Live Senate Hearing On JPMorgan Prop Trading Loss

Tyler Durden's picture

Sadly the man who thought (with good reason) he was more important than the Chairsatan (until the whole CIO fiasco blew up in his face of course), Jamie Dimon, will not be there (and will thus not be available to provide an update on the CIO's losses to date, which are likely orders of magnitude greater than the $2 billion benchmark previously disclosed, but that does not mean today's Senate hearing on lack of regulatory oversight and massive bank prop losses will be any less interesting. From C-Span: "The Senate Banking Committee will hold an oversight hearing on efforts to overhaul the regulation of derivatives. Lawmakers will focus on the steps the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) are taking to implement provisions of the Dodd-Frank Wall Street Reform Act, and their efforts to reduce systemic risk and improve market oversight. The session also will spotlight J.P. Morgan Chase's $2 billion trading loss, which is under investigated by the FBI and the SEC." We, for one, can't wait to find out what the FBI's trained CDS forensic experts discover on this one...

From the Senate Banking Committee:

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing on “Implementing Wall Street Reform: Enhancing Bank Supervision and Reducing Systemic Risk.” The witnesses will be: The Honorable Neal S. Wolin, Deputy Secretary, U.S. Department of the Treasury; The Honorable Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System; The Honorable Tom Curry, Comptroller of the Currency, Office of the Comptroller of the Currency; The Honorable Martin J. Gruenberg, Acting Chairman, Federal Deposit Insurance Corporation; and The Honorable Richard Cordray, Director, Consumer Financial Protection Bureau.

Those who will be testifying:

    The Honorable Neal S. Wolin
    Deputy Secretary, U.S. Department of the Treasury

    The Honorable Daniel K. Tarullo
    Member, Board of Governors of the Federal Reserve System

    The Honorable Thomas J. Curry
    Comptroller of the Currency, Office of the Comptroller of the Currency

    The Honorable Martin J. Gruenberg
    Acting Chairman, Federal Deposit Insurance Corporation

    The Honorable Richard Cordray
    Director, Consumer Financial Protection Bureau

Live webcast below, begins at 10 am Eastern (also live on C-Span 3):

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midgetrannyporn's picture

The FBI and SEC will be busy licking Dimon's sack.

Pladizow's picture

A further waste of tax payer money!

Global Hunter's picture

Actually if ended and went no further than felatio we'd all be a lot better off

Colombian Gringo's picture

Of course Dimon didn't show up, since the conclusions are predetermined. Dimon will make more money, JPM will be bailed out, and US taxpayers will foot the bill, ass fisted again by the banksters.

hedgeless_horseman's picture



Can I get some Freedom Fries with this Big Nothingburger?

Papasmurf's picture

With a 15 oz "double shot" coke.

Hugh_Jorgan's picture

Actually, I'm pretty thirsty I think I'll take the big upgrade to the newly resized NYC 15.9oz "Double Gulp"

eatthebanksters's picture

I'm almost looking forward to the 'GREAT RESET'.  Maybe then some real justice will be doled out.  I am amazed at the mindset of people like Geithner and Summers that we need to keep confidence in the financial system to keep it from imploding.  My question is how do we maintain our confidence when we know crooks like Dimon, Blankfein and Pandit (just to name a few) are in charge of so much of our money?  How do we remain confident when criminals aren't prosecuted for their crimes?  I guess morals, ethics and integrity don't have a place in the world of finance.

jcaz's picture

LOL- yep, the fact that Dimon doesn't bother to show up himself says it all-  dog and pony show deluxe.....

Ruffcut's picture

There are Business to Business relationships and other types towards consumers.

These sessions are Assholes to Assholes.

fiercekitty's picture

LOL!!!!  Good one.  No, GREAT one!'s picture

Dimon teabags SEC, FBI....more at 11...

RobotTrader's picture

Imagine the wild bets those guys are going to be making in order to "catch up" to their peers.

We are going to see a lot of JPM traders trying to "make their year" by buying low grade screamers off the lows.

