SD Reader Jake has provided a step-by-step summary of the lowlights of today’s House Financial Services Committee’s hearing with Jamie Dimon.
All you need to know about the farce was revealed with the Chairman’s opening statement, when he stated he saw no reason for Jamie Dimon to take an oath….GO AHEAD, LIE THROUGH YOUR TEETH BOSS, IT WON’T BE CONSIDERED PERJURY!
Full analysis/ commentary of Jamie Dimon’s House Financial Services testimony below:
First Question To The Chairman Of The Committe:
—Are We Going To Make Jamie Dimon TAKE AN OATH?—Chairman: ‘I See No Reason To Do This—He’s Here Voluntarily And It’s NOT A CRIMINAL PROCEEDING!’
—-UNREAL!—So He Can Lie?—NO PROBLEM!—MOVE ALONG!
Barney Frank: Do you Think The CFTC Can Regulate Properly With Only 180 Million?—Jamie—I Have No Idea!
Barney: Do You Believe We Should Exempt JPM Trades from Overseas Regulations–Regarding Derivatives?
Jamie: YES—UNREAL–THE ARROGANCE!
Jamie:—These Trades are Visible!<—VISIBLE?—UNREAL!—There Is Nothing About These Trades That Are Visible!
Barney: Please Don’t Filibuster!—Is your Compensation Up For Consideration For Clawbacks?—Jamie: I Can’t Tell My Board To Do Anything.
Maxine Waters: What Is Your Position With Regards To Dodd-Frank? I’m Afraid We Don’t Have Your Support<<—HAHAHA!—Ahhh, Maxine—Jamie Would Like To Have Bugs Bunny Regulating JPM. Did The Losses Stay In London?
Jamie: It Affected Our Shareholders<—Ahhh…Duh!
Jamie—You Didn’t Know About These Losses—How Can You Come Forward And Say That The Regulators Should Have Known About Them?—Some Things Get Through Their Screen…Some Things Get Through Our Screen<—Yeah Jamie—As Much As Possible Gets Through Both Screens If You Have It The Way You Want It!
WHAT ARE THE LOSSES JAMIE?
JAMIE: WE HAVE NOT DISCLOSED THAT—UNREAL!
Chairman—INTERUPTS—”The more the disclosure is made, the more the speculators can take advantage”—It’s not necessary for him to disclose it—Losses could be $6 billion—Ah Aha—AHH–AHHhAHHa—WHAT?—How Does The Chairman Know This?—And Why Is it Required of The Chairman of This Committee To Keep This From The Public To PROTECT JPM?—The Losses And TRADES ARE THEIR PROBLEM—THEY PUT THEM ON!—UNREAL!
Representative: “Would It Be Safe To Say That If You Didn’t Do Any Trading At All—Would You Have No Losses?”
Jamie: “Yes”<——-OK THEN>>>WHY ARE YOU TRADING FOR YOUR OWN ACCOUNTS?—Well—It’s Because You’re A Scam Operation!
Let’s Get Into Your Risk Models—What Was Your Confidence Level—
Going To 3 sigma—99%—Would This Have Reduced You Losses?
Jamie—That’s Not The Whole Picture.
JAMIE—JPM CAN BEAR $80 BIllion WITHOUT THE TAXPAYERS BEARING RISK
Representative: IS GAMBLING INVESTING? What’s The Difference Between Gambling And Investing?
Jamie—When You Gamble, You Lose—HAHAHA!—-So Why Did You Let This Trade Lose So Much You Criminal?
Rep: If You Hedge Your Hedge—It Looks Like A Dart Board—Seems Like Gambling—How Does This Help The Company, Country?—If Wrong, It Puts Systems At Risk. And The Fact It’s Overseas—It Puts A Lot Of Fizzyness Into It. How is This Hedging And Wedging Different From Las Vegas?
Jamie: We are the Biggest Lender—Our Main Mission Is Serving Those Clients <—WHAT? You’re Serving Your Masters Jamie—Trading For Your Own Account!
Rep: Should Portfolio Hedging Be Allowed Under The Volcker Rule?
Rep: Should You Resign Because You Have A Conflict Of Interest?
Jamie: I Don’t Vote For The President Or The Board
Representative: We Wanted To Swear You In—You Already Said Something False—Chairman Interrupts!—UNREAL!
This Is UNREAL!—NO SWEARING IN—Lying Is Ok—Move Along!
Representative:—You Put Forward The Idea That You Gave $350 Billion To Your Credit Office So It Could Get To The Gambling Tables In London—WOW!—Great Question!
Representative: Wild Socialists At Bloomberg Say That Your Cost Of Funds Are Lower Because Of The Bank Guarantee Of FDIC—Reduced By 0.8%—So You Are Too Big To Fail?…You Lost $2 Billion—But Bet over $300 Billion—Can You Say That All Other Banks Could Have Survived—Why Should We Bail You Out If You Go Under?
Jamie: JPM Size Allowed Us To Do What You Asked Us To Do…UNREAL!—So He’s Saying Govt Compelled Him To Make Ridiculous Liar Loans, etc.
(D) Representative: Should We Cut $25 Million From The Small CFTC Budget?
Jamie: I’ve Never Looked At Their Budget—No Comment!—
Representative: You Have No Problem Commenting On Other Matters Unrelated To You—Why Not This One???
Jamie: No Comment!
(R) Representative: With Regard To London, Gensler Says Rules Are Inadequate–Do We Need Regulation From US to Apply To London?
Jamie—NO—We Should Use The London Rules<—OF COURSE JAMIE—When You Can Go Overseas To Avoid Regulation—NO PROBLEM With Gambling Right?—LOL!
(D) Representative: What Should Congress Do To Strengthen Dodd-Frank?
Jamie: These Are Complex Things—We Want A Safer System, It’s A Lot Safer Today<—It’s A Lot Safer?—LOL—Losses Gambling In London No Problem Move Along!
(R) Representative: What’s the distinction between hedging and prop trading?
Did You Support Dodd-Frank?
Jamie: That’s A Hard Thing To Say—So Did You Or Didn’t You?
Representative: You Have Buyers Remorse Don’t You?
What’s The Distinction Between Prop Trading And Hedging?
I Don’t Think He Answered This Question.
(D) Representative: Did You Have Adequate Risk Controls In Place Before These Losses Were Incurred?
Jamie: The Risk Control Review’s Are Not Done Yet,—No Jamie—There Was Never Any Review Of These Controls!<—The Fact Is, Jamie–You Have No Idea What The Risk Is! <—Maybe Your Losses Are 80 Billion?
(D) Representative: Did You Ever Enquire About That Question From The First Hearing That There Was A Limit On Losses On Positions Of $20 Million?
Jamie: NO<—Of Course Not—Who Cares About Limits On Losses—The Tax Payers Will Bail Me Out!—UNREAL!