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Jun 13, 2012
06/12
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j.p. morgan chase c.e.o.ie dimon today, but he talked to him lucidly, the republican from alabama, senator shelby. senator, to me and i know this is well intended presentation but i felt for a lot of colleagues it was a political bean throwing test and you just stepped back and want to know what could washington do to prevent this sort of thing or address these problems. but i felt a lot of your colleagues were pointing fingers and not to solutions. what was your thinking? >>guest: well, i'm not going to say anything about my colleagues. this was a hearing, i thought this was a serious hearing and not a circus and i try to look at the hearings that way. what i tried to do is find out what went on, considering that j.p. morgan chase still has a proprietary interest if that and we will find out sooner or later sequence by sequence what went on, but looking at it over all i think the message today was that jamie dimon admitted they made some mistakes. they lost some money. which hurts. but they are well capitali
j.p. morgan chase c.e.o.ie dimon today, but he talked to him lucidly, the republican from alabama, senator shelby. senator, to me and i know this is well intended presentation but i felt for a lot of colleagues it was a political bean throwing test and you just stepped back and want to know what could washington do to prevent this sort of thing or address these problems. but i felt a lot of your colleagues were pointing fingers and not to solutions. what was your thinking? >>guest: well,...
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Jun 19, 2012
06/12
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CSPAN3
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j.p. morgan chase, mr. dimon. mr. dimon, you are recognized for five minutes and maybe if the cameras would take a picture and then exit. mr. dimon, you are recognized for five minutes. >> thank you, mr. chairman. chairman baucus, ranking member frank and members of the committee. i'm preparing to discuss recent losses in a portfolio held by j.p. morgan chase -- mr. chairman, can we get him to pull the mike closer. >> chief investment losses. these losses consider attention and while reviewing the facts i will do everything i can to the extent possible. j.p. morgan chase's six lines of business and provide a financial array of small and large businesses, governments and not for profits. >> these include deposit accounts and loans, credit cards, and mortgages and capital market's advice and mutual funds and other investments. let me start by explaining what the chief investment office does. like many banks, we have more deposits than loans. at quarter end, we held approximately $1.1 trillion in deposits and 700 billion
j.p. morgan chase, mr. dimon. mr. dimon, you are recognized for five minutes and maybe if the cameras would take a picture and then exit. mr. dimon, you are recognized for five minutes. >> thank you, mr. chairman. chairman baucus, ranking member frank and members of the committee. i'm preparing to discuss recent losses in a portfolio held by j.p. morgan chase -- mr. chairman, can we get him to pull the mike closer. >> chief investment losses. these losses consider attention and...
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j.p. morgan chase covering losses elsewhere now these are just assumptions and allegations but i was unaware that j.p. morgan even had anything to do that that they were a big player in the markets i assumed when he was saying the banks he was in say goldman sachs and said he said j.p. morgan so i went to google and i said j.p. morgan oil trading comes up headline that was not covered by anybody but the chicago tribune j.p. morgan fined for wash trades in oil and gasoline so max what is a wash trade won't wash trends are entering into the market will sign simultaneously with buy and sell orders for the sole purpose of manipulating the price of j.p. morgan is it was engaged in massive wash training as a relates to the oil market to manipulate the price higher and as you alluded to they've got losses elsewhere on their books elsewhere on their balance sheet they work their way their way out of these losses they trade out of these losses by manipulating markets brazenly illegally obviously and there's no accountability for this you know cording to the wikipedia now what j.p. morgan has been cha
j.p. morgan chase covering losses elsewhere now these are just assumptions and allegations but i was unaware that j.p. morgan even had anything to do that that they were a big player in the markets i assumed when he was saying the banks he was in say goldman sachs and said he said j.p. morgan so i went to google and i said j.p. morgan oil trading comes up headline that was not covered by anybody but the chicago tribune j.p. morgan fined for wash trades in oil and gasoline so max what is a wash...
