Senate Banking Committee to ask Dimon to testify

[Eugene]

Source: Reuters

By Dave Clarke

WASHINGTON | Thu May 17, 2012 3:50pm EDT

(Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon will be invited to testify before Congress over the recent trading losses announced by the bank, U.S. Senate Banking Committee Chairman Tim Johnson said in a statement on Thursday.

Johnson did not say on what date the committee wants Dimon to appear but said it would be following a set of hearings that will conclude on June 6.

The committee will hold hearings with regulators on May 22 and June 6 to discuss reforms required by the 2010 Dodd-Frank financial oversight law. Johnson said they will also serve as a forum for lawmakers to quiz regulators over the JPMorgan trading losses.

"As always, we will continue to be open and transparent with our regulators and Congress," JP Morgan spokesman Kristin Lemkau said in a statement. She said Dimon will appear before the panel.

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Read more: http://www.reuters.com/article/2012/05/17/us-jpmorgan-congress-idUSBRE84G17H20120517

[Dont call me Shirley]

1. Demon and his hacks stole the money, that will never even be brought up.

[grasswire]

2. under oath?

Or will this be another kissy-face pattycake game?

[dkf]

3. ZH...

"Update: JPMORGAN SAYS DIMON TO AGREE TO TESTIFY TO SENATE. Ummmm, there was an option?

As everyone (or at least Zero Hedge) long expected, JPM's prop trading debacle just got political and senators are about to demonstrate to the world just how little they understand about modern IG9-tranche pair trades. Expect to hear much more about JPM's "shitty" prop deal."

http://www.zerohedge.com/news/jamie-dimon-invited-testify-senate

Well the Senate is about to get an education on how hedges work...I wonder if they have enough background to process how this works. It is pretty sophisticated stuff.

[Po_d Mainiac]

6. SarbOx ain't complicated

Where is AWOL Holder?

[Purveyor]

4. All dimon needs to do it open his checkbook for the 2012 election season and 'everything' will be

"ok".

Plenty of whores in DC to accommodate this fellow, indeed.

[bluesbassman]

5. I suspect Dimon's testimony will look something like this...