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House Sets Unofficial Date for Dimon's Testimony

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  • Description

    FBN's Charlie Gasparino on the House prepping to grill J.P. Morgan CEO Jamie Dimon.

  • Duration 5:19
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This transcript is automatically generated

-- thank you so much talk.

Since JPMorgan CEO Jamie diamond will be spending a whole lot of time in Washington in this next month the house financial services -- -- June 20.

As -- -- diamond will make his testimony on the London whale trading -- trying to guess Pernod has some inside inside right not.

Been set yet we do know that that senate the senate banking committee wants and they are on the seventh.

We should point out the JPMorgan's attorneys and -- -- to and pushed that back towards the end of the month why because they've been told unofficially.

And this is sources close to -- to both JPMorgan and need and in Washington telling.

-- -- in the fox news network that they've been told that the house financial services committee has set a June 20 date for his second round the testimony.

That we before the house financial services committee on June 20 at least that's what they're -- now.

And would JPMorgan officials want is both of those those -- kind of closer together.

Also why -- they want this the first one closer to the end of the month.

State or the way they'll say it is Jamie Dimon more to say one of the problems with Russian -- before committee right now.

Is that they still haven't done a full investigation of the London will trading -- exactly what went.

Along I mean I think they have a fairly good idea that they lost a lot of money and they lose a lot of money go forward to.

Billion dollars at least that's going to be probably closer to three or four when this is also -- on or more.

Stuff that you know banks like going out of business but that's a huge loss they'll have more information about the trading losses exactly what went down.

Was -- a hedge was and a hedge -- gone wrong.

What went when you have when you went how do you make money off -- edge when it's supposed to be added to all those sort of questions.

They they believe they can answer later I will tell you this they JPMorgan lobbies are spanning across Washington right now.

-- basically talking to everybody in those two committees to banking committee controlled by the Democrats.

The house financial services committee controlled by Republicans try to figure out what they're come what they're gonna go after into when do when diamonds up -- two things.

-- -- lately you guys are visiting the -- is for questions if the house and house grills and it's going to be mainly along the lines at least as of now and by negatively -- time here.

You know Dutch a lot of regulators in your office how committing -- because -- house does not like the financial reform law known as Dodd-Frank the Democrat signature.

Financial reform law since that's the crisis static.

Democrats on the other hand you know they're gonna -- -- don't we meet stricter regulations -- been against the at these sort of tough this.

-- of imposition of those rules particularly vocal rule which ends proprietary trading you don't want.

You addicted -- rule is 22 sweeping weld is in the severe case example your big trading laws that you need.

A more sweeping pro -- so that's where both are gonna come attic and JPMorgan.

Obviously has -- it has -- -- with us there's a practical problem between having mitigates that -- part of its June 7 and June 20 I mean this is a dynamic situation where the numbers are changing everything -- Sosa goes on June 7.

It gives one senate testimony goes on the twentieth it looks like he's telling two different stories to give it two different committees.

But in well thirteen days that Scott might well I think what they would say what their argument right now JPMorgan's -- is that listen he's not going to be it was say that much on June 7.

Or he could say a lot more in June 20 that's a point they're trying to make.

You know we do anyhow but you know -- -- -- thing you know.

-- that's my opinion.

The -- temperature that -- gauging from Washington is that you know here's -- thing you know we'll know Jamie I really like him a lot I I've -- -- -- -- these are very competent.

CEO maybe you've probably the most company in the financial business good guy honest guy.

Donald Washington he's not is not like he's -- this -- -- the company you know has a lot of sharp elbows.

And I think their lobbyists.

In Washington had to turn people off really last year yet -- they were very very aggressive about Franken has been -- -- turn -- people.

I hear this from Republicans.

Okay who do you know sort of agree with him clearly in spirit about Dodd-Frank and and Volcker and all those things that they believe goes way too far is hampering sort of capital formation in this country.

Big problem for banks banks to lend money to Dodd-Frank prevents them or stopped some from lending as much as they could otherwise.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Yet dot he had this I've gained so much it's his lobbyists.

We're so aggressive in this can't turn them eternal for public Russell who himself -- so great -- settings right -- the financial crisis he was like the words of wisdom so -- but he comes out actually -- these hearings looking better and continues to state our case again I was there as one of the great know it's it's hello there's one thing about Jamie Dimon he.

On the promises and over delivers every time that's his MO.

I would not count them out on these things I will tell you this internally there's a lot of hand -- as what type of -- should be shown up should be.

The -- the tough guy.

Speaking directly or should -- -- with the tips guys it's a debate that they're having inside JPMorgan.

I have my mom -- army control over hands say yeah.

His own Jamie no matter what that is the most salient point to -- Who makes up his mind him being able okay -- to -- interest in Seattle is he wouldn't -- does here I think he does have a pretty good story to tell I.

I really do have a -- -- criminalizing.

And and you know the whole notion that you lose money woes and your bad guy.

Has the ranks didn't take they aren't -- -- clinic carry money they lose money prieta Alec Davis thought they -- -- -- -- -- thanks so much better.

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