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j.p. morgan chase he's on the banking committee and the top contributor to republican senator corker was on the banking committee number one don't. j.p. morgan's jamie diamond j.p. morgan chase so take a look at what kind of lap dogs i see friends. bank stars can buy in washington these days. you're obviously renowned rightfully so i think is me one of the most you know one of the best c.e.o.'s in the country for financial institution jim is this it's a blip on the radar schrank i really appreciate you voluntarily coming in to talk with us it is important we talk about things happening in the industry it'll i think advise and help us and as we look forward and hopefully it'll contribute to the best practice scenario in the industry in appreciate your interests is on a continuous quality improvement it's comforting to know that even with a two million dollars two billion dollars loss in a trade last year your company still i think had a nineteen million dollar profit you made the statement the answer isn't more regulation it's smarter stronger regulation and i absolutely strongly agree with
j.p. morgan chase he's on the banking committee and the top contributor to republican senator corker was on the banking committee number one don't. j.p. morgan's jamie diamond j.p. morgan chase so take a look at what kind of lap dogs i see friends. bank stars can buy in washington these days. you're obviously renowned rightfully so i think is me one of the most you know one of the best c.e.o.'s in the country for financial institution jim is this it's a blip on the radar schrank i really...
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Jun 13, 2012
06/12
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WJLA
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j.p. morgan chase -- j.p. morgan chase ceo, jamie dimon, is at ease in front of the camera. but today he was pushed by reporters. >> you have talked a lot about being in control. shouldn't that be the person who answers the question. >> only to be greeted by angry protesters inside. >> this man is a crap. >> protestors were leigh -- were let outside and arrested. he was amused and later undulate at of new banking rules. he apologized for the $2 billion loss but said it's not enough to warrant a oversight. >> i would prefer a simple, clean regulatory system with intelligent design and that is not what we did. >> critics say taxpayers will foot the bill if reforms are not made. >> what is to stop this from happening again? >> one senator called congress hypocritical. >> dealing with a $2 billion loss in a trade last year, your company still had a $19 billion profit. during that same time, we lost over a trillion dollars. if we had a clawback provision none of us would be getting paid here. >> jamie dimon could not trace how the money was lost or how much. some say it could be
j.p. morgan chase -- j.p. morgan chase ceo, jamie dimon, is at ease in front of the camera. but today he was pushed by reporters. >> you have talked a lot about being in control. shouldn't that be the person who answers the question. >> only to be greeted by angry protesters inside. >> this man is a crap. >> protestors were leigh -- were let outside and arrested. he was amused and later undulate at of new banking rules. he apologized for the $2 billion loss but said it's...
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Jun 14, 2012
06/12
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j.p. morgan chase. it was clear j.p. morgan had some vatican concerns about the health of the firm, mf global. your firm was intensely focused on whether collateral proposed by mf global was paid with customer segregated funds. according to the investigation, at your firm took steps to protect itself and its exposure placing mf global on debit alert. mr. dimon, despite repeated attempts by senior risk management officials at your firms, i to determine whether collateral for the $175 million transfer was in compliance with the rules regarding a segregated fund account, mf global did not signed a letter that your firm demanded. without this confirmation, and your suspicions, j.p. morgan chase alternately transferred the funds and accepted the collateral. can you, were you aware of the effort by senior risk-management officer to seek compliance confirmation from mf global? >> no. >> so why did j.p. morgan chase relent on efforts to secure signatures of the letter and of the transfer -- without insurance? >> we are doing a fo
j.p. morgan chase. it was clear j.p. morgan had some vatican concerns about the health of the firm, mf global. your firm was intensely focused on whether collateral proposed by mf global was paid with customer segregated funds. according to the investigation, at your firm took steps to protect itself and its exposure placing mf global on debit alert. mr. dimon, despite repeated attempts by senior risk management officials at your firms, i to determine whether collateral for the $175 million...
