America's Deadliest Jobs
Which 10 professions have the highest fatal work injury rates this year? Click ahead for this year's ranking.
Troublesome Business Liasons
The world of business has been the source of numerous powerful individuals who put their marriages, careers and good standing at risk.
Victoria Secret Fashion Show 2012
Sporting diamonds, Swarovski crystals and barely there outfits, Victoria’s Secret angels strutted in the annual runway event.

MOST POPULAR

News

Blog Posts

Videos

SPECIAL REPORTS

» More

- Impact 2012
  Coverage of the annual Charles Schwab conference for registered investment advisers.

HOT ON FACEBOOK

CNBC Live Blog

Published: Tuesday, 12 Jun 2012 | 9:26 AM ET

Text Size

Jamie Dimon Testimony

Live commentary and analysis from CNBC on JPMorgan Chase CEO Jamie Dimon's testimony before a Senate committee in Washington.

RT @EamonJavers: Did Dimon just throw Ina Drew under the bus?

by LoriSpechler via twitter 6/13/2012 2:29:48 PM
@jimcramer CNBC should create a test for both political parties to measure their understanding of the market & finance - like what Clinton--

by jayhawkjockdoc via twitter 6/13/2012 2:30:04 PM
DImon says the that risk committee was not independent enough and that the portfolio should have had more scrutiny.

by John Carney 6/13/2012 2:30:40 PM
Too big to fail banks are destroying the USA. The FEDs , GS, JPM, BoA and WFs are controlling the financial collapse of this country. They are all FRAUD and own the Congress. Not ONE banker has been prosecuted for the FRAUD. WAKE UP Restore the Constitution. Do not believe Bubble Vision and Main Stream Media. They support the FRAUD and these Banksters.

by satori 6/13/2012 2:30:51 PM
Firing her was a start RT @earmonjavers Did #Dimon just throw Ina Drew under the bus?

by carlquintanilla via twitter 6/13/2012 2:31:36 PM
Johnson is now asking about the compensation structure of the CIO. Did it incentivize excessive risk-taking? Will JP Morgan seek to clawback the pay of people in the office?

by John Carney 6/13/2012 2:31:42 PM
Dimon, "I don't believe the compensation made this problem worse."

by John Carney 6/13/2012 2:32:00 PM
@EamonJavers Do you know what Dimon's definition of "synthetic" is? I'm thinking "completely made up" at this point.

by Shaman_IL via twitter 6/13/2012 2:32:03 PM
Jamie Dimon: The CIO unit had done so well for so long that there was complacency. cnb.cx

by cnbc via twitter 6/13/2012 2:32:21 PM
"It's likely, though this is subject to the board, that there will be clawbacks."

by John Carney 6/13/2012 2:32:28 PM
Johnson: Does pay structure encourage risk taking? seek clawbacks? Dimon: I don't believe compensation made this situation worse

by LoriSpechler via twitter 6/13/2012 2:32:50 PM
Senator Shelby is asking for details about the trade. "You were managing risks. What were you managing?"

by John Carney 6/13/2012 2:32:57 PM
Dimon says it is likely that there will be pay clawbacks for employees who made bad investments.

by EamonJavers via twitter 6/13/2012 2:33:02 PM
Dimon on pay: Likely there will be clawbacks #DimonHearing #uhohIna

by LoriSpechler via twitter 6/13/2012 2:33:35 PM
@carlquintanilla @earmonjavers Ina Drew already under the bus in this environment. Dimon just backed the bus over her again.

by MarkCJohnson1 via twitter 6/13/2012 2:34:32 PM
@jimcramer #Dimon admits they took no special measures even though they knew synthetic portfolio had "higher risk." #JPMORGAN

by FrankLlewellyn via twitter 6/13/2012 2:34:40 PM
So Dimon is guilty of trying to protect his company's money?

by Jeffrey 6/13/2012 2:34:53 PM
To paraphrase Dimon: in '08, '09 these type of hedges did what they were supposed to do #DimonHearing

by LoriSpechler via twitter 6/13/2012 2:35:09 PM
Dimon says the CIO was "hedging the risk of the company." If credit went bad, the portfolio would do well. He explains that in January, February and March, the office was asked to reduce risk and the response was to create an even more complex and larger trading position.

by John Carney 6/13/2012 2:35:13 PM
RT @MThompsonCNBC: JPM's Dimon says he doesn't think compensation played a part in trading losses. He says clawbacks are likely once a b ...

