Jamie Dimon is set to testify today on Capital Hill regarding the risky trades that led to the now infamous, London Whale scandal. As the so-called point person for Wallstreet in Washington, Dimon is known to have help JP Morgan Chase to stay afloat during the Financial crisis that plagued so many Banks. But for a company that is so together, how could this have happened? That is one of the many tough questions that will be posed by the senate committee. In an attempt to mitigate how bad the situation is, Jamie Dimon will try to add perspective to the $2 Billion loss by comparing it to a $350 Billion dollar portfolio. Dimon says in a prepared testimony, "When we make mistakes, we take them seriously and often are our own toughest critic. In the normal course of business, we apply lessons learned to the entire firm. While we can never say we won't make mistakes -- in fact, we know we will -- we do believe this to be an isolated event." Opening today with this conference in mind at $33.69 per share, JPMC is trading up, roughly 3% at 34.81. For more Financial News Updates, I'm Geoffrey Parrish and you are watching FNNO.com
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up
its...