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Live Webcast Of First (Of Many) JPM Hearing - Honorable Mary Schapiro And Gary Gensler Presiding
No close encounters of the Dimon kind today, but we get our first sworn testimony on all matters #FailWhale, when Mary Schapiro and Gary Gensler open their mouths at 10:00 am, and confirm what everyone knows - that the TBTF's prop trading desks are alive amd well, that the Volcker Rule was one big misdirection, and most importantly, that nobody has any idea what multi-billion trades the big banks engage in until it is far too late, and even then they refuse to give their investors a snapshot of how big the real losses are.
Witnesses on deck:
Honorable Mary Schapiro
Chairman
U.S. Securities and Exchange Commission
Honorable Gary Gensler
Chairman
U.S. Commodity Futures Trading Commission
What to expect:
Securities and Exchange Commission (SEC) Chairman Mary Schapiro and Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler will testify on the implementation of the derivatives regulation before the Senate Banking Committee.
According to the committee website, the panel will look at "reducing systemic risk and improving market oversight." The Committee is also expected to question both witnesses about the oversight of J.P. Morgan Chase and the intricate trades that combined in a $2 billion loss.
The reform stems from the 2010 Dodd-Frank financial oversight law, which orders an overhaul of the unregulated $600 trillion derivatives markets, a leading cause of the 2008 financial crisis.
Treasury Secretary Timothy Geithner stated during an event covered by C-SPAN that the mandate required by the Dodd-Frank Act, including new capital requirements, would "strengthen the ability of banks to absorb losses" like those at J.P. Morgan.
Live CSPAN webcast after the jump:
A full background on what should have been known ahead of JPM's prop "Fed wannabe" desk blowing itself up:
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You forgot the Dis before their title.
Wake me when the gallows are erected.
Forgot to quote "Honorable"
honorable as in most corrupt?
Geez. Not another Bitch and Crony Show.
hey!
whose bar mitzvah is this?
Where is our done with the hellfire missile? Need to press the launch button.
Just let your Gaz of on these pale copys of humans,and they evapourates into thin air.
Look at the fingers of this Genzler figure,this man never lifted anything heavyer than a pencil,if he did he would break his arms:I know,he has people to do his dung work,like wipe him clean sheet!
More honerable,dungsters,this world havnt seen,since All Capone and the Dope of Rome!
Nosferatu fingers. He's agile as hell around necks though lemme tell ya.
Propaganda. Nothing new here.
Honourable? Schapiro? Gensler?
Methinks you jest sir.
It's a toss up whether that pair should be sitting behind the bench or in front of it.
Tyler just trollin ;)
Smeagol helps you to Mt. Doom!
They are only hassling the morgue because he lied to his partners at the Fed.
JPM is one wild beast. We lost a lot of points since spx peak on May 1, 2012. Have you been able to short at the tops and cover at the bottoms? Looking for a roadmap going forward? I would like to introduce you to my friend’s echen website.
http://humblestudent777.blogspot.com/
I highly recommend his service. It is unique and unlike anything else I found on the web. Markets are somewhat like fractals and when you know what to look for they can be rewarding. Has developed systems for short, int, and long term market trends that will are very compelling.
You waited an entire 112 hours before you started pimping your link.
Even the dude bragging about his mom's prostitution business waits longer.
He gave himself a plus arrow in the process... If you're gonna be a douche, might as well go all the way!
I'm feeling frisky & want to invest some money in unrigged capital markets today... So whats the over/under on how many lies spew out of their mouths per hour?
Shapiro and Gensler, eh?
This should be really hard-hitting!
...as the SEC looks the other way while the FRBNY illegally ramrods the market higher.
Laughable. Really.
Too busy going after small fry, while thoroughly protecting their own bankster buddies.
Gensler is a bought off weasel and Shapiro is bought and paid for cunt....
Boring............................
Move along, nothing to see here!
http://occupycorporatism.com/obama-omits-disclosure-on-his-two-bank-accounts-at-jpmorgan/
http://www.bloomberg.com/news/2012-03-20/jpmorgan-employees-join-goldman-sachs-among-top-obama-donors.html
Everyone participating is bought and paid for......
