Wall Street goes to the Senate
JPMorgan Chairman and CEO Jamie Dimon is before the Senate today to answer questions about his firm’s multibillion-dollar bad bet. Marketplace’s New York Bureau Chief Heidi Moore is covering the event via Instagram. Follow her play-by-play on Twitter. Updates to come.
Storified by · Wed, Jun 13 2012 14:07:34
Dimon facing Senate Banking Committee. http://instagr.am/p/L0UZwWRJc5/Heidi N. Moore
Will Jamie Dimon’s testimony be a great moment in Congressional grilling? My piece on Dimonpalooza: http://bit.ly/M28VX2Heidi N. Moore
300 people, riveted. http://instagr.am/p/L0eAzTxJRM/Heidi N. Moore
View from above the gallery. http://instagr.am/p/L0dg-0xJQ6/Heidi N. Moore
Sen Jim DeMint starts with Dimon love letter. "We lose $2bn every day here in govt…if we had clawbacks, we’d never get paid."Heidi N. Moore
Dimon on camera in gallery. http://instagr.am/p/L0S0fXxJcV/Heidi N. Moore
Jamie: plan for the big trade was to "earn a lot of revenue if there was a [global credit] crisis. I consider that a hedge." #JPMHeidi N. Moore
Jamie. http://instagr.am/p/L0ffDjxJR3/Heidi N. Moore
Mediagram: @andrewrsorkin, @lizzieohreally and the back of @cgasparino http://instagr.am/p/L0WMGZxJdm/Heidi N. Moore
Sen: "You said you don’t know what the Volcker Rule is. We don’t, either."Heidi N. Moore
SIDEBAR: Need a quick lesson on the Volker Rule? Marketplace Senior Producer Paddy Hirsch breaks down a key component of it known as “Prop Trading” in this archived episode of his Whiteboard video series. Click to watch. –>
Explaining proprietary trading and its risksmarketplacevideos
Heckler in brown jacket and Dimon, under boom mike. http://instagr.am/p/L0RuOERJb_/Heidi N. Moore
Menendez: "You said the hedge morphed. What did it morph into, Russian roulette?"Heidi N. Moore
Dimon, post-heckler. http://instagr.am/p/L0Swa9xJcU/Heidi N. Moore
Kroger:"You’re renowned, rightly so, for being the best CEO in the country for financial institutions. This is a blip on radar screen." #geeHeidi N. Moore
Stephen Cutler, former SEC enforcement chief now advising Jamie Dimon. http://instagr.am/p/L0eMF1RJRU/Heidi N. Moore
Paraphrasing: "Jamie, how do you find the TIME to run this giant financial institution you’re paid millions to oversee? How DO you do it?"Heidi N. Moore
Action shot: Dimon entering the gallery. http://instagr.am/p/L0S75XRJcX/Heidi N. Moore
Kroeger: "Bankers are always going to be ahead of regulators, and you give them their info. Unrealistic to think they’ll keep up."Heidi N. Moore
Sen Jim DeMint: "we may not have truly smart regulators." implied: "they’ll never be as big and strong and manly as you, Jamie."Heidi N. Moore
Photographers surround Jamie Dimon’s seat even before he shows up. http://instagr.am/p/L0PUF8xJa6/Heidi N. Moore
Sen Menendez drops some knowledge: "to paraphase Shakespeare: a hedge or not a hedge, that is the question." #looseparaphrasesHeidi N. Moore
JP Morgan’s head of communications cases the place. http://instagr.am/p/L0OhogRJan/Heidi N. Moore
SIDEBAR: Need some background on this story? Read Heidi N. Moore’s explainer:
JP Morgan’s Loss: The ExplainerHow did JP Morgan lose $2 billion on a single bet? Here’s some plain English to help understand it.
This will be Jamie Dimon’s view. http://instagr.am/p/L0NuA-xJaO/Heidi N. Moore
If anyone wants to use my blurry Dimon Instagrams, go ahead- with credit to me and link to http://marketplace.org. Thanks!Heidi N. Moore
Jamie Dimon, post-hearing. That’s @ericschatzker and @lizzieohreally behind him. http://instagr.am/p/L0hHIixJSw/Heidi N. Moore
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