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FBN’s Charlie Gasparino with news from JPMorgan that the chances of prosecution of aggressive marking of positions are low.
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Well as you know I think he's been relieved of his duties that right I believe never know he's killed.
-- the -- guy's name right -- -- -- -- people inside the firm I've also checked this with legal expert so I think it's pretty it's pretty.
Pretty good information you know last week a lot of people are talking about you know potential regulatory action or prosecution.
Of the traders in that CIO of the chief investment office of JPMorgan that you know.
Was it wasn't responsible for the London will loss and and -- -- -- -- some -- some of the -- -- the positions -- the -- -- -- -- -- -- that they -- We were initially you know wrong.
Essentially what are you -- believe kind of too aggressive they hid stuff I mean if you read all the stuff they said these are all the stuff they -- -- all the stuff they were saying about those traders.
I should point out that going back to them with a couple days later.
The people say JPMorgan are basically tell me there is no way these guys gonna get prosecuted and that we should point out that.
To everybody out there with what looks like a crime what's walks like a crime -- smells like a crime on Wall Street often isn't a crime this is very difficult stuff.
You'd have to prove that the London will purposely in this mark to mislead his bosses.
In order to nail him even on a civil prosecution yes the chances of a civil prosecution.
Civil case by the SEC authority FSA did the London.
The UK equivalent of the SEC our -- higher because when -- civil the bar for showing intent is lower but still these are difficult cases.
Because they're saying that the London -- more you know of the positions and the people in office.
Were aggressive they -- in the bounds of legality but were aggressive so I think.
This thing maybe there's an SEC -- I think for largely.
In terms of regulatory action.
It looks like this thing is kind of winding down this is not you know this is not.
Gonna lead to massive charges against the people that connect from that -- this story broken from the way.
Jamie -- handle the branding you have to agree nobody ever thought I think for -- second it's safe to say there's any malfeasance involved.
Well I would say nobody went out my Twitter page of the -- was -- when I was downplaying it saying that they have -- To mislead on the -- so listen people think the -- I would say that is no problem but as a journal some think the worst.
And the other thing is when you report the worst when -- when it's not.
The you know you can interpret things a lot of different ways generally people make mistakes they you know that doesn't mean.
You don't report the story but people do make mistakes have been made mistakes that without the intent to do harm and if you don't have that in -- fact and I think that's what we're talking about -- people.
-- JPMorgan tell me they think the intent is not to defraud the intent was to be aggressive.
And their hot and as -- -- they're hot they're held to a higher standard.
That's why they had to restate the first quarter earnings so I just want to -- like it on that.
You know we did a lot of reporting last week about these guys what -- they were -- you know within this market position and -- you know the legal actions they face I could tell you inside the firm.
They think it's not it's not it's clearly not criminal.
And it even a civil case is going to be very difficult.
And on a lighter note Charlie just in case setting -- thinks you do you only hard -- hard business financial news report written for us that's not true.
You're reported in then you like all of -- all of the things get the entourage Gasparino is on -- -- and man about town I was on the train this morning I read.
Your name along person you read the warning telling it is I -- page to clean you have to get that the wheels turning what my point is that -- mentioned you had dinner with Kevin Dillon entourage he was in the room with me and eating lobster with him.
I was the -- -- in my own table just say no pomp and what happens is given builds friends with -- with the people that I know there.
And and I think groundout darling was there as well I'll I met Kevin Connolly and -- the other entourage stock so I had a nice conversation can build wonderful guy and I customize it is the going to be a movie.
And Kevin Dillon told me you know whether.
For this is gonna happen or not I have not verified at the -- until -- That.
Yes they will it'll likely would be an entourage movies show entourage movie right so it heard it here to Justine.
You know mixed MIC Kevin -- casino asking your opinion on what's gone on in the markets.
No we lose interest in where the conversation Winamp that we got it added that there was another tree was a trader there -- hanging out with them.
Good friend of mine who basically witnessed the sort of the near fight I almost got into about four years ago with with Lance Armstrong.
Right that and how that's -- Kevin Kevin Dillon was much more just and how that happened.
I want everybody know that you know -- that's who has been written a lot of -- look at up on the Internet but.
Here's what you know I was fixed exceedingly nice to Lance Armstrong before I told him to.
Yes we know what you -- it Charlie thank you reporting on all walks of life Charlie got.
