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Back to you thank you rich -- to the JPMorgan.
-- to get inside and a little bit more you talk about whether this will dramatically change things that the bank well.
One thing's for sure and it's does appear to be a thorn in the side of the CEO -- -- Well how much is it heartened Jaime -- Charlie Gasparino has fallen diamond for years.
And it hits -- where it -- does not Charlie.
I mean needless to agree with -- what was just reported I mean the Obama administration.
And Democrats in congress are saying.
Right now is an example -- -- -- Financial reform is working.
That's what -- just said why Dodd-Frank is needed why the vocal rules needed these are all things that Jamie Dimon as.
-- Wall Street's chief spokesman against this post financial crisis regulation he's looking to roll this back he thinks it's not working.
Exit they purchased b.'s ability to -- It's hurting profits obviously she's been the chief spokesman against this.
This hurts his ability to to to basically fight this in my eight report the purchase probably -- it.
I mean I think it's probably safe to say right now Jamie Dimon who was to chief spokesman against these all these regulations.
Is now been sidelined.
You know -- the -- to Wall Street has lost its its it's quarterbacks on on this and that's what I think -- -- the most because he knows when you're at a big bank you know guess what happens sometimes -- lose a lot of money right you know this is inevitable in acted.
You know failure of management -- -- I mean we're gonna find out more about how this was -- it was obviously done by.
You know people who made the wrong bets we're gonna find out a little bit on the -- would be exactly what those bets work.
Board find out you know would be killed up to management but the bottom line is at a big bank this stuff happens all the time.
And he's lost that battle but I think even broader I think he -- -- -- you know spoke -- yesterday.
-- it'll lose the battle about size.
As we're gonna have a discussion about whether -- financial institutions.
Could which should be able to control all the -- -- taking a wealth.
In the world and those -- Citigroup.
Bank of America you know legal battle wells.
And you know went and got -- -- to -- Goldman and importantly together it -- because there -- -- first they have small banks.
And you know we're gonna find out like why titles we're going to be talking about one of those -- banks should be having all that well should they be broken up.
And -- discussions that you know Jamie what's to think she wants less regulation.
You know -- might have a more capital.
You know as a -- deregulated he takes this you know what they came at a question is is not good -- I agree with most of what he says -- -- effort.
The second part is -- is weighted to the universal banking model and I think he's gonna have a tough time explaining that.
We think about it JPMorgan sneezes in you know in a rebel figures is -- that predict.
But look look what's sort of sitting in the markets.
-- a big impact.
What I ask you one thing Charlie and as John you just mentioned it that you spoke to Jimmy Jam and I don't know how much you could reveal -- -- on the record off the record of that conversation but what about as.
Because that was angry new what did you take away from the -- a.
So no I mean I I'd start to -- haven't this is typical direct just -- -- he knows that this is going to be you know on this I want data -- We're going to be talking about this for the next.
To -- -- -- for a long time.
And you know he's gonna deal with -- I think -- a JPMorgan issued ABS to deal with he knows that you know we get to investigate this.
What went down some people have to be held responsible.
I think it's safe to -- people be fired.
You know because this the one problem that he's -- is that just just trade was -- the other of course the -- about exactly hated.
You know this is -- -- term senior management.
Leads it's very -- just so you know to fire people.
Although you know if you -- -- -- happens comments publicly he's been talking about.
You know -- -- -- -- I can't respectively but these are pretty stable pretty frank comments about the failure of management but that may go opted to approach it will say.
-- drew who is the chief investment officer Charlie made more than fifty million dollars in -- to the last two years.
And it it just begs the question of like what we're these people get paid for -- Charlie you -- -- -- knowing Jamie Dimon he's so.
You know I would say this it's it's hard just fire people of this stuff -- -- -- -- ninety's.
European Bank right.
You have -- a massive investment portfolios which would every bank has.
Right when I talk about proprietary trading was taking every bank has a -- -- cash.
Just what they do they have a lot of money and what do they do that -- they got invested.
And they have to attitude to.
Meeting they have to protect it from market swings they obviously want to earn a decent rate of interest been doing that they do certain things they investments.
And you know some of these things are.
Very -- security you know it it it's it's complicated.
-- -- -- there's going to be a lot of single point of a remembered this is not when you run these big banks they'd lose money.
The reason why I think just take -- on incredible sort of if you don't like its own is because of -- JB is.
As chief spokesman against regulation.
Congress now but he was seen as being into alcohol.
Right he was -- when this agreement to deploy that this is a political story I think the -- JPMorgan paid for the straight they're gonna pay it.
To sort of make a lot of money this year put their shareholders to well capitalized but I don't think this is.
You know I may be wrong but I you know you know we can have a 2% the -- -- -- hope this is not -- impact it's sort of financially.
This does -- -- towards Cheney's effort as the chief spokesman against.
Regulation of vocal rule you know Volcker Rule really doesn't mean you could do -- this.
If people hurt in that respect and that's rob why right now Jamie Dimon is not happy guy.
Yeah thanks Charlie -- talked to Charlie Gasparino.
-- political story but so yes financial one with a bank that was seemingly had it right wound up losing.
More than two billion dollars it's still a huge.
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