If you are looking to short the #Dimon event, short Morgan Stanley $MS
Morgan Stanley $MS has more exposure to debt downgrades and Volcker rule implementation than $JPM
Someone is now shouting in the hearing room that Jamie Dimon is a "crook."
Jamie Dimon has entered the hearing room and is shaking hands with committee members. (via Bria Cousins)
Dimon in the House #DimonHearing
Protesters now shouting "Stop Foreclosures now!"
Jamie Dimon enters hearing room and man screams: "Jamie Dimon is a crook! He should be fired!" (via CNBC's Bria Cousins)
Protesters in the Jamie Dimon hearing are chanting "stop foreclosures now!"
Protestors screaming stop forclosures now via CNBC Producer @briabrie #DimonHearing
Committee chair Tim Johnson begins by threatening to have Capitol Police remove anyone who interrupts the hearing.
A bit of background about Johnson's ties to JP Morgan. He's received thousands of dollars from JP Morgan's political action committee over the past six years. His former banking/tax aide, Naomi Camper, is now a lobbyist employed by JP Morgan.
Protesters disrupt opening of hearing on JPM's trading losses chanting "stop foreclosures now." (via @MThompsonCNBC)
CNBC got it RT @davidgaffen: So do I make an attempt at live-blogging ths Dimon hearing? Or giv it a game effort & abandon it after 15 mins?
High profile Capitol Hill hearings are often interrupted by the group Code Pink. But I didn't see any of their regulars on the tape we have.
Protesters handcuffed at #DimonHearing via #CNBC producer KJ_Sloan
The man Johnson made head of the banking committee staff, Fetig, is a former lobbyists. His firm was hired by JP Morgan Chase to lobby on its behalf.
Protesters handcuffed at #DimonHearing via #CNBC producer @KJ_Sloan (adds @ !!)
RT @AmandaWeindel: Cant watch the Dimon Testimony on TV? No worries @CNBC got you covered! Live Streaming and blogging here ...
The banking committee staff has been called the "fuzzy pet" of the banking sector. Many former staffers now work for JP Morgan. Steven Patterson, former Staff Director of Senate Banking Committee, is now VP of Government Relations for JPM.
Kate Childress was a banking subcommittee staff director. Now a Lobbyist at JP Morgan Chase.
Jenn Fogel-Bublick was counsel to Banking Committee. She is now lobbyist at McBee Strategic Consulting, a firm that lobbies for JP Morgan.
$JPM's "Dimon premium has evaporated" John Hancock's Scanlon on #CNBC #DimonHearing
Not long ago, JP Morgan Chase CEO and chairman Jamie Dimon was widely lauded as the King of Wall Street.
As many CEOs of powerful Wall Street firms were toppled, Dimon stood tall.
Duff McDonald’s biography referred to him as “The Last Man Standing.” He was said to be the White House’s favorite banker, perhaps even a candidate to replace Tim Geithner as Treasury Secretary.
That was before his bank suffered sudden and unexpected losses that have swollen into the billions of dollars. Estimates of the losses range from $3 billion to $7 billion, although the details of the trade are still not well known.
“We have let a lot of people down, and we are sorry for it,” Dimon has said.
Dimon will face questions before the Senate Banking Committee today about how JP Morgan Chase’s chief investment office allowed complex derivatives trades intended to diminish risks at the bank to “morph” into billions of losses. And because he emerged as a prominent critic of post-financial crisis regulation, Dimon is also likely to face questions about whether these losses are evidence that banking regulations need to be even more stringent.
This is the CNBC liveblog of the testimony. Here we go!
RT @CNBCMelloy: Protesters already break up Dimon hearing. Where's Murdoch's wife when you need her for a smackdown? $JPM
In case you're wondering, Sen. Johnson's speech is affected by a stroke he suffered several years ago.
"So, what happened?" Dimon #DimonHearing
#Dimon on how the losses piled up: "These are not excuses, these are reasons."
Dimon: "These are not excuses, these are reasons."
#Dimon goes off written testimony to say snr mgmt -- "and I include myself in that" -- should have better monitored CIO office. $JPM
"Our fortress balance sheet remains intact" Dimon #DimonHearing $JPM
Did jamie dimon just say "markets in turmoil?" #CNBC
Let the questioning begin #DimonHearing
Dimon: "I was dead wrong" when he made "tempest in a teapot" comment.
RT @EamonJavers: Dimon: "I was dead wrong" when he made "tempest in a teapot" comment.
Did Dimon just throw Ina Drew under the bus?
Dimon: When issues first arose, it was thought to be an isolated problem. (Note: Q&A portion has begun)