Report: JPMorgan Misled Investors, Dodged Regulators, Witheld Info

[ProSense]

Report: JPMorgan Misled Investors, Dodged Regulators, Witheld Info

JPMorgan CEO Jamie Dimon, along with other managers of the largest bank in the U.S., misled investors, dodged regulators and withheld information in an effort to hide trading losses, according to a new Senate report released Thursday. Per Bloomberg:

The largest U.S. bank “mischaracterized high-risk trading as hedging,” and withheld key information from its primary overseer, sometimes at Dimon’s behest, according to a report today by the Senate Permanent Subcommittee on Investigations. The 301-page document also shows how managers manipulated internal risk models and pressured traders to overvalue their positions in an effort to hide growing losses in a “monstrous” credit derivatives portfolio in London.

“We found a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public,” Chairman Carl Levin, a Michigan Democrat, told reporters today after his investigators spent nine months combing through 90,000 documents and interviewing current and former executives.

http://livewire.talkingpointsmemo.com/entry/report-jpmorgan-misled-investors-dodged-regulators-witheld-info

Now what?

[Laurian]

1. Now what, indeed. I'm afraid nothing if

the past is any indication. Sorry excuse for a Justice Department will stutter and stall, as usual.

[Angry Dragon]

2. I could live with life in prison for Dimon

and he forfeits all pay and benefits

[W_HAMILTON]

3. Good thing he didn't steal a couple Oreos.

[Octafish]

4. I thought the guy was a ready for a promotion to Treasury Secretary?

Too bad. Over-qualified, now. Maybe the World Bank...

[LittleBlue]

5. Now what? Nothing will happen

They're too big to fail, and Dimon is too big to be prosecuted. They'll pay a fine while Dimon will be eating $10k/ounce caviar and laughing.

The rules are for us, not them.

[surrealAmerican]

6. JPMorgan may be too big to be held accountable, but ...

... Jamie Dimon isn't. Arrest him.

[PoliticAverse]

7. BTW you can view/download the entire 301 page report (.pdf, 4.9MB) from this link...

http://www.scribd.com/document_downloads/130426301?extension=pdf&from=embed&source=embed

[PufPuf23]

8. Now what? Probably nothing; perhaps fines that prove crime does pay and maybe sometoken convictions

The revolving regulators will get off scot-free and the system still is not fixed.

The USA is bi-partisan in distain for justice in financial and war crimes by political and legal authority.

[City Lights]

9. Lock 'em up.

Or bring them to the town square and see what the villagers want to do with them.

[99Forever]

10. Now what?

You have your marching orders.

We are instructed to be "looking forward."

[ProSense]

11. Evidently, this subcommittee went about its business anyway.

Isn't that great?

[99Forever]

12. Excellent!

Arrests? Indictments? Frozen assets?

Tell us all about it.