Senate Report: JP Morgan Lied & Deceived Regulators, Investors And Public on London Whale Losses

JPMorganAfter today’s market close, and ahead of tomorrow morning’s 9:30am Senate hearing on JPM’s London While IG9 trades that cost the firm upwards of $10 billion, the Senate Permanent Committee on Investigations has released a 300 page document titled JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses in which the Senate Committee accuses JPMorgan and Jamie Dimon in particular of lying to and intentionally deceiving regulators, investors, and the public regarding the extent of the derivatives losses the firm sustained as Bruno Iksil nearly took down the ship in early 2012.

Full senate report is below:

 

REPORT – JPMorgan Chase Whale Trades (3!15!13)2

 

 

Comments

  1. Jamie Dimon lied!
    Imagine that!
    What’s this world coming to.

    • Indeed!  It sure is a good thing that we have the United States Senate to keep an eye on guys like him!  ;-)
       



  2.  
    Okay Bill Murphy has been calling on this..Now can this be the back breaker that we have been waiting for?

  3. If only the Senators would actually ask JPM to explain under oath why they have a massive silver short position and perform market manipulation on a daily basis….
     
    Na … I’ll just keep stacking, its not going to happen till long after everything crashes to the ground that we’ll learn why and how such illegal activities came to be condoned.

  4. :-)

  5. Who me ? Look here, my chum the pres’ (flash cufflinks again) says you need to look forward with this sort of thing. Im no liar! I just have to say those words and i’m not! Move on, nothng going on here.

  6. Rob a bank with a gun, Go directly to jail, do not pass go, do not collect $200. Rob a bank with a computer, Do not go to jail, Collect a big fat bonus, move your piece to park place drink, apple martinis and laugh at screwing the little guy, while the govt provides the lube. I just want to know when we will see some jail time for the scum bags!

    • “I just want to know when we will see some jail time for the scum bags!”
       
      Probably about the same time that they offer one of us the snow cone concession in Hell.

  7. Anything that comes out of Jamie “Presidential cuu-links” Dimon’s mouth…is a lie!!!!!!! He’s a total POS!!!!!

  8. Time for another fine that the tax payers will pay, then business as usual.  Jamie you are excrement.

    • Actually, Dimon is not excrement.  I know this because excrement can be used as fertilizer and is therefore USEFUL.

  9. cool, I look forward to them being punished – having to buy the first round when the bank, government and regulators get together to get high, drunk, and molest children.

  10. Heck, the event may even motivate Bart Chilton to do his job!

    • Bart IS doing his job.  It’s just not the job that he is SUPPOSED to be doing.  All of these CFTC people came from the big banks and to them they will return someday.  Praise and bennies will be lavished upon them for the excellence of their “government service”, all the while they were really just serving the financial needs of these same banks.  Different day, same p00p.

  11. I love the way the Senate makes them sound totally incompetent. Bunch of F-ing crooks!

  12. And nothing will be done other than a slap on the wrist and telling them “don’t do this again”, if that happens time to remove a bunch of congress and replace them with someone who is honest. I think randomly picking people who have at least some college education and are past 45 years old would result in better laws.

  13. Well of course they would do that because they are part of the Wall Street criminals! By deceiving the regulators, the investors and the public, it makes them lose their confidence over banking system which only accelerates the big financial collapse.

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