SPX going 4 handles...now 6....now 8...do I hear 10....do I hear 20? Do I hear 30?
What a fucking joke this is.
But thats not all! We ALSO have free money gifts of QE comin at any minute too!! Its a CELEBRATION, bitchez!
Honorable, please spare us the bullshit. What is this site becoming?
Today's word of the day
you are making assumptions, that's to easy, look below the surface. Sarcasm, plausible deniability, no?
Fairly confident you can take Sarcasm 101 at your local community college and even not end up $100,000 in debt.
As to your question, "this site" appears to be becoming a place with very loose admissions standards.
Tyler! Tyler! Tyler! How many times do you think they will mention Glass Steagall in this hearing?
ouch, that left a mark
Good Gads you're right. I don't know how the phuck I got admitted in here.
I wouldn't want to join a club who would have me as a member...
No worries, I won't ask stupid questions, you supply the hi-kwality info (thanx in advance!)
Just accept it as part of their delusional artiface. What is clear, is these ass clowns don't even have any understanding of the proper channels for civil or criminal investigations, nor do they coordinate any investigations with other regulative entities. I believe this is because there are no investigations, only political compromises and a public face to it.
Yet somehow, the SEC found the wherewithal to prosecute Martha Stewart (Guess she ain't a member of the "club")
no need to hang Gensler, as he looks like he is already dead
So maybe a wooden stake instead?
You mean to tell me that no dudes with box cutters or fancy underwear ever had their eye on the types assembled at these hearings? Oh wait!
What a fucking joke. MFGlobal/Corzine hearing resulted in how many criminal indictments? Lets' put the NDAA to work - round up everyone in the building and throw them in Gitmo since they are all terrorists/traitors.
Well said, Hooah.
PPPPLLLLEEEZZZEEE may there be an earthquake that creates a 2 mile chasm right under Gensler & Shapiro....Now that would be justice!
"....and confirm what everyone knows - that the TBTF's prop trading desks are alive amd well, that the Volcker Rule was one big misdirection, and most importantly, that nobody has any idea what multi-billion trades the big banks engage in until it is far too late, and even then they refuse to give their investors a snapshot of how big the real losses are."
For some reason we have forgotten this little gem from May 23, 2006.
"Intelligence Czar Can Waive SEC Rules
Now, the White House's top spymaster can cite national security to exempt businesses from reporting requirements."
http://www.businessweek.com/bwdaily/dnflash/may2006/nf20060523_2210.htm?campaign_id=rss_daily
Essentially as long as a bank (or any other "business" for that matter) gets a "hall pass" they can do whatever they want.
Waiting for William B to begin editing audio for these so-called "hearings" (NOTHING done: Just window dressing and platitudes).
Love to hear editing and the use of the words "douche" "swiped" "hoodwinked" "switcheroo" and many others, for their bullshit testimony.
I'd love to see them strapped up to a polygraph. Even the mere presence of examiners with their machines at the ready would cause panic and sphincters tightening to Buddy Rich specifications.
Fartbook....rallying! Now breaching 32! LOL
this Punch and Judy show was baked in the cake long ago.
Gensler, Shapiro WTF??? Is there any non semetic people that could investigate this? This is obscene.
Correction: Ashkenazi Jews are of Khazarian descent. They're from the Asian Steppe, they never so much as set foot in Palestine or the rest of the Middle East. Whiney travellers even then, it seems the trip was too long.
Khazaria converted to Judaism in the 9th Century. As the non-agenda-bound Jew Arthur Koestler demonstrated in The Thirteenth Tribe, Khazars have no legitimate claim to being a Semitic people. Not that any of that mattered to history's most accomplished Identity Thieves.
Arabs and Sephardic Jews are Semitic peoples. Ashkenazi Jews? Nope.
What's wrong with being known as Khazars I wonder?
