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Live Senate Hearing On JPMorgan Prop Trading Loss
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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The FBI and SEC will be busy licking Dimon's sack.
Or a reach around...
A further waste of tax payer money!
Actually if ended and went no further than felatio we'd all be a lot better off
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.
Can I get some Freedom Fries with this Big Nothingburger?
With a 15 oz "double shot" coke.
Actually, I'm pretty thirsty I think I'll take the big upgrade to the newly resized NYC 15.9oz "Double Gulp"
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.
LOL- yep, the fact that Dimon doesn't bother to show up himself says it all- dog and pony show deluxe.....
There are Business to Business relationships and other types towards consumers.
These sessions are Assholes to Assholes.
LOL!!!! Good one. No, GREAT one!
pindar position of fealty.
Dimon teabags SEC, FBI....more at 11...
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.
I took TNA and ERX yesterday, thank you.
People are trading futures all night for big gains these days. That is my theory on the TPX collapse.
The day AFTER the move, we'll be sure to hear about it from you...
Who cares?
The DOW is soaring and so is my 401(k)?
Signed,
Retail
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.
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 :)
Just as I read your comment, the Van Halen song I am listening to proclaimed, "You'll get some leg tonight for sure!!"
So you levered up at the 200 day just like the FRBNY? Well done retail!
There's the problem in a nutshell: over-compensated and under-investigated.
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.
All animals are equal, but pigs are more equal.
Didja notice how each and every one of the dudes testifying is titled: "The Honorable..."
Good thing truth in advertising laws don't apply.
Could they ppleeze stop calling these people "Honorable"!
Apparently, a coven of mongeese will now oversee the fox that rules the henhouse.
I thought JP Organ had the best interests of their customers at heart.....fuck me!
bobhica
/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.
You mean the F.B. Aii ?
"Prop Trading Loss"
Ha! No hedging there. To the gallows!
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 Buyinghttp://www.bloomberg.com/news/2012-06-05/gold-bugs-defy-bear-market-thre...
Ooooh, Spooky Dude is buying gold again! Time to load up the boats.. :P
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?
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).
Wondering if there will be any mention of JPM's interest rate swap activity. Doubting it.
The article has a typo by saying JPM's loss is "under investigated" by the FBI/SEC.
On second thought, it's actually correct.
"Freudian Slip!":)
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.
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.
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...
Jamie playing Catch me if you can.
Maybe they'll sanction JPM's negative reserve ratio.
FYI - Bank reserve requirements by various governments around the world.
http://en.wikipedia.org/wiki/Reserve_requirement
major technical pattern explained.
http://humblestudent777.blogspot.com/
Without watching I can tell everyone what Jamie Dimon says:
"Don't blame the bankers."
Just like last year and the year before that...
You'd think they could read better than that. Didn't their masters rehearse them? It looks like one of the old Politburo meetings.
Everyone break out the tissues:
Blanked Bankers Double as Bonuses Disappearhttp://www.bloomberg.com/news/2012-06-05/blanked-bankers-double-as-bonus...
So when will the "real" wall street reform be forth coming? These hearings are pathetic!
They are working to reform the system so the big banks go from practically guaranteed to make trading profits every single day, to actually guaranteed. Lossing money ever will be verboten. Any losses will require an instant mini-bailout.
The 'real'reform will come after a total break down in the market, maybe.
After it's been razed and salted and not a day sooner.
Johnson literally sounds like he can't read, almost retarded. Shelby should be in prison, he is one of the biggest criminals in Congress. And please with the fucking Dodd-Frank, prior to both of them leaving they managed to steal 10s of millions for themselves and let the banks steal Trillions! Needless to say they to should be in prison (or dead for treason).
This committee will do nothing, this whole thing is a joke as they are NOT allowed to regulate the financial services sector. That's why Dodd-Frank is such a joke because for it to pass it HAS to be littered with loopholes that allow the financial institutions a way around the rules that are inconvenient.
If they wanted to fix things then they would put back Glass-Steagal which we know is extremely effective! Dodd-Frank is nothing more than legal cover for the banks to continue to steal and take on bigger and bigger risk. Johnson sounds like he might be drunk, listening to him is painful, thankfully he doesn't talk much. Embarrasing is what it is, one line of bullshit after another after another.
Just let the thing crash so we can reset and get on with it, you guys have zero intention of fixing any of these problems instead you will make sure that these companies are able to get away with more and more theft. Wow do I hate these people! Johnson must have a degree from Harvard or Yale....
Nero does not have to appear before Rome's Senators.
The Senators instead will be questioning servants and message runners at the National Theater.
this hearing is theater......nothing will come of it exccept to vent some frustration - and provide fodder for those who wish to have campaign material.....whenever the fbi is called in to investigate anything major, its role is to bury and exonerate.....bottom feeders will take the blame....
jpm's trading losses are are only tangentially related to european debt and derivatives....they are primarily related to interest rate swaps and the manically desperate attempt to suppress interest rates....the excess debt the treasury has been selling is to keep these swaps configured and from falling apart....unfortunately the towering columns of debt can no longer be maintained.....it is unraveling and will make europe's destruction look like a tame hiccup....
jpm's other duty is to prop up the hopelessly insolvent deutsche bank....good luck on that....
the wheels of justice grind slowly, but grind they do. it will take a couple of years to fully plow jpm under but the irswaps will do it in.....
