Upload

Loading...

This video is unavailable.

Watch Queue

TV Queue

Watch QueueTV Queue

    Loading...

Watch Queue
TV Queue
__count__/__total__

Is JP Morgan CEO Jamie Dimon the "World's Funniest Financier?"

Want to watch this again later?

Sign in to add this video to a playlist.
22,558

Like this video?

Sign in to make your opinion count.

Don't like this video?

Sign in to make your opinion count.

Loading...

Loading...

Transcript

The interactive transcript could not be loaded.

Loading...

Loading...

Ratings have been disabled for this video.
Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on May 15, 2012

Follow us @
http://twitter.com/laurenlyster
http://twitter.com/coveringdelta

JP Morgan held its shareholder meeting today in the midst of whale-gate. The Wall Street Journal reported the DOJ and FBI have begun a criminal probe surrounding the banks $2 billion trading loss.

To be sure the lid has been blown off of Jamie Dimon's "tempest in a teapot" narrative. These were the words he used to originally dismiss concerns that the bank's whale positions were too large. But though the tempest is out - there are still plenty willing to downplay the significance. At the storm's eye is the issue that even though $2 billion dollars isn't going to derail JP Morgan, what if it's $20 billion, and what if there are more trades like this lurking beneath the surface?

There are also plenty of people willing to parrot the conventional wisdom that Jamie Dimon and the largest bank by assets in the US that he heads up represent the best of Wall Street.

But there seems to be a more fitting description of Dimon, as a clown. This image is inspired by one of our guests Janet Tavakoli who writes in her latest piece, "JPMorgan's Chief is the World's Funniest Financier." And as so often happens when we're talking about too big to fail banks, it appears the jokes is on us: the savers subsidizing the bank's speculation.

While JP Morgan is considered the best risk manager, there is a question about changes it made to the way the Chief Investment Office evaluated risk, while at the same time it was growing its trading positions and their complexity. Tavakoli, who wrote the book on credit derivatives & synthetic structures writes:

The thing about credit derivatives is that the models are very vulnerable to the assumptions one uses in the model. So you wouldn't want to say, push your people to make more money for JPMorgan and then let the people whose multi-million dollar bonuses depend on the outcome influence the assumptions. But that's only if you don't have Dimon's flair for comedy.

Under Dimon's watch, that's what appears to have happened in the CIO, though there are a lot of details we still don't know. We get into what we do know and the questions that arise from what we don't know with Karl Denninger, Trader and Author of: "Leverage: How Cheap Money Will Destroy the World."

We discuss what this means for regulation as we hear calls for the Volcker Rule. We talk about how big the trading loss at JP Morgan could get, what this indicates about risk more broadly at large banks, and a depression scenario in Europe that could cause all of this to blow up.

Loading...

  1. 105

    Jon "Teflon Don" Corzine and his Posse Roam Free ahead of new MF Global Hearing

  2. 106

    Word of the Day: International Monetary Fund (IMF)

  3. 107

    James Turk gives his timeline on the Dollar's Collapse and Gold's role as the messenger!

  4. 108

    ZeroHedge Blogger Bob English outlines how Bernanke and the Fed could finally go Bankrupt!

  5. 109

    Jim Grant explains how Central Banks are Waging War on Supply and Demand

  6. 110

    Occupy the SEC takes on Big Banks and the London Whale

  7. 111

    Jeffrey Tucker on why Government Hates your Lawn!

  8. 112

    GATA's Bill Murphy exposes how the Gold Cartel is Bombing the Market for Precious Metals

  9. 113

    Mike Shedlock tackles Paul Krugman and the Greenspan Contrarian Indicator (GCI)

  10. 114

    Europe on the Fringe - Politics in the Age of a New Depression

  11. 115

    Electoral Steam Builds as Europe's Pressure Cooker Readies to Explode

  12. 116

    Viewer Feedback: Lauren Answers Questions on Gold, Money Printing, and her Coffee Habit!

  13. 117

    Reggie Middleton: Double-Bubble forming in Vulture Financing and Facebook's IPO

  14. 118

    Matina Stevis on Greek Elections, the Golden Dawn, and the End of an Era

  15. 119

    Jim Rogers on the need for orderly defaults in Europe, starting with Greece

  16. 120

    Nigel Farage on the "EU Titanic" and the "Rebirth of National Socialism in Europe"

  17. 121

    House Republicans seek Independent Investigation of MF Global Bankruptcy

  18. 122

    JP Morgan's "Unicorn Hedge" Fairy Tale Harpoons the London Whale!