Crappy names like Pulte Homes, already up 7% today.

razorthin's picture

I took TNA and ERX yesterday, thank you.

CvlDobd's picture

People are trading futures all night for big gains these days. That is my theory on the TPX collapse.

francis_sawyer's picture

The day AFTER the move, we'll be sure to hear about it from you...

Boilermaker's picture

Who cares?

The DOW is soaring and so is my 401(k)?



GeneMarchbanks's picture

Great encapsulation of the general sentiment. Kudos.

Even so, it's always good to be able to talk about it for the sake of therapy.

Global Hunter's picture

Retail you're the last one left, turn out the lights and close the door when you give up on this rigged game for good :)

fiercekitty's picture

Just as I read your comment, the Van Halen song I am listening to proclaimed, "You'll get some leg tonight for sure!!"

CvlDobd's picture

So you levered up at the 200 day just like the FRBNY? Well done retail!

Amish Hacker's picture

There's the problem in a nutshell: over-compensated and under-investigated.

rehypothecator's picture

Under-investigated?!  They've held plenty of hearings on MF Global, but without a single indictment.  The real problem is that the criminals in government are too cozy with the criminals in corporations.  They're the same criminals, just going back and forth, and they look out for their own.  

Matt's picture

All animals are equal, but pigs are more equal.

Nobody For President's picture

Didja notice how each and every one of the dudes testifying is titled: "The Honorable..."

Good thing truth in advertising laws don't apply.

JohnKozac's picture

Could they ppleeze stop calling these people "Honorable"!

mess nonster's picture

Apparently, a coven of mongeese will now oversee the fox that rules the henhouse.

yabyum's picture

I thought JP Organ had the best interests of their customers at heart.....fuck me!

LeBalance's picture

/pardon off/

senators are bank empoyees.

theater of the absurd.

many words, tantilizing inferences, strong emotion, >>> meaningless

/pardon on/

it is no longer even amusing.

bigwavedave's picture

You mean the F.B. Aii ?

razorthin's picture

"Prop Trading Loss"

Ha!  No hedging there.  To the gallows!

Temporalist's picture

Gold and silver are both outperforming most major markets...again.


Soros and Paulson are bulish the precious belying the past articles.  EZ collapse my be approaching.

Gold Bugs Defy Bear-Market Threat With Soros Buying

fiercekitty's picture

Ooooh, Spooky Dude is buying gold again!  Time to load up the boats.. :P

Global Hunter's picture

Will they address Jamie Dimon as "Honorable Jamie Dimon" or is the term honorable reserved for people with government jobs rather than shadow government jobs?

GMadScientist's picture

I'm sure he'd prefer Emperor, but in prison (yeah, right), he'll be known as "Gumby" (after some unfortunate encounters between his teeth and various hardened-steel obstacles).

mendolover's picture

Wondering if there will be any mention of JPM's interest rate swap activity.  Doubting it.

DarkestPhoenix's picture

The article has a typo by saying JPM's loss is "under investigated" by the FBI/SEC.

On second thought, it's actually correct. 

Paul Atreides's picture

Honorable?!!?! what in the fuck have any of these guys done that his honorable...I would very much like to take my claymore to their jugulars and reclaim the word.

rehypothecator's picture

Claymores being what they are, you could even take your claymore to their big toe and it would serve as well.  In any case, please do.  

Chaffinch's picture

I think maybe one of you is talking about a Claymore which is a two- handed sword, and the other is talking about a Claymore which is an anti-personnel mine.
I'm not fussed which one gets used...

LULZBank's picture

Jamie playing Catch me if you can.

eclectic syncretist's picture

Maybe they'll sanction JPM's negative reserve ratio.


FYI - Bank reserve requirements by various governments around the world.

Temporalist's picture

Without watching I can tell everyone what Jamie Dimon says:

"Don't blame the bankers."

Just like last year and the year before that...

optimator's picture

You'd think they could read better than that.  Didn't their masters rehearse them?  It looks like one of the old Politburo meetings.