While Jamie Dimon, the chief executive of JPMorgan Chase, has agreed to testify before a Congressional committee in June to discuss the bank's recent multimillion dollar trading loss, he hasn't committed to a date.
By John Mylant: JPMorgan (JPM) and its $2 billion trade loss will be very hard to understand. It has been reported that losses from the credit derivatives may have been from pricing different than the investment bank had. There are two people involved. We have prices used by JPMorgan's CIO and the company's dealers. The difference in pricing could have been in the hundreds of millions of dollars before it was even seen.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon would be the best person to lead the U.S. Treasury Department in a financial crisis, billionaire investor Warren Buffett said.
“If we did run into problems in markets, I think he would actually be the best person you could have in the job,” Buffett said in response to a question about Dimon from Charlie Rose, according to the transcript of an interview that was scheduled to air Monday on PBS. “World leaders would have confidence in him.”
By Robert Broens: Shares of JP Morgan Chase & Co. (JPM) were hit hard in after hours trading after the "winning bank" of the financial crisis announced a surprise $2 billion trading loss.
The Synthetic Credit Loss
After days of discussions, Jamie Dimon of JPMorgan Chase has agreed to testify before the Senate Banking Committee on June 13, and he is also expected to appear before a House panel later in the month.