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This is -- minute I'm -- -- the morning.
Good morning everyone lawmakers have launched a large inquiry into the nearly six billion dollar trading loss at JPMorgan Chase.
Fox Business has learned exclusively that a senate investigations subcommittee has questioned more than eighty people over the loss revealed in May.
CEO Jamie Dimon testified before two other congressional committees in June.
Emphasizing the losses were absorbed by the bank's own capital reserves and affected shareholders not taxpayers.
This latest sub committee is chaired by senator Carl Levin who's been one of Wall Street's most vocal critics sources tell Fox Business that despite the wide net the subcommittee is casting here.
The -- doesn't mean it will file any charges against the bank cold formal hearings.
Or even issue any reports about the losses spokespeople for senator -- and the bank declined to comment.
Moving on here let's take a let's.
President Obama's upcoming meeting with a bipartisan group of -- this morning they'll be discussing the impact on the states if we go over the fiscal clip.
The sit down comes as the White House dismisses a plan by congressional Republicans to avoid going over the cliff with 27 days ago.
But the deal has been the the GOP's plan avoids increasing tax -- it does eliminate deductions on upper earners to raise additional 800 billion dollars in new revenue.
The plan which lawmakers say is based on recommendations from the Simpson Bowles commission also calls.
For one point two trillion dollars in new spending cuts the White House says and does not meet president Obama's pledge to raise taxes on the wealthiest Americans.
And actually promises to lower rates.
For the wealthy and stick the middle class with the bill.
Let's take a look at the markets now here in the US futures are up across the board Dow futures are up by thirteen the -- up one and the nasdaq's up for.
In Europe finance ministers are meeting in Brussels to discuss banking supervision.
EU officials say it's unlikely deal will be reached in May try again -- on December 12 stocks are currently mix -- seeing.
London reverse direction now slightly to the downside while Paris and Frankfurt are still both out.
Currently getting earnings in from -- the auto parts retailers reporting a profit of five dollars 41 cents a share just beating the estimate there for five dollars 39 cents.
Revenue came in at two billion dollars just shy of the expected 2.0 two billion.
-- a closer look now at the markets now particularly in Europe with will headed market trader at IG over London will.
The number of officially register registered unemployed in Spain has edged up towards five million just today after finance ministers approved the release.
Of more than fifty billion dollars in bail out aid for Spanish banks now.
Well does money help or hurt unemployment it's more money in the economy one of the requirements that comes with it is job cuts at these banks.
This morning's -- the job cuts -- see you mentioned -- and anywhere under any illusions that Spanish unemployment.
Has reached a Bosnia and and that's possibly still some way off I think what's interesting here is that yeah this -- -- -- getting strange that I all quantifying.
How much in and -- and -- -- can kind of -- -- is gonna cost.
What is interesting I think is that when you put a hold of the EU trying to agree single policy on how to uncovering the banking system going forward I used to book -- -- spying country where there's a lot of and death discord amongst the ranks of -- or lack of unity amongst the region's so that's gonna have an impact I think during Ford as well.
Of course there are more payments -- -- -- -- -- -- to come up but how before we start seeing the effects of the bail -- general.
Running as is credited with -- questioning celeb count meaning this example here in the tank we had a system in place for some -- months now.
-- is going to increase lending to small business is that doesn't seem to be having that the trickle down effect that the government will be won't -- so to see that kind of thing happening strange well.
I'm whether that'll happen quickly could be difficult thing -- -- the markets are seeing instant reaction.
And banking stocks in the year are still creeping up above that 113 level coming into realize a lot of people who who would start you thinking about getting short now -- That's well had a -- IG over London will we always appreciate enough thank you.
And let's shift gears a little bit Oracle says it will pay three of next year's quarterly dividends this year ahead of possible tax hikes.
For -- investors after the bell the software maker said.
It would pay dividends for the second third and fourth quarters of 2013 totaling eighteen cents a share on December 21.
Oracle joins a list of companies either moving up quarterly payouts or declaring a special dividend to protect investors from potentially.
Paying higher taxes on dividend income starting next month the move would also potentially save Oracle CEO Larry Ellison the company's largest shareholder.
A total of 56 and a half million dollars in taxes including nearly 49 million in dividend taxes.
We have some breaking news for you now Baxter international's buying -- -- -- four billion dollars we'll have more info on that deal as we get it.
But that is breaking for you in the meantime let's take a look at commodities oil and gold.
Also changed direction we're seeing red arrows there -- down almost forty cents gold is down about thirteen bucks.
Imus in the morning continues right now.
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