Revisiting That Fateful Analyst Call
Mr. McCain brings up the infamous call that JPMorgan executives held with analysts in mid-April last year, during which Mr. Braunstein said that he was "very comfortable" with the size of the chief...
View ArticleDimon Withheld Data From Regulator
Jamie Dimon temporarily withheld crucial data from the Office of the Comptroller of the Currency, a bank regulator, as the bank’s trading problems grew. Douglas Braunstein, then chief financial...
View ArticleLevin Challenges Braunstein
Mr. Levin challenges Mr. Braunstein, just as he pushed back against Ms. Drew. He wants to know why the losses provided by Mr. Braunstein to examiners at the comptroller's office failed to capture the...
View ArticleLevin on How Traders Hid Their Losses
After peppering the executives with questions about why the bank continued to keep regulators in the dark, Mr. Levin embarks on a discussion about how traders in the chief investment office disguised...
View ArticleClik here to view.
'How Do You Possibly Justify Your Process?'
Gary Cameron/ReutersSenator Carl Levin questions bank executives on JPMorgan's trading loss. Mr. Levin says that for the bank, the understatement of traders' losses helped reduce the red ink on the...
View ArticleLevin Continues to Push Bank Executives
Continuing to push on the valuation of the trades, Mr. Levin refers to a recorded conversation between Ms. Drew and Javier Martin-Artajo. In that conversation that occurred in April 2012, Ms. Drew, the...
View ArticleWhy Were Investors Left Unaware?
Through pounding executives, for now, about the valuation of the trades, Mr. Levin turns to the statements made to investors during an April 13 earnings call. Mr. Levin points to an e-mail that Mr....
View Article'Calming the Seas'
In a hearing full of testy exchanges, the dialogue between Mr. Levin and Mr. Braunstein is shaping up to be the toughest so far. Mr. Braunstein reiterates that the statements he made on April 13...
View Article'You Think That's a Balanced Presentation?'
Mr. Levin continues to hammer away at what one of the crucial elements of the "whale" saga: what Mr. Braunstein said during the April 13 call. His line of questioning turns to what should have been...
View ArticleBehind JPMorgan's Big Credit Bet
Mr. Levin is alleging there were many inaccuracies in Douglas Brainstein's explanation of the big credit bets on an April 13th, 2012, public conference call. Here's the part of the call he is focusing...
View ArticleA Better Way to Calculate Bank Risk
Mr. Levin asks a question of Michael Cavanagh that has deep relevance today as banks move into the Basel III regulatory regime, which makes heavy use of models to calculate risk-weighted assets (and...
View ArticleQuestions About E-Mail
Mr. Levin engages Mr. Weiland, the former chief risk officer for the C.I.O. unit, about e-mails that a JPMorgan employee who helped craft the new risk models had sent. Mr. Weiland says that the...
View ArticleJPMorgan Executives Are Excused
Nearly four hours after the hearing began, the JPMorgan executives are excused from the hearing. Mr. Levin thanks them for coming without needing a subpoena. His parting words still suggest troubles...
View Article