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Geithner visits Congress: Treasury secretary Timothy Geithner will testify before the House Financial Services Committee today about the rate-rigging scandal, where it figures he’ll be asked why the New York Fed failed to alert other regulators when a Barclays employee told the Fed that the bank was rigging Libor in April 2008. (Mr. Read More
Have you heard the one about the time Dick Bove walked into a Wells Fargo branch, and his banker walked out? Which was awkward, because Mr. Bove is the Rochdale Securities analyst who’s rarely met a bank stock he didn’t love. And apparently, marked the first in a series of poor customer service experiences that led Mr. Bove to vent in a note published yesterday:
Your papers, please: Texas Republican Randy Neugebauer of the House Financial Services committee asked the New York Fed for all of its communications pertaining to Libor with the 16 banks under investigation for manipulating interbank lending rates dated between August 2007 and July of this year.
Hey, big boy: Several groups of traders Read More
Libor-ated: The U.S. Department of Justice is building criminal cases against financial institutions and individuals involved in the manipulation of interbank lending rates, according to The New York Times. Deutsche Bank agreed to cooperate with the European Commission’s Libor investigation, reports Der Spiegel. Prosecutors in New York, Connecticut, Florida and Massachusetts are Read More
DIMON IN THE ROUGH
Whither Europe: Greece’s leading pro-bailout party—conservative New Democracy, which won Sunday’s elections, and socialist Pasok—are still negotiating to form a coalition to govern the teetering nation. Assuming a deal gets done, the first task will be to convince Europe to rewrite the Greek rescue agreement to provide more time—and financing—to meet Read More
Or at least not much: An industrious chap at The New York Times held Jamie Dimon’s prepared remarks to the Senate Banking Committee last week next to testimony posted on the website of the House Financial Services Committee, before which Mr. Dimon will appear tomorrow, and found that the two documents were virtually the same.
Which is a bit of a drag. Mr. Dimon’s Senate testimony last week was so uneventful that the punditry took to remarking on the JPMorgan chief executive officer’s couture—and sure, we can play that game: We’d like to suggest that Mr. Dimon’s presidential cufflinks were a ploy to distract observers from the substance of his testimony, but given the snooze-fest in the Senate last week, it was more likely a test to see who was staying awake.
DIMON IN THE ROUGH
Meet Andy Frankenberger: Duke grad, former JPMorgan and BNP Parisbas derivatives trader, 2011 World Poker Tour player of the year. Also, a Russian speaker who recorded a perfect score on his math SAT, and amateur photog.
A little more about Andy:
The Jamie Dimon who testified at Senate Banking Committee hearings today was a toned down version of the spontaneous, cocksure executive that we’ve come to know and love.
Mr. Dimon’s mouth, of course, got him into trouble in recent weeks, when he told investors that early sightings of the so-called London Whale—a trader in JPMorgan’s Read More
DIMON IN THE ROUGH
Whither Europe: Greeks are withdrawing $1 billion daily and hording dry foods ahead of June 17 elections that may hasten the country’s exit from Europe’s monetary union.
An ill-timed acquisition has made Credit Agricole the foreign bank with the most to lose in the Greek crisis.
Despite Spanish Prime Minister Mariano Read More
Jamie Dimon is slated to testify on JPMorgan’s recent $2.3 billion (and counting) in trading losses at a Senate Banking Committee hearing tomorrow, and his prepared remarks are getting around. It’s banal stuff, and if you want to know just how banal, a good test would be to read Mr. Dimon’s testimony against Read More