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Dimon Braces for Senate Hearing

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  • Description

    FBN’s Charlie Gasparino on Jamie Dimon reaching out to friends in the wake of J.P. Morgan’s losses.

  • Duration 3:39
  • Date

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This transcript is automatically generated

36 hours Charlie Gasparino was reporting about this is all of -- shaking up Jamie Dimon.

And what is he telling close friends Charlie Gasparino here now with the exclusive -- around -- let's let's get to this specific news and we'll get into what I -- wedeman reports about this is hearing what we at the Fox Business Network reported yesterday is that.

People inside JPMorgan this senior staff Jamie Dimon CEO himself was -- we're bracing.

For hearings specifically on this not some broad conceptual hearing on Dodd-Frank.

And whether impose -- but this trade the London will two billion dollar loss and his handling of a member initially said it was a tempest in a -- -- quite turn out that way.

They were bracing for him to be cool to the witness stand and it -- to congressional hearing.

And -- they would it would like they they believed it was gonna come from the senate.

Guess what happened today yes it is coming from the senate hearing.

Specifically on this topic we Jamie Dimon will will be asked to testify I will -- up tell you this list.

Yesterday I asked the people looked at JPMorgan will keep testified -- take the fifth.

They would not answer that question.

Now Jamie Dimon is not the type of guy to take the fifth knowing him and I don't believe he did any tomorrow remember this is getting pretty pretty insane out there.

They refused to answer that question you know we have we have criminal investigations going on right now.

Probable see what happens I think he's gonna testify and -- just say what it would you'll say something similar to what we're gonna report right now.

Interest -- sort of dialogue going on friends are reaching out to Jamie Dimon as we speak the last couple days saying what's up we're here to support you.

They're coming away with some interest being sort of feedback what they're telling me is that this is the most difficult time in his career.

He's in deep despair he's really kind of depressed over this the way this thing unfolded and what he's telling -- -- -- Remember he said this thing was a tempest in a teapot to two billion dollar the need to London will trading when reports broke.

Back and it back in April -- April 6 April 6 call that tempest in a teapot.

What he is telling friends is that the tempest became much bigger than it teapot.

About at the end of the month and early may where sources -- where he's telling.

Friends and we're getting this directly from the friends that JPMorgan started losing at that point 200 million dollars a day.

On that trade remember what his timeframe is -- Lisa going to his friends.

Early April we -- was that big of a deal but by the end of April early may this thing started to kill us and we were losing to.

Hundred million dollars a day.

I will tell you this friends are saying that.

He's really shaken up by this this is you know.

Every got fired by sandy -- -- in 1999 from Citi from Citigroup that was a difficult period in this -- he obviously made it's amazing comeback you know.

This is pretty bad because he feels like he blew a lot of things including.

His the chance to get some of the of the sort of that serve regulation of credit on Dodd-Frank she probably never even do.

That this trade was going into play announcing it is when this thing first broke I think I said if you said -- -- Jerry -- we did that special.

That the big story here is not you know continue -- didn't violate the law I mean he didn't like the big stories is JPMorgan.

Too big.

Should we -- breaking up these banks can anybody really can we have 65%.

Of financial assets.

In like five banks.

This chart and just set in the commercial break -- the banks need to be parceled out I don't wells not just spending I just writing about this for six months sometimes there's a catalytic event.

This could be it.

38 minutes before the closing bell -- Charlie's back as soon as he breaks more -- on this how much would you pay.

-- never watch another commercial again just watch this show.

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