http://www.zerohedge.com/news/jamie-dimo....

Quote:

Personnel in key control roles in CIO were in transition and risk control functions were generally ineffective in challenging the judgment of CIO's trading personnel.

What bull****.

Quote:

Perspective

We will not make light of these losses, but they should be put into perspective. We will lose some of our shareholders' money - and for that, we feel terrible - but no client, customer or taxpayer money was impacted by this incident.

No customer, eh? Aren't you forgetting about the MF Global customers?

Lying sac of ****.....

Dimon has selected his attire:



For the purpose of deterring questions of his compensation, he's going for the 99% look, save the tie, worn as a sign of respect for Congress.

But let's make this simple, Mr. Congressman, the light was green when he saw it. We may all go home now.

:)

Who is the monkey reading the questions. About 5th grade level............

Quote:

Like many banks, we have more deposits than loans -- at quarter end, we held approximately $1.1 trillion in deposits and $700 billion in loans. CIO, along with our Treasury unit, invests excess cash in a portfolio that includes Treasuries, agencies, mortgage-backed securities, high quality securities, corporate debt and other domestic and overseas assets.

Well whack me upside the head with a bone and call me Doofus.

So these pigmen have been allowed not only to expose their firms to the $500,000 loans they've made so part-time maids can temporarily inhabit McMansions, their alleged reserves against their liabilities are laced with crap too. Hell, I thought they kept that, at least, in T Bills if not the safe. Agencies? Mortgage-backed securities? Other assets?

I know, Basel I, Basel II, Basel III; Tier 1, Tier 2, Tier 3; blah, blah, blah. "We got capital!" Blah, blah, bull****.

Tabbi's report, "Senators Grovel, Embarrass Themselves at Dimon Hearing," June 15, 2012:

http://www.rollingstone.com/politics/blo....

From the rollingstone link:

Quote:

54:30 Republican Richard Shelby of Alabama, where the town of Birmingham was raped by Dimon's company and will be in bankruptcy for a generation thanks to Chase’s criminal Jefferson County swap deals, leads off his questioning by tossing Dimon a softball, asking him what risk CIO was managing.

"You were managing risk, what were you managing?" he asks, quickly reassuring Dimon that he won't be asked to divulge any trade secrets that might hurt his business. "Without divulging your proprietary interests, we don’t want you to do that!" he gushes.

Every single Senator on that committee, with the exception of Merkley, is a disgrace to their institution and to the American form of governance.

But what should we expect, after the 17th Amendment transformed senate seats into thrones for tin-pot demagogues, whose careers revolve wholly around whoring after bucks to finance their campaigns in their states' beauty contests every six years?

The senate is no longer a deliberative body, it is a looting operation on behalf of special interests. Period, end of story.

The hearing was about JPM trading loss and not MF Global, however given some of his outrageous proclamations during the hearing, eg. he always puts US interests before JPM's and he has to do business via London to get the best bids for his clients, he invited or almost demanded further questions about these extraordinary proclamations.

If Matt Taibbi were a congressman, he would have been "incredulous" at this statement given the fines they had to pay for bid rigging. Our representatives, on the other hand, probably never heard of Taibbi or read his recent article, so therefore they were "ill equipped" and uninterested in asking the obvious. We're lucky he never puts JPM before the U.S. Is it possible that we could have been even more insolvent than we are? Jamie....thank you for your service to the country.