This transcript is automatically generated
Is the Justice Department backing off its alleged investigation over the trade -- at JPMorgan.
Didn't just start currently.
What about that's -- off already OK remember how this thing has played out investigation.
Right compensates big things.
You know grand jury subpoenas you name -- FBI looking at which apparently they are.
Here's what we know from a senior Justice Department source their -- us to take a deep breath.
On this investigation into the JPMorgan trading books they're telling us they wouldn't use the word investigation.
They would use the word preliminary inquiry.
Over the losses over looking at the losses.
And they want to be in a position just in case anything comes out of this to be in a position to act okay.
Why we doing this story put this in -- -- to put it in context.
We deal would investors view it as an investor gotta worry about a criminal investigation into a firm or its CEO Jamie Dimon.
I'm -- damage amounts of statements like this was a tempest in a teapot it obviously turned out to be not not a -- and -- meaning.
Some of the trading that was going on in that London's chief investment officers office.
That -- turn out to be two billion dollar loss but we should point out before you start.
Blowing out your shares its interest -- you can orchestras are up at eight.
Keep this in mind these investigations.
Are like kicking the tires they're like they're perfunctory how many investigations have we seen front page headlines.
Goldman Sachs Morgan Stanley criminal investigations where the Justice Department is looking at.
Some evil -- and nothing comes of it.
Well let's and I would just a mistake I would say this as well thanks again to that bad mistake I get that we should -- I'm -- I'm just telling you investors out there.
-- much in I don't know all the facts I mean just keep this in mind.
Are are perfunctory.
That doesn't mean -- have any evidence and let's be honest here you're gonna have to Peru for anything to go down.
Particularly Jamie diamond -- when he came out -- attempt isn't he thought he was -- That's where this will go.
Because I mean that is the public statement that they made.
You cannot give.
False information to public.
And I know Jamie Dimon and in almost the guy he's he's got you know something even those who wish you had -- needle stuck in his arm.
There's no way that Jaime diamonds -- about that in my view so remember you have to make a bet.
If you think this is an investigation a real thing.
And you look and you worried about hold in the stock.
That Jamie Dimon is gonna be caught lying that's where this is coming down to and disclosures were made to the public that we're essentially lies.
And I will tell you.
That it's not without the realm of possibility.
Because anything happen tomorrow the world -- -- but I just don't see.
Back during the Lehman Brothers debacle we had chief investment officer coming out -- chief financial officer coming out saying everything was fine and it wasn't.
Clearly -- might have been knocked up.
Not -- brown Bear Stearns and so there's an earned patients for a -- -- -- the charges against Bear Stearns Alan Schwartz coming out saying number.
Plenty of money on -- plenty of capital.
And in the firm three days later close okay so so even -- unlikely.
To -- Jamie Dimon is going to be and you know why do we do I yes I mean this someplace this sounds like.
You know I sit in early -- sitting in the Celtic masturbation.
They come out there every time there's that every time know what -- -- -- -- -- a single current definition but it makes it makes it makes them feel it makes.
All the Justice Department is looking at this.
Finally be nice if -- -- you quarter before it happened but despite the fact -- -- that fact -- journal all product before it happened right but but but think about it.
What do they catch they -- that they -- was it's gonna take a big trade Brescia says not I mean I'm I'm just telling you that.
Here's the thing when Jamie Dimon said it was a tempest in the T -- Look at their fought look at their financials isn't really.
There's still that are earned four billion dollars as -- like I said I don't wanna see -- and a a apologists are -- Get some good anybody out there -- I'll I'll publish -- tomorrow.
But I look at the facts here this seems like it's it's get -- -- hand.
Or ordering a Fox Business translator for masturbation whilst it is isn't it I mean it makes everybody feel I'll -- we're investigating the SEC's investigating.
We're gonna get investigate the university to got to make a mistake -- finally there's a lot of crime map there.
And they should put you know stop doing this but as -- masturbation is it's a waste of time.
It is not only are we only have time right Charlie thank you would you say violent people look at them and widening to some people obviously -- a waste of time -- five.