  19. 123

    Gerald Celente calls out Jamie "two-bit" Dimon and his Financial Crime Syndicate

  20. Is JP Morgan CEO Jamie Dimon the "World's Funniest Financier?"

  21. 125

    Jim Rickards on Europe's Bank Run and why JP Morgan was late to "Puke the Trade"

  22. 126

    Chris Whalen Drops the F-Bomb on Wall Street while sounding the Bankruptcy Alarm!

  23. 127

    Facebook's IPO Bombs, while "Hot" Tech Companies Cook the Books!

  24. 128

    JP Morgan's Regulatory Arbitrage of turning Financial Loss into Political Profit

  25. 129

    William Black on JP Morgan and the Failure to Regulate Wall Street Fraud

  26. 130

    The US Treasury prize, the Euro's demise, and Facebook lies w/Paul Craig Roberts

  27. 131

    Is talk of a "Grexit" the Smoke Screen for a Global Economic Meltdown?

  28. 132

    Word of the Day: Herd Mentality

  29. 133

    Reggie Middleton breaks down "Muppetology," Face Ripping IPO's, and the Chinese Wall!

  30. 134

    John Butler on the Dollar Liability and Gold's role as the Insurance

  31. 135

    Capital Account TV Exclusive Interview of CBO Mortgage Fraud Whistleblower!

  32. 136

    Mike Shedlock on the Spexit, the Grexit and Running for the Eurozone Exit!!

  33. 137

    Lew Rockwell on Crooked Elections, Crooked Markets, and Crooked Numbers!

  34. 138

    Robert Prechter on the Bullishness of an EU Breakup and the coming Global Deflation

  35. 139

    Nomi Prins on Banker's Gone Bad - MF'ers, BoA, and Spanish Bond Bashing

  36. 140

    Francine McKenna on Trustee Reports for MF Global and JP Morgan's Pinto Problem!

  37. 141

    Mike Maloney on Gold's Checkmate and Ben Bernanke's role as the Pawn!

  38. 142

    Gonzalo Lira on a Eurozone Marriage turned Orgy and a Latin American Divorce!

  39. 143

    Yanis Varoufakis on Europe's "Dickensian Workhouse" and the Fiscal Waterboarding of Spain

  40. 144

    From Crowd Funding Europe's Future to the Future of Gold and the US Dollar!

  41. 145

    Lauren Lyster and Heidi Moore infiltrate JP Morgan's Mafia Hearings in Washington DC!

  42. 146

    Energy Expert Byron King on Peak Oil, Natural Gas and Rare Earths!

  43. 147

    Laying the Groundwork for a Default and Eurozone Exit ahead of Greek Elections

  44. 148

    Behind the Scenes of Greek Elections, Machiavellian Politics and the German Sphinx!

  45. 149

    The Failure of Big Government and the Public Patronage Piñata!

  46. 150

    Jim Rickards on the latest Federal Reserve Rate Decision and Operation Twist 2.0

  47. 151

    Free-Market Banking Technology fights the Intergalactic Monetary Mafia!

  48. 152

    Gerald Celente on Old-Man Europe, Romney & Sons, and a Golden Summer

  49. 153

    Cyprus lands in Europe's "Bailout Crosshairs," as the BIS says "Hold the Presses!"

  50. 154

    Chris Martenson on Shadow Bank Runs and how Central Banks are Missing the Boat!

  51. 155

    Community Banks take on Wall Street as "Uncle Sam meets Mr. Market!"

  52. 156

    Nigel Farage on the Failings of the EU Summit and an Antidemocratic Europe

  53. 157

    Karl Denninger on Price Dictates, Credit Illusions and the Healthcare Fiasco

  54. 158

    Ruchir Sharma on the Latest and Greatest of Emerging Markets and Breakout Nations!

  55. 159

    Jim Rogers, War and the Financial Mafia - LIBOR, Centrals Banks and JP Morgan!

  56. 160

    Reggie Middleton: as Nuclear Asset Winter Freezes over, Central Banks say "Start Your Engines!"

  57. 161

    Steve Keen on the Minsky Singularity and the Debt Black Hole's Event Horizon!