The FBI isn't going to do shit. They've been reduced to an impotent, pansy ass organization that dare not speak up against their masters for fear of their paychecks being revoked.
Heaven forbid we had some patriots in the organization but anyone in the FBI will have to be satisfied with harassing domestic terrorists (citizens) until all of this blows over.
Of course when all of this blows over there may not be an FBI or a Federal gov't for that matter. Either way the organization should feel the shame from all of this inactiviy for decades if not centuries to come.
For shame, for shame. And we the tax payers pay your salaries to serve those who enslave you and us. Oh the irony.
"We, for one, can't wait to find out what the FBI's trained CDS forensic experts discover on this one..."
Yeah, right!! Ha, ha! The foxes are investigating themselves.
I am Tuco
No no, it's all fine... the SEC is also investigating.
We can all relax now, everything will be alright.
The only senate hearing worth seeing is the one where the guillotine is sitting on the steps.
I'd settle for a hearing with a few Polygraphs hooked up.
That may not prove useful with the criminally insane.
Since when is a committee a court and when was the last time anyone was sentenced to prison by a committee?
... the committee for public safety...
http://en.wikipedia.org/wiki/Committee_of_Public_Safety
Johnson sounds like he's sucked a few too many johnsons.
The Senate Banking Committee and the list of those giving testimony are well-paid lackeys of the banking cartel. Let the Dog & Pony Show begin.
The only sucker who gets in trouble by lying to a bunch of sellouts is an ex-athlete who used PEDs. The bankers get a free fucking pass.
http://www.opensecrets.org/cmteprofiles/overview.php?cmte=SBAN%20%20&congno=112
The Senate Banking Committee is there to protect the interests of banks. The regulators are not the only captured government employees. Nobody has the guts to say what JP Morgan did was not hedging. I have no problem with banks making bets, but there is no way taxpayers should be on the hook for losses and I hear only lip service to those concerns.
1. We know it's a theatre staging senators masturbate in public
2. They know that we know.
3. They even know that we know that they know that we know.
4. They don't give a shit. That tells us how irreparably fucked the system is.
A parade of lies and disinformation! I cannot bear to listen for one minute. A black hole has opened in the propaganda matrix and it is consuming the BS at an accelerating rate. If one were an optimist they could view this as a positive trend. Unfortunately I see Orwell's dystopia unfolding before me.
Nothing like those F-117 flybys with a roaring crowd in the background. Cheering their citiy's gladiators as the colossal state manufactures consent.
Panem et circo Bitchez!
IO Psychic TV in da house... shining on the liars, the useless regulators, the criminal-minded politicians. http://idealorder.org
Is Corker applying for job with JP Morgan or what?
JP Morgan can lose 80 Billion dollars and everything would still be cool, did anyone hear that bullshit?? They lose 2 billion and had to sell 25 Billion in assets, if you got so much fucking money why did you have to sell 25 billion in assets you fucking liars?!?!
What a farce. I can´t bekieve it.
Corzine, Dimon. Will we they ever do the perp walk ?
I guess not.
Banks don't have enough money to give all of the money they have promised to give back to depositors. What's the average leverage of US banks? 17 to 1? And how much capital is required to "back up" derivatives? Zero?
And when you have Senators saying "We don't want a regulator looking over every banker's shoulder" (Which is a strawman arguement) or "Is it true no bank has ever gone bankrupt due prop trading over the past two years?", you know there will be no new banking regulations passed in the near future.
Anyone recording this? I want to pull juicy samples from it.
Senater hearing, what a joke, they will get their checks in the mail from the their BOSSES.... (www.nakedcapitalism.com; 6/6/12)
Quelle Surprise! Treasury Inspector Audit Report Whitewashes OCC Fail on Foreclosure FraudYesterday, various news and financial sites picked up the release last Friday of a report by the Treasury’s Inspector General titled “SAFETY AND SOUNDNESS: OCC’s Supervision of National Bank’s Foreclosure Practices“. The media accounts are workman-like summaries with titles like “Bank oversight office failed to spot foreclosure fraud, Treasury inspector general says.”
Second, this report is an exercise in Potemkin oversight. It enables a deeply pro-bank agency to stay on its present path; it’s meant to persuade the chump public that the Administration is serious about remedying regulatory fiascoes.
To understand why this audit was defective, all you need to do is look at the discussion of methodology, which is on pages 14-15. In the period November 2010 (right after the robosigining scandal broke) to March 2011, the Treasury IG reviewed foreclosure supervisory coverage at three banks: Bank of America, JP Morgan Chase, and Wells Fargo. These were the measures taken:
This is a strictly internal look. There was NO effort, zero, zip, nada, to do any reality testing of the adequacy of the OCC’s work. How do you know how badly deficient the OCC’s efforts were unless you develop an independent basis for what it takes to do an adequate job of overseeing servicers and then looking at what the OCC found pre the robosigning scandal versus what they ought to have found? The IG is certain not to have an informed view of what the legal and operational issues are. Looking only at OCC documents and talking only to OCC management is a garbage in, garbage out process