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Dimon in the Hot Seat Again

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  • Description

    FBN’s Charlie Gasparino on Jamie Dimon’s upcoming grilling from the House Financial Services Committee.

  • Duration 5:22
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-- diamond coming next Tuesday but this time it's with the house financial services committee -- won't be appearing alone.

The committee is also calling on regulators to testify about the -- whale losses trying Gasparino has the -- details on the hearing happens to be different.

From the just make one point about group yes this is this is it really be case -- the -- Rogers group.

Project -- was probably the most prominent Indian American businessman may be in the world this guy was you know had a McKinsey.

-- -- board member on many boards and I will tell you this and I talked to I've been talking about doing a book about -- trading took a senior law enforcement officials.

Particularly in the Justice Department they were up on the fence a bit about bringing case that it charges -- -- eight well they did not.

They had to do what they believe they believe he crossed the line clearly it's -- given Raj dis incentives but.

They felt that he was kind of duped into they didn't think he was a big I think they thought he was more trying to be friendly with with -- with broad -- Rodham and.

You know it was the sort of culpability factor that -- think was as high is right Rodham.

But still you know they had berg a lot lot lower volatility we will talk about this little bit later but let's get -- -- -- -- It is interest in that and -- and this and this is that the final chapters is Gary net houses is -- -- -- the next week's hearings -- always hesitant to predict.

You know politicians doing the right thing are being.

-- half on witnesses I can tell you this that you know that -- people -- house financial services committee obviously watched last week's hearings.

By the senate banking committee into the London will trade laws and the testimony Jamie Dimon.

They thought it was -- -- softball pitching.

I thought that was incredibly -- skeptical questioning.

And they thought it was kind of a lot fast.

OK I can tell not not Berkeley everywhere we went right after it and mean but they've been by and large Bob Barker right by Mark Russell up at Parker with -- -- and also more of by and large it was kind of.

It was Jamie giving you know a finance -- serving class it was actually funny to watch that was in there.

And aside from look Menendez and senator Menendez -- -- a little bit.

And the other guy you know -- trying to smack him and -- pretty much smack down it was you know can he tells how to make the world better place -- appears.

We suspect that it was actually value that got any case I don't tell it to the other guy I was proud of because I thought I think this is a tempest of the -- as he initially set I think it was -- a lot to lose money but that being said.

I could tell you that when I'm talking -- congressional sources close to the house financial serves committee.

They promise a much tougher grilling a dime they promise much more skeptical questions and they promise is not so much on you know white taking this risk.

But a lot of it will be about the notion of where with the regulators in all this they're gonna look at the fact and you'll diving -- something.

You what what -- what is most fascinating commentary -- does that.

I -- I I was blogging tweeting live tweeting blogging this thing and I think at one point that I needed like Red -- because about the falsely.

One of them the -- I did perk up what he said there were there off hundreds of regulators can't doubt in his office yet.

That does that -- really that it is it's huge I mean there's -- that and you know.

-- five regulatory bodies are I think.

ES EC the OCC the Fed.

The CFTC.

And probably missing and I'm pretty sure -- like five and you know you have you don't have one guy from each you have one guy or one -- and you know when he -- -- so you could see.

How it adds up to -- hundred.

And to camp out -- offices and with this here is gonna focus on how did.

100 people miss this when you were taking this risk some -- it's its outsize risk.

In that in the London office you worry you view conceded that -- had two different risk -- -- one for the London office one for every place else in the bank.

How did -- -- this and I think they're gonna they're gonna be like reeling Jamie on.

At least this is what I'm getting when history as a rough as a rough sort of you know in the early sort of edition will know what next week -- exactly what it has but the early edition is they're -- -- be -- him.

On what he did with regulating what they were doing.

Who was he meeting with give us some names and and -- obviously gonna provide -- whoever else and that's why everybody it was it was a -- was it was and publicly announce and you're right by right why didn't see it trading yeah -- Why did why did regulators learn about this from the newspapers I think that will be the key question and it was -- -- I I hope they go there because this is the important thing that was missing from the list dual -- it was just in house just just.

Blather.

And every now and then she be saying something -- and we really -- current am I the only thing I learned from that -- Was -- two things I learned that.

But I think this was already reported the trade was two years old right really that was reported.

And how the other thing I learned is that they had to risk parameters but.

Was probably the clock back with him that was new and then -- the -- -- regulators.

That.

-- OK and I think that's what you're gonna see next week at least that's early and we we look forward to your report but it it may change Monday.

-- there.

Thank you so much it's okay to presidents and Mitt Romney already spinning a possible failure in -- to their favor.

We'll sort this went out we think the police dogs a little later in the hour and up next.

China having a big impact on commodities you could be paying the cost British check -- with bill Plante at the CME the first.

A look at battles as we head out to break.

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