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FBN's Peter Barnes on the Senate Banking Committee inquiry into J.P. Morgan's trading losses.
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All right Nicole.
Today lawmakers start to hear testimony about tougher bank regulations and -- wake JPMorgan's multi billion dollar trading disaster are.
Well this is just the -- scenario you would think the JPMorgan CEO Jamie Dimon would be worried about -- Peter Barnes has the latest now from Capitol Hill Peter.
Why -- an accomplice the first of three hearings and -- that surprising two billion dollar trading loss.
The CEO of the company Jamie Dimon is not testified today he will be testifying at a hearing.
Sometime later maybe in the next few weeks.
Today two of the top regulators are in the hot seat Gary Gensler the chairman of the CFTC.
Mary Schapiro the chairman of the SEC both agencies.
Have opened preliminary investigations.
Into JPMorgan Chase's trading losses.
And circumstances of this nature where the activity does not appear to have occurred in one of our regulated entities.
The SEC would be primarily interest is -- and focused on.
He appropriateness and completeness of the entities financial reporting and other public disclosures.
Now the senators and the regulators are in the weeds on this some of the regulation -- -- but this is of course also triggered a partisan battle.
Over financial regulation reform Democrats and the president saying this proves the need.
To continue.
To follow through with tough.
Financial reforms but some Republicans.
Saying well wait a minute if these reforms are so good talk of new guys read about these losses.
In the newspapers.
Which they admitted at the hearing today it.
Where they learned about it but they McConnell thank you Peter Peter --