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j.p. morgan chase c.e.o. jamie diamond to testify on his bank's massive three billion dollar loss last month rather than asking tough questions about how something like this could happen just how reliable our banking system is and whether or not this proves the new financial regulations are needed most senators on the committee decided it was a great venue to kiss diamonds ring here are a few examples you're obviously renowned rightfully so i think is me one of the most you know one of the best c.e.o.'s in the country for financial institutions you miss this it's a blip on the radar schrank i really appreciate you voluntarily coming in to talk with us some it is important we talk about things happening in the industry it'll i think advise was help us and them. as we look forward and hopefully it'll contribute to best practice scenario in the industry and i appreciate your input on a continuous quality improvement it's comforting to know that even with a two million dollars two billion dollar loss in a trade l
j.p. morgan chase c.e.o. jamie diamond to testify on his bank's massive three billion dollar loss last month rather than asking tough questions about how something like this could happen just how reliable our banking system is and whether or not this proves the new financial regulations are needed most senators on the committee decided it was a great venue to kiss diamonds ring here are a few examples you're obviously renowned rightfully so i think is me one of the most you know one of the best...
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Jun 13, 2012
06/12
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j.p. morgan chase that is tasked with managing risk. senators wanted to know why dimon himself didn't alert shareholders and regulators to these mounting losses until mid-may, but he said he was misinformed about the scope of the losses and that some executives who were responsible might have to give back millions in compensation. here's what he said. >> in response to this incident, we've already taken a number of important actions to guard against any recurrence. we've appointed entirely new leadership for c.i.o . importantly, our team has made real progress in aggressively analyzing, managing, and reducing our risk going forward. while this does not reduce the losses already incurred and does not preclude future losses, it does reduce the probability and magnitude of potential future losses. >> reporter: despite this embarrassing incident, dimon said today he still believes wall street needs fewer regulations, not more, though he did acknowledge, scott, that the proposed volcker rule might have made a difference here. that rule would
j.p. morgan chase that is tasked with managing risk. senators wanted to know why dimon himself didn't alert shareholders and regulators to these mounting losses until mid-may, but he said he was misinformed about the scope of the losses and that some executives who were responsible might have to give back millions in compensation. here's what he said. >> in response to this incident, we've already taken a number of important actions to guard against any recurrence. we've appointed...
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Jun 21, 2012
06/12
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j.p. morgan chase? >> i don't believe there's a delay in the disclosure to losses. we try to run the company that tell them what we know and when we know it. i don't know what the reports are they're looking at and we don't hide reports from them. they do see p & l so they saw the losses and we went to explain what happened and right prior to april 13th and we do not understand the seriousness of it until later in april. >> thank you. our time has expired. >> thank you, mr. chairman. forgive me as i've been bouncing around. just so i can get -- put it on the record. what's the best investment of the lawsuits? >> we have not disclosed that. when we made disclosed the shareholders and the quarter on july 13th and we gave a full and fair explanation of what went on. you feel this would never be life-threatening to the company and we'll have more details to come when we report the quarter. >> probably the second and i'll reserve your time, so if we stop the clock. i think we all need to realize and if you've read the articles on this the more disclosure that is made the
j.p. morgan chase? >> i don't believe there's a delay in the disclosure to losses. we try to run the company that tell them what we know and when we know it. i don't know what the reports are they're looking at and we don't hide reports from them. they do see p & l so they saw the losses and we went to explain what happened and right prior to april 13th and we do not understand the seriousness of it until later in april. >> thank you. our time has expired. >> thank you,...
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Jun 14, 2012
06/12
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j.p. morgan chase. it may potentially equal a quarter's worth of earnings, b but-- and maybe equal roughly 1%, 1.5% of thing bank's capital, but it is a loss they can handle. >> ifill: explain for our viewers, the difference between, as some of the senators were seeming to get at today, hedging one's bets to protectneself, and placinbeg with other people's money >> there are two points. to the amount of money we do and don't know-- between $two billion and $5 billion-- it's not right to have that type of measurement to determine how important it is. we know it's $2-5 billion. we know it could have been $15, 20, 25 billion if the bet had really gone wrong. we don't know that yet. the report reports are several d billion dollars were spent in the unit responsible for dealing with $357 billion. the number should not make people relax and think things are go and thgs are fine. the activities that generated the losses -- and that goes to your question, gwen-- if it's hedging over time, basically losses shoul
j.p. morgan chase. it may potentially equal a quarter's worth of earnings, b but-- and maybe equal roughly 1%, 1.5% of thing bank's capital, but it is a loss they can handle. >> ifill: explain for our viewers, the difference between, as some of the senators were seeming to get at today, hedging one's bets to protectneself, and placinbeg with other people's money >> there are two points. to the amount of money we do and don't know-- between $two billion and $5 billion-- it's not...
