"We are working closely with international partners to ensure that we are doing all we can to stop the Syrian regime's ability to slaughter civilians being reinforced through assistance from other countries," the Foreign Office said in a statement.
The BBC reported Tuesday that the ship was about 50 miles (80 kilometres) off the Outer Hebrides off the northwest coast of Scotland. The Foreign Office and Standard Club refused to give details of its location.
U.S. Secretary of State Hillary Rodham Clinton issued a harsh reprimand of Russia last week, when she said that Moscow "dramatically" escalated the crisis in Syria by sending attack helicopters there. The State Department acknowledged later the helicopters she accused Moscow of sending were actually refurbished ones already owned by the Assad regime, but Russia was clearly annoyed, and the spat further fueled tensions between the two countries over Syria.
It was not immediately clear whether the helicopters aboard the Alaed were the ones to which Clinton had been referring.
All our derivative trades are hedges. Honest.
Repeat After me...theres no Trade but HEDGES......lol we just fudged by changing the MODEL... VAR.. LOL...
hey....i paid you alll PAC money....SHUDDDDDDDUPPPPPP.
Dimon looking tan. Good to see he's living an active lifestyle.
"I see no reason to have Mr. Dimon take an oath."
LOL
Of course not, can't bite the hand that feeds you.
maybe they should have just met at a local pub.
GOP rarely swears witnesses...how can one call this testimony?