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FBN’s Peter Barnes on the Senate’s probe into the ‘whale trade’ losses at J.P. Morgan.
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About that breaking news on the JPMorgan will trader -- five billion dollar loss for the company the senate has been investigated Peter barge with the latest on that investigation Peter.
Well that's right David the senate a senate investigations.
Subcommittee has questioned more than eighty people and its probe of five point eight billion dollars in trading losses in May by.
According to two people familiar with the investigation.
Now according to the sources the people and according to one of the sources -- people include current and former JPMorgan.
Employees.
As you would expect -- reports of this -- first -- in the -- -- -- -- we -- report that investigators are casting a wide -- in their review of those trades -- sources -- that all of this does not mean that the subcommittee will hold formal hearings on the -- trading losses -- that it will issue -- scathing report on them but -- the subcommittee ends -- doing -- it could be more -- more problems for JPMorgan here in Washington senator Carl -- that -- and chairman of the subcommittee and one -- Wall Street's toughest critics criticize the bank -- -- When it announced the -- saying quote.
It made a very big and complicated bad.
That now has gone very wrong the senator's office did not immediately respond to our -- for comment.
-- And the bank a -- has declined to comment but all of this could mean headaches for Jamie Dimon the CEO of the bank.
Just ask.
Goldman Sachs CEO Lloyd Blankfein who eleven ripped at a hearing in in a report in 2010 from Goldman sales of questionable mortgage investments.
-- -- this via big setback to setback considering that the company announced that it planned on buying back three billion dollars worth of the company's stock in the new year.
And you really wonder at this is gonna be a step backwards even know we were starting to see signs of healing.
Well as you know what this means is that this problem is not gonna just go away for JPMorgan it has this subcommittee looking at it up on Capitol Hill JP Jamie Dimon testified at two hearings.
About it in June and of course the regulators the SEC the CFTC they also continue to look into the matter so it is not going to be going away all right our own Peter Barnes has been looking into in detail he will.
Burst in and any particular moment when he gets in -- news thank you -- don't have new.