by cnbc via twitter 6/13/2012 2:35:53 PM
Mr Dimon needs to take complete responsibility ; he's the boss! His lack of understanding of the risk, failure to follow the risk is unfortunately his responsibility. He is very well paid for that and his other responsibilities. As a shareholder I'd leave him in the job, under review, and significantly penalise his pay package for 2011 and 2012. Regretably he is not as smart as everyone thought.

by observer 6/13/2012 2:36:13 PM
@CNBC: Jamie Dimon: The CIO unit had done so well for so long that there was complacency. cnb.cx

by pmpofu001 via twitter 6/13/2012 2:36:18 PM
@CNBC @jimcramer @terranovajoe
Its insulting watching Jamie have to even answer these questions from people who don't understand it anyway

by Kscott201 via twitter 6/13/2012 2:36:48 PM
Shelby pushing a bit on whether the CIO was hedging or prop trading. Dimon says he considers it the trade a hedge against a global credit crisis.

by John Carney 6/13/2012 2:36:50 PM
Seriously, this guy is going to READ verbatim every question he has to ask, Que cards please!

by Jeffrey 6/13/2012 2:37:20 PM
@CNBC #Congress is always trying to poke their chests out. It was #JPM 's money. Leave them alone and if they fail don't bail them out.

by touchless21 via twitter 6/13/2012 2:37:28 PM
Shelby: is ths hedging or prop trading? Dimon: ths particular synthetic portfolio was supposed 2 make $$ in a crisis so yes, ths was a hedge

by LoriSpechler via twitter 6/13/2012 2:37:30 PM
He should state the facts that this is not a government problem and he doesnt come to thier house and tell them how to run it

by louis 6/13/2012 2:37:39 PM
Jaime Dimon says clawbacks are likely

by andrewrsorkin via twitter 6/13/2012 2:37:46 PM
Why can't everyone wake up and ask the congress why they can't get our 2 billion dollar a day deficit under control and quit witch hunting a company that can handle this loss.

by LM 6/13/2012 2:38:07 PM
Shelby asks the sappiest question so far, in nonsense Senator speak. "Lessons learned. What have you learned?" The fuzzy pet is purring.

by John Carney 6/13/2012 2:38:08 PM
Jamie Dimon: No matter how good you are...never get complacent in risk.

by cnbc via twitter 6/13/2012 2:38:23 PM
Schumer on Jamie #DimonHearing

by LoriSpechler via twitter 6/13/2012 2:38:43 PM
Schumer is up next. Asking what went wrong with the risk committee.

by John Carney 6/13/2012 2:38:54 PM
Amen, Theyre clearly reading questions someone else prepared. theyve got no clue

by babwr5 6/13/2012 2:39:15 PM
As a shareholder if i am disatisfied i will sell. As a citizen i will show my displeasure with a vote against these clowns in office

by louis 6/13/2012 2:39:23 PM
Dimon is a genius! These guys know absolutely NOTHING about financing and the risks involved, and what instruments banks use to mitigate possible losses!

by Jeffrey 6/13/2012 2:39:30 PM
Is Dimon's understanding that profits derived from 'might makes right' are replicable and defensibnle?

by Susan Handelsman 6/13/2012 2:39:32 PM
Dimon says it is "unrealistic" to expect the risk committee to capture this. Says the flaw was with management not the risk committee.

by John Carney 6/13/2012 2:39:41 PM
Will he sing "Living on a Prayer" RT @mgreco27 Jon Bon Jovi joins @SquawkCNBC tomorrow am .. I wonder what he thinks of the euro zone crisis

by carlquintanilla via twitter 6/13/2012 2:40:01 PM
Dimon: I blame this (event) on management not, the risk committee #DimonHearing

by LoriSpechler via twitter 6/13/2012 2:40:11 PM
@CNBC Get behind on your mortgage, lose your home. Lose two billion dollars, apologize and continue to collect bonuses. Cynical, I know.

by DmJ43 via twitter 6/13/2012 2:41:25 PM
There you go Schumer! Make the markets FAIL PROOF!

by Jeffrey 6/13/2012 2:41:33 PM
Sounds like they were Net Short. If that wasn't the case wouldn't the long gains offset the shorts. If they were net short , what does that say?

by SkepticOne 6/13/2012 2:41:36 PM
Banks are supposed to take 'well calculated' risks...REINSTATE BANK OVERSIGHT!!!!!

by EricinL.A. 6/13/2012 2:41:40 PM