Those who are interested and have time can watch it at C-span. Bit o' background: Bloomberg has a video showing JPM's contributions to Commmittee members. Only four did not receive money: Jeff Merkley (D-OR), Herb Kohl (D-WI), Mike Johanns (R-NE), Patrick Toomey (R-PA).
So far some financial jargon beyond my comprehension and plenty of disgusting pandering. Look forward to Jeff Merkley's questioning, as he has been most outspoken on this. There's a four-minute interview with Merkley at Bloomberg.
"Protesters disrupt" video also posted at Bloomberg. There will be fireworks, I think.
This is about JPM's $2B loss from what was supposed to be a low-risk operation to hedge against other possible losses. When Bloomberg reported the impending loss in April, Dimon called it a "tempest in a teapot." Of course, in May he had to admit failure and acknowledge the losses would continue because of the magnitude off the trades. Last I knew it was admitted to be $3B, and that was several weeks ago. [EDIT Removed erroneous statement about the FDIC. Thanks to those who questioned!]
More broadly interesting in the overall context of regulation and BigMoney's resistance, which has delayed the implementation of the Vockler Rule included in Dodd-Frank. The Rule would "restrict United States banks from making certain kinds of speculative investments that do not benefit their customers" Wikipedia.
BigMoney is "concerned" enough about the ongoing investigations, and they will be learning from Dimon's experience today, no doubt.
NEW YORK, May 29 (Thomson Reuters Accelus) - U.S. corporate officers and directors are increasingly concerned over the business and legal challenges their entities face from potential securities enforcement and criminal probes, lawyers and corporate officers are saying.
A program last week analyzed how directors, executives and corporate counsel can appropriately manage the business and legal risks of an enforcement proceeding arising from earnings misstatements or employee misconduct at both low and high levels. The Directors Roundtable, an educational group, brought together Marc Berger, chief of the Manhattan U.S. Attorney’s securities fraud unit; Stasia Kelly, a law partner at DLA Piper; Victoria Harker, chief financial officer of AES Energy; Damon Vocke, global general counsel of General Reinsurance; and Anthony Lendez, a BDO Consulting partner.
The Dodd-Frank Act and the Foreign Corrupt Practices Act both present large risks, panel members said at the forum last Tuesday. Dodd-Frank is new and untested, and the FCPA has a global reach with potential penalties that can include huge fines and felony convictions.
Excellent read at Reuters