Menendez bringing out the real #Dimon -- the way Jamie talks in real life. $JPM
Clearly the best line of the hearing: "you said the hedge morphed. What did it morph into? Russian Roulette?"
Dimon told F-T: very close to thinking the U.S. shouldn't be in Basel...I would not have agreed to rules that are blatantly anti-American
Can you hedge Washington?
Carl Quintanilla points out that this exchange between Menedez and Dimon gave us a much better view of the real Dimon. This is the way the man talks in real life.
RT @sallyshin: One hour into Jamie Dimon's testimony, $JPM is up almost 2%
Do big profits necessarily mean potential for big losses?
RT @LaMonicaBuzz: Unless you were a judge at the Pacquaio-Bradley fight, I think Sen. Menendez clearly won this round. #Dimon $JPM
It's clear that the Republican members of the committee, or at least some of them, consider this hearing as a platform for launching the reform or repeal of Dodd-Frank.
RT @morningmoneyben: DeMint translation: How would you like us to regulate you less?
would really love to see Dimon-Menendez 1-on-1 for about an hour #DimonHearing
Dimon must be wondering what all that lobbying money is spent on. If the Senators are willing to just take advice directly from him about what to do with regulations, why bother employing former committee staffers at all?
Sen. Brown references "cowboys in London" #DimonHearing
RT @lopezlinette: Sen. Jim DeMint: Come back next year, I'll bring cake.
Ding! Ding! Ding! We get the first "local concern" questions from Senator Brown, concerned about people in Columbus area. "I don't want to see consumer lenders in Columbus losing their jobs because cowboys in London make risky bets." Cowboys in London has to be the best metaphor of the day.
Drink. Dimon says "open kimono" for the second time while answering about whether the regulators knew about the London Whale trade.
Since #Dimon took CEO job in '05, $JPM stock is down 13%. .. But $BAC down 83%, $MS down 70%, $C down 94% (via @HumOnTheMarkets)
another Jack for me, neat...Dimon repeats "open kimono" metaphor
Dimon is now praising the 19,000 employees in Columbus. This was clearly a prepared talking point.
Brown's questions are aimed at finding out whether the OCC dropped the ball. Dimon however keeps declining to blame OCC for not catching losses earlier.
Shares of $JPM are down 15% since the firm revealed its potential $2b trading loss after the close on May 10 via @HumOnTheMarkets
Brown says this case demonstrates neither regulators nor bank managers can properly oversee an institution as large as JP Morgan Chase. "It demonstrates to me that too big to fail banks are too big to management and too big to regulate."
This is perhaps the most intelligent comment on the day.
More softball Dodd-Frank ?s: Dimon says new regs costing $1 billion #DimonHearing
Somebody should double check this at OpenSecrets.org, but I believe that Johanns is one of only five Senators on this panel who has not taken campaign contributions from JPM's PAC.
RT @brianstelter: I would tell y'all to stand by for a bit of news. But it's more fun to be surprised.
RT @steveliesman: Note to Jamie Dimon: You have 40 fed observers and 70 from OCC. Assume others from FDIC, CFPB, but I doubt it's "hundreds"
Sen. Tester throwing in some MFGlobal questions
Senator Tester has a pretty tight connection to JP Morgan. Lobbyist Jason Rosenberg of the Glover Park Group, which lobbies on behalf of JPM, was the Senior Economic Policy Adviser to Tester.
Sen. Tester going into JP Morgan's role in MF Global collapse and location of funds. Dimon: "There's no hiding anything."
MF Global alert #DimonHearing cc: @markmelin @jameskoutoulas
Dimon on MF Global: We've cooperated every step of the way in the MF Global situation.
Tester is also a "local concern" guy today. Asking about MF Global, in which his Montana constituents lost money.
Alert: Change of topics at #Dimon hearing. We are now bored with the $2b trading loss and will instead discuss #MFGlobal.
Of the top performing S&P 500 stocks today, $JPM is now ranked 9th. #Dimon
"Just lookin' out for my folks," Tester says.
So much sarcasm on twitter today. For anyone doing a social sentiment analysis of this #Dimon hearing: GOOD LUCK.
"I hope that they get all their money back, I still believe that they will," says Dimon of Tester's farmers who had $$ at MFGlobal
Dimon: We have to allow our big institutions to fail #DimonHearing
Dimon says "resolution" is the wrong-name. "I think it should be called bankruptcy."
RT @jonfortt: Watching Jamie #Dimon testify is a little like watching a Bruce Lee flick. He's very good at it. @CNBC
RT @SconsetCapital: OLD TESTAMENT JUSTICE!!!!
Moran asks a very good question. Can JPM fail with no cost to the taxpayer? Dimon answers with an unequivocal "yes." The kindest word I can think of about this is "unlikely."