I stand corrected. Khazrians, I should know better than to lump Sephardim, Ethiopians and people actually from Judea/Palestine in with them.
edit: my point still stands. Can you imagine the uproar if a bunch of say Albanians were an overwhelming influence on government and banking and then we hired a bunch of Albanians to investigate? It is absolutely insane.
It's only insane if you think they are investigating.
pods
Banks surging off the lows, led by JPM up 4%.
If we close green, probably a "Follow Through Day" according to IBD and an intermediate low will be in.
Then of course, we'll see the normal and usual dryhumping and heatmapping of assorted retail stocks like URBN today.
Another "Wash, Rinse, Repeat" cycle starts anew in the world of "Infinite Fiat"
You're a Fake!!
So is the 'market'. It's the new world. Get used to it.
I believe you just used a double negative. The market is fake. The 'market' is all too real.
I never was a believer anyway.
Yay robo's back!
Now I don't have to actually go to wallstreetbear any longer.
Good to see you back in the commentary Robo - insightful & controversial - Rocking the ZH boards!
RoboTrader!!! Haven't seen you in a while I thought maybe you were in prison.
Where have you been Robot? Hanging out in the Cayman Islands with your friends?
THE LEGEND RETURNS!1!!!
Hey Gary Gensler, check this out. Like you'd care...
UNCLE SAM BULLYING BROKERS OVER SILVER?Schapiro & Gensler - Dumb & Dumber:
http://acrossthestreetnet.files.wordpress.com/2011/04/schapiro-gensler-dumb-dumber.png
Stone cold! (But spot on!) :>D
Free John Corzine.
I didn't know that he'd ever gone to prison.
OH NOW I GET IT
That's correct... John Corzine is, in fact, free (as we speak)...
When I tuned in some guy that had a stroke was asking questions.
JP Morgan on TV? So where is Chuck Barris and the Unknown Comic?
Zapping these 'entities' with psychically illuminated cameras! What a bunch of nonsense... http://idealorder.org
Mary makes me randy baby!
All these guys do is talk about what they've done - its all about me. These guys are fucking idiots, totally politisized hearing - more of the same bullshit! "We're not going to be as good as we could be" - that's a fantastic quote.
Are they going to bring in the people from the CIO that got fired? If not its pretty much a cosmetic hearing and a total waste of time, which I believe it will be. JPM is up almost 6% today, what's that tell you? Its sickening the criminal activities they are getting away with. The DODD-FRANK law is a loophole filled set of regulations that was designed to let the banks actually do MORE illegal activities. If they really wanted to solve the problem they would bring back GLASS-STEAGALL which was clearly effective.
They don't want to regulate the financial services industry because they believe that it is the ONLY thing America has going for it, its what we do now - financialize things, securtize things, monetize things - this is what America does now. Well, we also build software platforms that allow us to efficiently waste hours and hours of time with no apparent purpose other then entertainment.
Fuck you Dimon, fuck you Bernanke and lastly fuck you Geithner! I can't watch this shit anymore...
I'm sensing you're upset about something.
Oh, goody, we get to see someone lie to Congress again when one of the Congress critters just happens to ask a smart question prepared by one of their staffers who actually has somewhat of a clue.
I'll watch the highlights. Maybe.
On TV, the yet again Live failure of the Obama administration (and cronys) will broadcast featuring the usual suspects...
If all of these crooks were Black, Hispanic or Asian they would be under the prison. Yet no one points out--that all of these crooks are Jews. Only 2% of US citizens are Jewish yet 99.9999999% of those who run DC and Wall St are Jews. Ray Charles could see this shit but no one else can?
Let me guess:
Lots of talk, blah-blah, "I'm not sure" or "we have to gather details" or "we need more information" or "we'll look into that".
What a crock of steaming bullshit.
CONgress does nothing besides punish the populace and reward bankers.
Another hearing full of sound and fury, signifying nothing.
I sense it is WAY too late to support public faith in the integrity of US financial markets. There's simply too much fraud, too muh abuse, too much corruption ... The investing public realizes we're in the second inning of a deflaitonary collpase - and that a massive deflationary collapse is the only way to "drain the swamp" to clean out all the snakes and leeches.
