j. p. morgan chase said the letter asking mf global to verify in writing that it had the authority to replenish an account that mf global u.k. had overdrawn. j. p. morgan sent three drafts of that letter asking mf global to confirm the transfer. is that correct? >> yes. >> did anyone at mf global refused to sign a letter? >> no discussions with me. no. >> were you told anybody at mf global refused to sign a letter? >> no, i was not. >> you have no information of anybody and mf global refusing to sign the letter? >> you have to focus on which version of the letter. >> any of the letters. >> the first letter was -- was asking what individual to confirmed that everything that has ever been done in the history of those accounts and everything that would ever be done in the future was in compliance with cftc rules. you conveyed it was a hectic time. no one individual as far as i know, this is not an area that are was directly involved with but no one individual did be making those transfers. my underst

j. p. morgan chase. we want to thank our host sponsor, pacific gas and electric. dignity howff, kaiser permanente . thank you to all of our sponsors. i am supposed to wait six seconds so everyone can read this list. have we screamed through that? it is quite a long period -- quite long. united airlines, union bank, and our media sponsors, the san francisco examiner and hers media services -- hearst media sponsors. thank you very much. i could not do it without you, so today we celebrate the successes this chamber has accomplished and the promise of greater successes ahead with our team this morning of prosperity, business, labour, and government united, because that is the key to making the city viable and sustainable, and with our new mayor across more business- friendly, economic-friendly, we are all working together to a common goal with sharon priorities, and that is truly a formula for prosperity and improving the well-being of all san franciscans. the 2012 city beat poll survey of san francisco voters found that some franciscans are very optimistic about the

j. p. morgan. what is the key thing that investors should be looking for and listening to as these numbers are going could be coming out over the next couple weeks? >> i think you should be listening to the outlook, what are the companies saying about their future. this quarter and the next are not expected to be great, so they're fairly low hurdle rates. i think the real issue will be what happens in the second half of the year when wall street is expecting stronger numbers. we want to get some sense, our corporations seeing something still drop to the bottom line, is the top line safe? corporate profits are high, people are worried, we want some reassurance for the next 6 to 12 months. >> susie: you mentioned a moment ago about the beige book. tell me more what's your take on what the fed was saying, and was there anything in that report that investors should key on, that stand out? >> i think the general tone of the book was pretty positive. the fed doesn't want to create a sense of euphoria bec

j. p. morgan which is one of the banks it was dealing with. cme, another firm they were dealing with. they have gone across the board and brought people forward. one thing they haven't done is figured out what happened to the money. it is still missing. >> phil mattingly is finance correspondent for bloomberg news. thanks for joining us. >> thanks for having me. >> here's some of jon corzine's testimony before the house financial services committee. this portion of the hearing is about a half hour. >> i will introduce our first panel. jon corzine leave personal former chief executive officer of mf global and bradley abelow. your bid statements will be made part of the record and we ask you to summarize testimony in five minute. with jon corzine, you are recognized. >> before you do that i ask both of you to stand. i'm going to rescue to raise your right hand. do you solemnly swear or affirm the testimony you are about to give will be the truth, told truth and nothing but the truth? please be seate

j. p. morgan would have to step in and make good on those obligations on their behalf. it was a large amount of exposure, and there was a significant amount of risk associated with that. >> narrator: and that risk is a big drain on a bank. >> every time a bank makes a loan, under banking regulations, they're required to set aside certain reserves of capital for the loan. so j.p. morgan, when they made the loan to exxon, would have had to set aside some capital. >> j.p. morgan has to hold certain capital relative to the size of that loan in the event the loan is not paid off at 100% as you expect. well, of course if you don't have to do that and you're a bank, you'd prefer not to do that. >> smith: because then you can finance more freely, you can take on more debt? >> right. >> narrator: so masters started looking at who could take on their loan risk and free up j.p. morgan's capital. she found a taker in london-- the european bank for reconstruction and development. the ebrd. >> ebrd would receive compensation from j.p. morgan for taking on or assuming credit risk and