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j.p. morgan chase the top federal regulator says the j.p. had in adequate risk-management and that's why it could not contain risk in the investment division that suffered the billion dollar losses ... they're trying to figure out why regulators couldn't detect their risks related to those losses last month ... 65 examiners are on site at j.p. morgan chase offices bankruptcy's of all types dropped in may 15th% from one year ago according to records business bankruptcies dropped by 24% in may bankruptcies have been on the decline in all states with a few exceptions ... sales of phones with android software are expected to peak this year that's because the world wide mobile phone market is expected to slow down. it is because of a sharp decline in the text and the talk phone markets and a sluggish global economic conditions people are holding onto their phones giving tough economic times ... the agency says that android will remain the most shipped operating system ... the prepaid debit card is gaining in popularity according to a survey a quar
j.p. morgan chase the top federal regulator says the j.p. had in adequate risk-management and that's why it could not contain risk in the investment division that suffered the billion dollar losses ... they're trying to figure out why regulators couldn't detect their risks related to those losses last month ... 65 examiners are on site at j.p. morgan chase offices bankruptcy's of all types dropped in may 15th% from one year ago according to records business bankruptcies dropped by 24% in may...
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j.p. morgan chase that is i'm happy you mentioned that actually i mean if we look at it for example chuck schumer who's on the committee j.p. morgan is their fourth largest dellinger and that's only after goldman sachs and morgan stanley and citigroup's they don't worry the other guys are still in there too same thing with corker same thing with the crap ok part of his name but there is j.p. morgan is the top the top donor there and say what does that tell you that can you have an honest grilling like i said again on capitol hill and are these congress members bought look i mean unfortunately what you're describing is a situation that's been going on for generations right the the revolving door between washington and wall street is spinning out of control now it's very easy to give what on wall street is or small amount of money and for these guys a large amount of money and to quote unquote get these guys to be sympathetic to you and i think you saw that today i mean here's a situation where you know the media you know when it's the media broke this story i think you know bloomberg t.v. a
j.p. morgan chase that is i'm happy you mentioned that actually i mean if we look at it for example chuck schumer who's on the committee j.p. morgan is their fourth largest dellinger and that's only after goldman sachs and morgan stanley and citigroup's they don't worry the other guys are still in there too same thing with corker same thing with the crap ok part of his name but there is j.p. morgan is the top the top donor there and say what does that tell you that can you have an honest...
SFGTV2: San Francisco Government Television
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Jun 28, 2012
06/12
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j.p. morgan chase. welcome, susan. >> i got to put on my glasses. good morning. california is a state with many opportunities for growth. the people, facilities needed to serve to businesses as well. we are creating many jobs, including construction to build a brand shows, vendors to provide services, and employees to help our customers with financial needs. we are honored to sponsor today's event, and it is my pleasure to introduce him. jim is the managing director and chief economist for j.p. morgan chase and works closely with our investment banking and government relations groups. in addition to publishing independent research on the economy and financial markets, his views are widely cited in the media. he is a frequent commentator on economic policy issues. he received his undergraduate degree from the university of illinois and holds a ph.d. in economics from northwestern university. today he will provide a national overview and update us on what to expect as we go forward in 2012. goo[applause] >> good morning, san francisco. i love visiting san francisco
j.p. morgan chase. welcome, susan. >> i got to put on my glasses. good morning. california is a state with many opportunities for growth. the people, facilities needed to serve to businesses as well. we are creating many jobs, including construction to build a brand shows, vendors to provide services, and employees to help our customers with financial needs. we are honored to sponsor today's event, and it is my pleasure to introduce him. jim is the managing director and chief economist...
