You're watching...
FBN’s Charlie Gasparino on the impact of J.P. Morgan’s London Whale loss on the bank and Treasury Secretary Timothy Geithner’s actions after the...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- all right Treasury Secretary Tim Geithner.
I don't know what -- now that the New York fed has released documents on his actions in the Libor scandal that's kind of question at this point is he out of the woods all our.
Any documents raise more questions about his conduct telecast -- has the latest and it would -- talking about JPMorgan is right I've been standing here.
First real quick your your thoughts on Jamie Dimon today well and what you.
If you're watching if you watch the Fox Business Network last night what we reported that it it it basically came out if we reporting market chatter that the lost London will -- Was gonna be between four and five billion dollars and that that was the case.
You buy the shares and then that would have been after hours and probably make a few bucks and I was just saying that's a gamble its market chatter that his interest thing.
The lost total is five point eight right so about five it's a number that I can save a lot.
But if you look at -- the quarter loss of the of the -- trade was four point four billion.
That was a buying opportunity but -- the market so that four point four billion dollar number.
It breathe breathe a sigh of relief and I tell you.
Yes I know the UK regulators look -- this on criminal charges and I'll tell you would be there's -- an FBI investigation it'll be focus on the people involved not the company itself the group.
You know this is a -- released this thing is -- and you know all in.
You know 4000000004 point four billion -- loss.
Is that is easy it's interesting the though and -- you know I know this thing come from the company you know this was market chatter and because.
-- if it could come from the company if there was a real sort of insider trading leak -- to shares in after hours would it would despite based fight the little bit on our report.
But that was a buying opportunities -- it.
-- listening you listen I think.
About I should trade it on your information and I caveat I.
400 ways because markets over the market chatter so that turned out to be right and -- -- -- it was good for -- -- -- -- I got a movie then Tim Geithner -- -- what are you hearing with this because you know they they they release the documents you know it has a double.
-- it doesn't doesn't convince -- if you look at those documents that I would I would tell everybody if you if you care about the story what Geithner knew about the -- were scheduled to be was -- assertive enough in addressing it.
Go to the Fed -- website.
-- -- Regulator of banks found out about this in late 2007.
They waited until about April 2008.
So -- may April.
And to -- -- a little less talk to -- switch is that the senators as you know Bob Diamond -- CEO -- resigned.
You know there's there's a Big -- -- reach agreement criminal civil authorities.
I think forty or fifty million dollars I mean there's a lot of stuff going -- who -- so they knew about it in April and guess what Tim Geithner did a couple months later.
He wrote a memo.
To the Bank of England saying here's how you might fix the -- -- he had essentially evidence of of great rigging which is a crime it's fraud.
And he says Andy wrote a memo and -- if anybody if you worried about regulation in this country you have to be worried about his actions because in New York fed.
Which is the primary regulator has always been a win a win.
Horrible regulator and -- -- banks got away with murder because of that at the financial equivalent of -- that's the jury member during his tenure at at the New York fed.
That's when the banks were loading up and all those crummy investments that took him down in 2008 so I think this this raises a lot more questions I know.
I know the congressional.
Evening of our right grain.
25 I know.
They're still concerned about it they don't think you know.
Republicans really don't think he did his job.
And with so risk is an illegal if you kinda pass the buck I think oh it's not a big big deal and it's almost like he was indifferent to it you wanna regulator who's in different to -- -- -- I mean that's the we should point out one thing about the -- guy I was back met with some -- -- -- -- with the US attorney the other day.
That guy is gonna deal for the rest of his life yeah.
Hey it's it didn't they throw the book right -- you when you purposely rip people off.
It -- -- the Treasury Secretary I have breaking news I think it's a Charlie thanks for covering up about ten different stories for me tell us why that's I appreciate it.
