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FBN's Charlie Gasparino on the government's involvement in J.P. Morgan's investment mistake.
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Now dying depart when you start asking that the whether I know you really don't wanna be talking -- -- think regulators now the Justice Department launching investigations into JPMorgan tingling now I can -- -- -- peripheral vision.
The trading -- their -- use of these investigations mean anything course the government is trying to cover its own.
Behind this JPMorgan want these inquiries -- -- for this latest on investigations may be a part of their PR campaign threw me off the -- and that you can condone doesn't really know whether you know you're talking about compared has to MF global I mean and in terms of the government involvement and their interest the government is -- is is launched a massive.
Criminal probe -- We that we many lot of reporting live everywhere over right MF global -- -- heard it's gone on it's been dragged out right it seems like raise almost that JPMorgan took on fast track.
What makes you think that because -- TO there is no fit I mean this every day every time every I'm -- Think every time something like this goes on and when you get.
Investigations I mean there's clearly -- on clearly potential criminal elements involved in MF global.
Here this is there's a -- the -- element to this I -- if there's no other way to put it.
Obviously like I could put into this way the the Justice Department kicks the tires and just about every one of these deals remember they launched -- this was front page news in the Wall Street Journal we have yet to see the the -- -- story for two years into it the Justice Department launched in the criminal investigation into Goldman Sachs is Africa's trade.
Where is the -- -- The they'd they'd kick the tires on these things all the time well there's an -- on the ability to do that.
Yes they do.
To certain extent but it adds I think the journal and -- breaks these stores at times.
They should put in context usually those things lead to very little.
MF global a whole different story -- customer money missing may be stolen.
You have you know the FBI involved that that's -- act very active investigation this is a -- to -- thing I will say this.
This is something that that's to say and that's about the biggest connection you can have between -- -- -- and the situation but I will say this this is something.
That I believe JPMorgan wants I mean part of the concerted PR campaign right when they knew this thing was gonna hit.
Was to have Jamie Dimon -- very good on TV.
Very good you know in front of analysts and reporters and to expose everything and would -- investigations and so with the calculus is.
At the pile on -- -- over -- and everyone -- short term cycle over -- as they say short term pain long term gain.
Get this thing out in the open and they expected everybody.
Besides I told -- are tired of -- are now not really but -- Break -- eating well yes I will tell you this the data thing -- I told you.
Everybody's been investigated it's just they're gonna say they're investigating and they're gonna find nothing and they're gonna move away or they're gonna find that by the way.
The biggest criminal case you can get out of this thing is if Jamie Dimon lied when he publicly stated.
That he this is a tempest in the teapot which is right came out so hard and so fast it would -- that was groove that's a lot.
Proof that's alive that at that point he didn't think it was attempt to Citi -- can be almost -- -- how much longer is this new cycle -- -- You know they're hoping it's another couple weeks you know they understand this they knew it was even outlook wealth been so fast and furious -- -- your people against the -- I was I was -- character that them.
Johnny -- is pleased to predict the future rate this carnac thank you carnac -- you know you know so much about this please.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I know that -- you said a few more weeks I said I don't think about our town on the go out on -- -- -- dollar is okay help towards my mouth I said I'm expect this is what they're expecting this.
I want a quarterly profit think he said that territory or exercise right would be would be far from even awards are -- -- -- -- -- just repeated over.
Now I mean what they're -- -- it does -- mr.
Pretoria elements to the opportunity to the investigation that was my these are kicking that attire investigations.
I don't think investors should take -- seriously.
I think it this is all this is part of a broader effort fight buy into this is -- clearly and this is a concerted effort.
By JPMorgan in terms of PO are to put everything on the table -- to basically it's -- investigations.
Forced to stories out of first.
And basically get through this make sure it's -- it's make sure it is what they think it will be.
Which is a bump in the road to some some bigger because they're gonna have pretty big earnings.
You know they're not this is not gonna cause a loss in the company a loss for the company in any Indian sort of been a material way.
And I think it's all part of the thing I just think that investors when you look at these stories about about -- it Justice Department investigations.
Would it in context this is much more of a kick the -- thing this AMF global -- is zero connections between two.
I was just looking at the political.
Backgrounds the political -- of -- does -- -- -- at a tomorrow it's a different different story.
Thanks Charlie always fun to bounce ideas okay.