  58. 162

    The Death of Price Signals and the Birth of a Faith-Based Financial System

  59. 163

    For Investors and Customers, PFG is MF Global all Over Again...

  60. 164

    Paul "King" Krugman knocked off his Ivory Tower as Fools Sack the Hill!

  61. 165

    Lauren Lyster takes Wall Street's Bull by the Horns - Infiltrates the Trading Floor!

  62. 166

    Web Extra Chris Whalen: Is JP Morgan blowing hot air with clawbacks? Plus, Natural Gas forecasts

  63. 167

    Jim Grant on Safe-Haven Bubbles and a Bull Market in Black Walnut Trees!

  64. 168

    Web Extra: Jim Grant on JPMorgan's Clawback Proposal and the Quest for Accountability

  65. 169

    Paul C. Roberts on "the REAL LIBOR scandal" and "Bond Market Armageddon!"

  66. 170

    Lew Rockwell Pins the Tail on Ben Bernanke and the Rest of Washington's Donkeys!

  67. 171

    Charles Ferguson on the Financial Landscape after 2008's "Inside Job"

  68. 172

    Revolutionary Cycles and the History of Financial Bubbles w/Carlota Perez

  69. 173

    Financial First Responders discuss whether US has become "Too Sexy to Survive"

  70. 174

    Marc Faber on a Global Crash, the U.S. Treasury Bubble and China's Slowdown

  71. 175

    The Future of Farmland in a World of Financial Fraud and Safe Haven Bubbles!

  72. 176

    From Natural Resources to Currency Wars w/Rick Rule & Jim Rickards

  73. 177

    Doug Casey on Crisis Investing, Political Risk, and a Benign Anarchy!

  74. 178

    Drawing back the Financial Iron Curtain to a Beautiful Anarchy w/Jeffrey Tucker!

  75. 179

    Mike Maloney tells Ben Bernanke to "Quit and Close the Federal Reserve!"

  76. 180

    Peter Tchir on the ECB's Printers, LIBOR Litigation and the German Tipping Point!

  77. 181

    Retired Fraudster on the ABC's of Financial Fraud and why it's Easier than Ever!

  78. 182

    Michael Krieger on the Loss of Investor Confidence in the Rigged, Wall Street Casino!

  79. 183

    Gone in Sixty Nanoseconds and other "Knight-Time" Stories w/David Greenberg!

  80. 184

    GATA's Chris Powell on the Silver Manipulation Probe & the Fed Gold Audit!

  81. 185

    Dark Pools and High-Frequency Drone Wars w/Scott Patterson!

  82. 186

    Constantin Gurdgiev on "Dictator Draghi" & "the Good, the Bad, and the Ugly" of Europe!

  83. 187

    Gerald Celente on Eurozone Reckoning Day and how Goldman escapes charges!

  84. 188

    The Political Derivative of a Romney-Ryan Presidency in the Kleptocratic Age!

  85. 189

    Neil Barofsky on the Ongoing Bailout of Wall Street and the lack Criminal Prosecutions

  86. 190

    Richard Duncan on Riding out this Depression on a Deflationary Debt Raft!

  87. 191

    Barry Ritholtz on the Ghosts Haunting the Zombified US Housing Market!

  88. 192

    Is the Global Economy facing a Kondratieff Winter in the midst of Summer?

  89. 193

    Capital Account's Summer Vacation!

  90. 194

    Bob English Shines the Light of Inflation upon the Shadow Banking System!

  91. 195

    GATA's Bill Murphy on the JP Morgan Silver Shortage and the next Bullion Bank Run!

  92. 196

    Regaining your Economic and Financial Independence w/Kung Fu Finance Girl!

  93. 197

    Mixing Oil and Water w/Lindsay Hall and Stephen Leeb!

  94. 198

    How the Market Can Cure the Health Care Crisis w/Dr. Keith Smith!

  95. 199

    David Kotok on EU Fireflies and a Market Rehab for Easy Money!

  96. 200

    The Sources of the Euro Crisis and the EU Superstate with Godfrey Bloom!

  97. 201

    Marc Faber on Hedging the Bernanke Put and QE3 with Gold, Land and Equities!

  98. 202

    Deficit Spending and the "Coercion-Backed Greenback" with Edward Harrison

  99. 203

    Defining Libertarianism and Austrian Economics with Walter Block

Advertisement
to add this to Watch Later

Add to