“The U.S. has serious issues but you need to acknowledge them to fix them,” Dimon says.

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“Too Big to Manage, Too Big to Operate.” –U.S. Senator Sherrod Brown of Ohio.

Just in case no one in the United States Senate understands the difference between “risk” and “fraud” – below are the definitions.  JPMorgan Chase Chief Executive Jamie Dimon tells the Senate Banking Committee what he has learned from the bank’s more than $2 billion trading loss.  June 13, 2012

HEARINGS

A BREAKDOWN IN RISK MANAGEMENT: WHAT WENT WRONG AT JP MORGAN CHASE?

Wednesday, June 13, 2012
10:00 AM – 12:00 PM
SD-G50 Dirksen Senate Office Building, room SD-G50

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing on “A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?” The witness will be Mr. James Dimon, Chairman of the Board, President and Chief Executive Officer, JPMorgan Chase & Co.

Does anyone else think that maybe the U.S. Senate needs to get some new staff writers with access to an American Dictionary??

Risk (risk) – Noun:
1.  The possibility of suffering harm or loss; danger.
2.  A factor, thing, element, or course involving uncertain danger; a hazard

Fraud (frôd) – Noun:
1.  Wrongful or criminal deception intended to result in financial or personal gain.
2.  A person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities.
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Majority Statements

Witnesses

    • Mr. James Dimon [view testimony]
      Chairman and Chief Executive Officer
      JP Morgan Chase.
      _______________________________________________________________
    • Senator Questions:
      Senator Robert Menendez spoke out for Americans – and pointed to Dimon’s anti-American comments and actions:
    • “Senator Robert Menendez took a harsher tone asking Dimon if the CIO trades morphed into Russian roulette. Again Dimon responded by saying the trades were too risky and that he can not defend them. “Today you cite your fortess balance sheet but you railed against us when we tried to pursue greater [capital requirements],” Menendez told Dimon. Dimon notes that his comments calling regulations “anti-American” were citing the differences between Dodd-Frank and Basel rules which he says were skewed against U.S. banks.” Read more on Forbes.

Barofsky Slams Dimon/Washington: “Still a Cover Up”
Posted by Larry Doyle on June 14, 2012 9:30 AM

Not that there was ever any real doubt as to the cozy relationship between OUR elected officials in Washington and THEIR partners on Wall Street, but yesterday’s Senate testimony and questioning of JP Morgan CEO Jamie Dimon added another nail in the coffin of those in America who care for real truth and total transparency.

As CEO of JP Morgan Chase, Dimon’s job is to protect the interests of his shareholders. He was successful on that front yesterday. As United States Senators, our elected representatives’ job is to protect the interests of American citizens. They failed miserably yesterday.

Click Here for Barosky Interview Clip
Warning: barf bag recommended prior to viewing this clip!! 

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Jamie Dimon Hearing, Explained: “Frustrating, Maddening and Comical”
By Aaron Task | Daily Ticker

Rather than holding Dimon’s feet to the fire — including when he incredulously claimed ignorance about the Volcker Rule — several Senators stooped to asking the bank executive the best way to regulate banks.

“There was still a solicitous tone to a lot of the questioning which is pretty maddening considering all we’ve been through,” says Jesse Eisinger, senior reporter at ProPublica.

But most of the testimony veered away from the “what did you know and when did you know it” issues and focused more on the fate of banking regulation.

“We didn’t learn much that was new,” says Eisinger, who describes the hearing as alternatively “frustrating, maddening and comical.”

While he does believe these losses at JPMorgan will ultimately lead to a strengthening of the so-called Volcker Rule, “frustrating, maddening and comical” pretty much sums up today’s hearing.

Aaron Task is the host of The Daily Ticker. You can follow him on Twitter at @aarontask or email him at altask@yahoo.com

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