What a joke. They keeping talking about "financial products" as if they have any real fucking value. Atlas is not only shrugging, he is now laughing hysterically. Fucking joke, wake me when we start hanging the fucking paper-pushers.
Moreover, they keep talking about free markets. What the hell are they talking about? Where is this "market" they speak of? The local farmers market?
Senator Shelby asking the questions now ... suddenly this has become yet another MF Global inquiry??? Did the JP Morgan issue just quietly go away ... or is somebody in the Senate finally going to connect the dots between Corzine and Dimon? (which I doubt.)
Transparency/surveilance would destroy the ability of the players to outplay each other.
The regulators will never be given access to each players game plan/models and be given the ability to stop the game in progress.
If it helps to understand what I'm saying then think of it as having a super computer that would get the computer inputs from all the combatants and would be able to stop or interfer with any or all of the moves so as to change the outcome.
Anyone want to play poker with a computer that knows what each player is holding and can decide which card will be played next and which player will win the hand?
These two crooked clowns should be renditioned to Somalia. Gensler has had his thumb up his ass for many years, while he covered up the JPM manipulations... Shapiro is a paid skank who destroyed documents at the bidding of Blankfein, et al... Why not let Bill Black question these toxic 'roids??
"economic" hedging is the new prop trading
Don't hold your breath......we still haven't seen the perp walk of the Secret Service Soul Pimps ! This system corrupted by Socialist lies is going down to writhe in the filth with the other Socialist "Fece-States" ! Monedas 1929 Comedy Jihad Fece-ism Fest
Still don't know the difference between socialism and fasciam yet? Wake the fuck up.
The difference is less than your "Band Width" ! Monedas 1929 Comedy Jihad Narrow Skill Set PS: The liberal mantra is Socialism and Fascism are the book ends of the political spectrum....the opposite extremes between which all other ideologies fit....wrong, book breath....they are sister whores walking hand in hand working the left side of Turnbridge Alley (London's whore row of yesteryore) ! Fascism at best is slightly to the right of Socialism.....and way to the left of our hodge-podge mixed economies which are melding into the Socialist/Fascist slime bucket of the left soon enough ! Moot Point (ON) !
These jackasses are not enforcing the laws and rules on the books already SO WHAT THE FUCK ARE THEY MEETING FOR!?!?
Why are they asking Genssler questions? He';s a fucking criminal and they should be hauling his ass off to prison. Who gives a FLYING fuck what either of these two corrupt stooges have to say? Ask Genssler about MF Global and twist his arm for an answer. THESE are the CRIMINALS that should be accountable to the people. THEY'RE FUCKING LIARS AND CROOKS!!!
"more regulations" and "cracking down on cross border transactions" etc etc etc - will not make any difference so long as 2 things remain true.
1) basic - existing - laws against fraud are not being enforced to begin with
2) criminals are in charge of the banking and regulatory apparatus and can simply have their losses "bailed out" by taxpayers
Mary! Paging Mary's brain!
If you don't bail the fuckshites out you don't need to monitor anything!!!
What the fuck is thei "honorable" BULLSHIT?? These ASSHOLES are ANYTHING but "Honorable". How about referring to them as "Dispicable" that is WAAAAY more appropriate. How FUCKING dumb do these morons think we are????
Bring in the TSA and have them inspect their assholes for bombs.
Sorry, they do it only to underage children.
Now Tylers are just being corny :)
Hey, if any of you TURDS are in the chamber reading this tell those two REEEEEEEEEEEETARDS I said, "FUCK YOU" Shout it out so they can hear it.
The most exciting part of that was there they just pressed the Off switch.
DavidC
I tuned in only to hear the last congressman speak. When he said, "show me a bank that's ever failed that's met capital requirements...." I realized the sham was in. What he said was like saying, "show me a millionaire who's not got financial problems and tell me he's failing".
G. Gensler is the greatest scumbag in town. I'm vomiting just seeing his shitface.