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):