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Jun 13, 2012
06/12
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j.p. morgan chase about his firm's $2 billion loss from risky trades. he apologized for the massive trading blunder and said that no customer or taxpayer money was affected. >> we can never say that we will not make mistakes, in fact we know that we will make mistakes, we do believe that this was an isolated events. >> diamond also said that bank executives responsible for the loss will have some of their pay taken back by the company. another alleged victim takes the stand in the child sexual abuse trial against a former penn state coach. the victim now 25 told the court that jury sandusky threatened him saying that he would never see his family again if he reported the abuse. the father of the key witness, former coach mike cleary, also testified today saying that his son was upset after he saw jerry sandusky in the shower with a young boy. jury sandusky denies all the charges. another major recall, the potentially serious flaw in more than 50,000 honda civic, and a vanilla sunday with a side of bacon, a sweet and salty concoction hitting a burger kin
j.p. morgan chase about his firm's $2 billion loss from risky trades. he apologized for the massive trading blunder and said that no customer or taxpayer money was affected. >> we can never say that we will not make mistakes, in fact we know that we will make mistakes, we do believe that this was an isolated events. >> diamond also said that bank executives responsible for the loss will have some of their pay taken back by the company. another alleged victim takes the stand in the...
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Jun 6, 2012
06/12
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j.p. morgan chase. and because taxpayers basically guarantee j.p. morgan's deposit the american public i believe has a right to know whether these trades threatened or could have threatened the solvency of the bank. in addition this committee i believe has an obligation to determine whether this loss reveals any operational or regulatory weakness that could cause problems in the future. next week jp morgan ceo jamie dimon will appear to explain his bank's actions. today i would like to hear the occ's views of what happened at jp morgan. in particularly i believe the comptroller should give his assessment as whether the trades ever threatened the safety and soundness of one of our nation's largest banks. banks are in the business of taking risks. and losses are an inescapable part of risk taking. job creation and economic growth depend on banks taking risks. it's the job i believe of regulators to prevent banks from taking risks that expose taxpayers. some people have used jp morgan's loss as an opportunity to argue for a stronger implementation of th
j.p. morgan chase. and because taxpayers basically guarantee j.p. morgan's deposit the american public i believe has a right to know whether these trades threatened or could have threatened the solvency of the bank. in addition this committee i believe has an obligation to determine whether this loss reveals any operational or regulatory weakness that could cause problems in the future. next week jp morgan ceo jamie dimon will appear to explain his bank's actions. today i would like to hear the...
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Jun 20, 2012
06/12
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j.p. morgan chase had a much tougher reception at capitol hill over the bank's $2 billion trading loss. members of the house financial services committee were far more combative than the senate banking committee was last week. representatives pressed him on whether the bank was too large or too complex to control and why so much trading was done from their london offices. in hindsight, the traders did not have the requisite understanding of the risk they took. san francisco's j.p. morgan chase building was one of 16 nationwide offices to be surrounded by activists supporting a robinhood tax on wall street. student, activists and union members wore robinhood hats to claim access. they claim a tax of 50 cents could raise up to $350 billion a year for health care, jobs and education. >> we all know wall street paid their fair share. chase needs to pay their fair share. >> the u.s. government has imposed taxes on stock trades and transfers off and on since 1798. >>> still ahead at 5:00, our "bay area proud" series introduces us to a remarkable teenager. >> when we give them a gift and they
j.p. morgan chase had a much tougher reception at capitol hill over the bank's $2 billion trading loss. members of the house financial services committee were far more combative than the senate banking committee was last week. representatives pressed him on whether the bank was too large or too complex to control and why so much trading was done from their london offices. in hindsight, the traders did not have the requisite understanding of the risk they took. san francisco's j.p. morgan chase...