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Fortune on J.P. Morgan CEO Jamie Dimon: “It’s always the cover-up that will get you”

What's on Jamie Dimon's shoe now?

What’s on Jamie Dimon’s shoe now?

The Senate Permanent Subcommittee on Investigations issued a scathing bi-partisan report last night. Fifty of the 300 pages of the report were devoted to a section entitled “misinforming investors, regulators and the public” in which Dimon was front and center. [...] But the report, citing Rules 10b-5 and Section 17(a) of the Securities Act of 1933, made it clear: Dimon did not appropriately disclose what he knew when he knew it. [Fortune]

THE DAMNING bipartisan Senate Permanent Subcommittee on Investigations report is available online.

From Matt Taibbi’s liveblogging the Senate Hearing on “J.P. Morgan Chase and the Infamous “London Whale” Episode”:

11:41 a.m. Shit is heating up.

First, Levin points out that on Aptil [sic] 13, 2012, Chase had an internal report showing $1.2 billion in losses in the fund in question. Former Chief Investment Officer Ina Drew was privy to that report. April 13 was a Friday. On the following Monday, Drew met with the OCC and told them the losses were at $580 million. When Levin grills her about why she did that, Drew non-replies, saying, “The OCC to the best of my knowledge was given daily profit and loss reports” for the time period in question.

In other words, never mind that I lied — the OCC should have been able to figure this out on their own, because we were sending them reports with all the raw data. Of course, they didn’t send data all the way throughout

12:35 It’s just unbelievable, what this company has gotten away with. …

Obama’s favorite banker, Jamie Dimon, also the darling of the talk show set, has some explaining to do. But since J.P. Morgan Chase really is too big to fail, what difference does it all make?

The deck chair shuffling on the ship U.S.A. Money Game isn’t going very well and the water’s still coming in.

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2 Responses to Fortune on J.P. Morgan CEO Jamie Dimon: “It’s always the cover-up that will get you”

  1. PeggySue March 15, 2013 at 4:22 pm #

    The JP Morgan crew looked like a bunch of squirming worms during today’s session. I was able to watch part of it before I had to run out. Levin was not letting these people off the hook. How remarkable that they could not name the people actually responsible for these shifting numbers and accounts, the bogus claims and reassurances that nothing was out of the ordinary or how the word ‘coincidence’ did not go down well during the Q&A. In fact, Levin pounded them even trying to claim that coincidence or standard accounting principles had any application here.

    Levin isn’t running for reelection. He said his mission is to ferret these banksters out before his term is over. Good for him!! I hope he passes on the baton before he leaves. But today? He did good.

  2. LiberalJoe March 15, 2013 at 4:41 pm #

    That son of a bitch should have been jailed a long time ago. He, his Board of Directors and the senior executives who who have participated in the mortgage crisis , the aiding and abetting of the Madoff scheme, and countless other bs. Just about every person iIknow is amazed, dumbfounded and pissed that the bankers who cause the financial crisis have not been jailed. The only p*&&^%s who are afraid of them or kow tow to them are DC elected’s(most of them) Eric Holder, the regulatory bodies and last but not least Pres Obama.
    The Pres can take his statement “that what they did may have been unethical but not illegal” and shove it. Anyone with an ounce of understanding of what happened and the governing laws and formal internal policies of the financial institutions involved knows that jail time and seizing of bonuses would have all been justified.

    Full disclosure here- I worked for Chase in the 80s before all the mergers and it was a big bank then. In the 90′s I was on Wall Street – all before Glass Steagal was repealed, and folks did fine-not the crazy crap like today, and everybody was fine with that.

    I still speak to folks I know form my days at Chase and to a person Dimon is not loved and no one disagrees he shouldn’t be jailed or kicked out on his ass.

    I hope Elizabeth Warren gets to examine him and rips him a new one. God knows Eric Holder has no stones for the job- what a waste of 4yrs. The big banks are too big and they should all be broken up. If they are broken up the separate pieces will be fine. And as side note Chuck” head so far up wall street asses his eyes look out their mouth” Schumer should also be ripped and torn apart for the cheer leading and protection he has given the bankers.

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