This is not a good morning for Jamie Dimon and the rest of JPMorgan Chase. The US Senate’s Permanent Subcommittee on Investigations released a report yesterday afternoon that paints an ugly and desperate picture inside one of Wall Street’s largest and most trusted investment banks. The 300-page report says that not only did top executives know about the bad trades caused by a top trader in London - known as the London Whale - but they were ordered to hide the losses. The report states that Dimon ordered the bank to cease submitting daily profit and loss reports to the Office of the Comptroller of the Currency - and blew his stack when his orders were disobeyed. Frankly, one wonders if Dimon gets to keep either of his joint chairman and CEO roles.
The following is a few choice Tweets on Jamie Dimon, the London Whale and JPMorgan Chase’s game of Hide the Losses.
Jeeves, bring the fainting couch!
A Few Good Traders
To shift movie analogies, seems folks hope Dimon is one day forced to a Col. Jessup moment: "You're Goddamn right I did!" Won't happen. $JPM— Michael Santoli (@michaelsantoli) March 15, 2013